Eli Lilly (LLY) Q1 2026 earnings

Eli Lilly On Thursday, it reported first-quarter earnings and revenue that beat previous estimates and raised its full-year sales forecast by $2 billion, as demand for popular weight loss drug Zepbound and diabetes treatment Mounjaro surges again.

The pharmaceutical giant now expects 2026 revenue to be between $82 billion and $85 billion, up from previous guidance of $80 billion to $83 billion.

Lilly also expects its full-year adjusted earnings to range between $35.50 to $37 per share. This compares to a previous forecast of $33.50 to $35 per share.

Resilient demand for Zepbound and Mounjaro helped fuel several strong quarters for Lilly despite lower U.S. drug prices

Mongaro’s worldwide revenue increased 125% to $8.66 billion during the quarter, including U.S. sales of $4.2 billion. That exceeded the $7.26 billion in global sales that analysts had expected for the quarter, according to StreetAccount.

Zepbound, which has been in the market for nearly three years, generated revenue of $4.16 billion in the first quarter. This represents an 80% rise on the same period the previous year, as demand for the drug also rose while realized prices fell. Analysts were expecting sales of $4.04 billion for Zepbound, according to StreetAccount.

Lilly is working to maintain its dominance in the booming market for GLP-1 drugs, with the company owning 60.1% of the U.S. obesity and diabetes drug market in the first quarter, according to an earnings presentation. Novo Nordisk’s market share in the quarter was 39.4%.

Here’s what Eli Lilly reported for the first quarter compared to what Wall Street was expecting, based on a survey of analysts conducted by LSEG:

• EPS: $8.55 was revised from $6.66 expected
• profit: $19.80 billion versus $17.62 billion expected

Lilly shares rose more than 10% in Thursday afternoon trading.

The company reported first-quarter revenue of $19.80 billion, up 56% from the same period last year.

“What’s impressive is, it’s like the fifth or sixth quarter in a row that we’ve had really strong growth numbers,” Lilly CEO Dave Ricks told CNBC in an exclusive interview on Thursday. “That’s not what pharmaceutical companies our size typically do.”

Revenues in the United States rose 43% to $12.1 billion. Eli Lilly said this was driven by a 49% increase in volume – or the number of prescriptions or units sold – for its products, particularly for Mounjaro and Zepbound. This was partially offset by lower prices achieved for Zepbound and other drugs for psoriatic arthritis and other conditions, the company said.

Notably, revenues outside the US jumped 81% to $7.7 billion, driven by a 95% increase in volume and partially offset by lower realized prices.

Rex said Lilly slowed entries into global markets when it faced supply constraints in late 2024. But he said now Lilly is reaching the third or fourth quarter in key markets across Europe, China and Brazil, where many patients are paying out of pocket.

“While these launches are making significant progress, you see the depth and breadth of the consumer market here,” Rex said, referring to international markets.

The pharmaceutical giant generated net income of $7.40 billion, or $8.26 per share, in the first quarter. This compares to net income of $2.76 billion, or $3.06 per share, the previous year.

Excluding one-time items related to the value of intangible assets and other adjustments, Eli Lilly reported earnings of $8.55 per share during the first quarter.

The company’s newly approved GLP-1 pill, Foundayo, was launched in the second quarter, so its sales were not included in Thursday’s report.

However, the pill’s launch will likely dominate the discussion during Lilly’s first-quarter earnings call. Executives will likely face questions about whether Foundayo can reach the same level of momentum as rival Wegovy pills. Novo Nordiskwhich benefited from a three-month head start in the United States

In his interview with CNBC on Thursday, Rex said more than 20,000 people started taking Foundayo in its first few weeks on the market. He added that more than 1,000 people start taking the drug every day.

He said that 80% of patients taking the drug are new to taking GLP-1s.

Rex added that the company needs to build consumer awareness about Fundayo, noting that the company did not advertise it on television.

“So what we’re seeing now is basically organic demand, which is really strong for us,” Rex said.

In February, Lilly said it expects to benefit from the launch of Fundadio, Medicare coverage for the obesity drug that will come online later this year, and continued global demand for Mongaro and Zybound. But the company also expects to face price pressures, driven by a drug pricing deal with President Donald Trump and Zepbound’s lower cash-in prices, among other factors.

However, Rex said in an interview in late April that he expects lower prices to accelerate prescription volumes in the United States. It was also estimated that global GLP-1 use will rise from about 20 million patients at the end of last year to 30 million at the end of 2026.

— CNBC’s Angelica Peebles contributed to this report.

Correction: Lilly reported first-quarter revenue of $19.80 billion, up 56% from the same period last year. An earlier version misstated the time frame.