Eli Lilly (LLY) reported first-quarter 2026 earnings and revenue that significantly exceeded Wall Street estimates, driven by robust demand for its weight loss drug Zepbound and diabetes treatment Mounjaro [1]. The company posted adjusted earnings per share of $8.55, surpassing the expected $6.66, and revenue of $19.80 billion, well above the anticipated $17.62 billion according to LSEG analyst surveys [1]. This marks a 56% increase in revenue from the same period a year ago, with U.S. revenue climbing 43% to $12.1 billion, primarily due to a 49% increase in product volume, especially for Mounjaro and Zepbound [1].
Mounjaro's worldwide revenue soared 125% year-over-year to $8.66 billion for the quarter, including $4.2 billion in U.S. sales, beating analyst expectations of $7.26 billion in global sales [1]. Zepbound generated $4.16 billion in U.S. revenue, up 80% from the prior year and exceeding the $4.04 billion forecasted by analysts [1]. Despite lower realized prices for these medications in the U.S., strong demand fueled the company's performance [1].
Eli Lilly raised its full-year 2026 revenue guidance to a range of $82 billion to $85 billion, up from the previous $80 billion to $83 billion, and increased its adjusted profit outlook to $35.50 to $37 per share from $33.50 to $35 per share [1]. The company reported net income of $7.40 billion, or $8.26 per share, compared to $2.76 billion, or $3.06 per share, a year earlier [1].
Lilly maintained its leadership in the U.S. obesity and diabetes drug market with a 60.1% share in the first quarter, compared to Novo's 39.4% share [1]. The newly approved GLP-1 pill for obesity, Foundayo, launched in the second quarter, so its sales were not included in this report [1]. Shares of Eli Lilly rose more than 5% in premarket trading following the earnings announcement [1].
CONCLUSION
Eli Lilly's first-quarter results far exceeded analyst expectations, driven by exceptional sales growth in Zepbound and Mounjaro. The company raised its full-year guidance and maintained a dominant market position, leading to a strong positive market reaction. Investors responded favorably, as reflected in the more than 5% premarket share price increase.