Eli Lilly lifts 2026 revenue outlook to $91bn-$92bn as Q3 revenue rises 39%

Eli Lilly's revenue rose 39% to $24.40bn in the third quarter of 2026, from $17.60bn a year earlier, and the drugmaker raised its full-year revenue guidance to $91.0bn-$92.0bn from $85bn-$87bn, lifting the midpoint by $5.5bn, it said on 29 October 2026. Volume grew 53% while realized prices fell 15%. Lilly said Mounjaro and Zepbound accounted for most of the growth: Mounjaro revenue rose 65% to $10.72bn and Zepbound 49% to $5.35bn. US revenue grew 34% to $15.1bn and revenue outside the US 47% to $9.3bn.

Reported EPS rose 16% to $7.22 and non-GAAP EPS 7% to $7.48, against $6.21 and $7.02 a year earlier. Both figures absorb $4.57 a share of charges for acquired in-process R&D (IPR&D), against $0.71 a year earlier. Those charges came to $4.2bn in the quarter, mainly for the AtaiBeckley and Curevo acquisitions, according to the release. The tax rate also rose: the non-GAAP rate was 24.0%, against 17.7%, which Lilly tied mainly to IPR&D charges that are not tax-deductible.

The same $4.57 explains the lower full-year EPS range. Lilly said it raised underlying non-GAAP EPS guidance by $4.07 at the midpoint, but the third-quarter IPR&D charges more than offset that, leaving a range of $35.00-$36.00, against $35.50-$36.50 before. The guidance leaves out any acquired IPR&D after 30 September 2026. Lilly also raised its performance margin guide, a non-GAAP measure of gross margin less R&D and selling and administrative costs as a share of revenue, to 52.0%-52.5% from 49.0%-50.5%, and its tax rate assumption to 19%-20% from 18%-19%.

"Lilly had another strong quarter, exceeding our prior expectations and allowing us to raise our full-year outlook," chair and CEO David A. Ricks said in the results release. The release also recaps updates Lilly had already announced, including US approvals of Onswik, a once-weekly basal insulin, and of Mounjaro to lower cardiovascular risk for adults with type 2 diabetes, and positive topline Phase 3 results for retatrutide against Ozempic 2 mg.

Lilly shares were at $1,345.00 in pre-market trading at 07:55 ET (12:55 CET) on 29 October 2026, up 4.40% from the 28 October close of $1,288.30, according to Nasdaq. Pre-market prices can change before the regular session opens at 09:30 ET (14:30 CET) on 29 October. Reuters, in a report carried by Investing.com, said adjusted (non-GAAP) EPS of $7.48 topped the $6.26 analysts expected and revenue a $22.61bn estimate, citing LSEG data, and that Mounjaro and Zepbound sales also beat estimates. CNBC, reporting the pre-market rise, said sales of the Foundayo obesity pill fell short of expectations; the release puts them at $184m.