Eli Lilly Raises Revenue Forecast After Record Quarterly Earnings

Eli Lilly and Company raised its full-year 2026 revenue forecast to between $91 billion and $92 billion after reporting third-quarter revenue of $24.4 billion, a 39% year-over-year increase. The growth was driven by surging demand for its GLP-1 medications, with Mounjaro sales rising 65% to $10.7 billion and Zepbound sales growing 49% to $5.35 billion. The company now holds 63% of the U.S. weight-loss drug market.

Despite the revenue surge, the company trimmed its adjusted profit outlook to $35-$36 per share due to research charges from the acquisition of AtaiBeckley. The company also faced pricing pressures from the Chinese government's reimbursement list and a price-reduction agreement with the U.S. government to enable Medicare reimbursement, though increased patient volume offset these costs.

While the new obesity pill Foundayo trailed some analyst expectations, it captured 40% of new patients starting oral obesity medicine. CEO David Ricks noted that only 3% of eligible patients globally access obesity care, stating the "room for expansion here, of this market, is dramatic."

Following the report, Eli Lilly shares reached record highs, exceeding $1,400. Meanwhile, a federal judge in New Jersey denied a request by rival Novo Nordisk to halt Eli Lilly's weight-loss drug advertising, which Novo Nordisk had challenged as false since July.