Key Highlights

  • Third quarter Revenue of USD 24.40 billion rose 39% year over year, above the consensus estimate of USD 22.58 billion.
  • Non GAAP EPS of USD 7.48 beat the consensus estimate of USD 5.68, while GAAP diluted EPS was USD 7.22.
  • Mounjaro revenue climbed 65% to USD 10.72 billion and Zepbound rose 49% to USD 5.35 billion in the quarter.
  • Guidance rose to USD 91 to 92 billion in 2026 revenue and USD 35 to 36 in non GAAP EPS.

Eli Lilly and Company (NYSE:LLY) reported third quarter 2026 revenue of USD 24.40 billion, ahead of the consensus estimate of USD 22.58 billion by roughly 8%. Non GAAP Earnings Per Share were USD 7.48 against a consensus estimate of USD 5.68, and GAAP diluted EPS was USD 7.22 compared with USD 6.21 a year earlier. Net Income was USD 6.45 billion, up 16%, even after USD 4.18 billion of acquired in process Research and Development charges.

Incretin Volume Outweighs Price Erosion

Revenue growth of 39% combined a 53% volume gain with a 15% price decline. Mounjaro revenue rose 65% to USD 10.72 billion, with U.S. sales up 41% and sales outside the U.S. up 93%. Zepbound reached USD 5.35 billion, up 49%. Cardiometabolic health revenue totaled USD 19.76 billion, about 81% of the total. Chief Executive Officer David A. Ricks described the quarter as one of solid execution and said revenue from the oncology, immunology and neuroscience portfolio doubled within key products versus last year. Non GAAP gross Margin reached 84.4%, up 80 basis points.

Guidance Lift Carries One Time Items

The Chief Financial Officer said the company raised 2026 revenue guidance to USD 91 to 92 billion and non GAAP EPS guidance to USD 35 to 36, pointing to U.S. strength from the Medicare GLP-1 bridge program and strong Mounjaro performance outside the U.S. The same executive noted that 2026 revenue includes about USD 2 billion of one time items tied to milestone payments and changes in rebate and discount estimates. The company added that the U.S. price decline of 7% was softened by a favorable rebate adjustment, and that no further Jardiance sales milestones remain after USD 410 million in the quarter. Mounjaro, Zepbound and Foundayo made up 66% of nine month revenue, and the company noted that incretin volume swings can have a disproportionate effect on results in any period.

Deal Charges, Plants and Pipeline Figures

Acquired in process research and development charges rose from USD 656 million to USD 4.18 billion, led by USD 2.61 billion for the AtaiBeckley compound BPL-003 and USD 954 million for the Curevo shingles Vaccine candidate. Research and development spending was USD 4.25 billion, up 23%. The company broke ground on a USD 6.5 billion Facility in Houston and a USD 5 billion facility in Richmond. Orforglipron, sold as Foundayo, is approved for obesity and has been submitted for type 2 diabetes in the U.S. and Japan, while Foundayo reached the UK, Mexico and Saudi Arabia during the quarter.