Eli Lilly surged past revenue and earnings estimates last quarter on high demand for weight loss medications, and has lifted its full year outlook.
Revenue was up 56% year-over-year to US$19.80 billion, above LSEG-compiled estimates of $17.62 billion. Earnings per share increased by 156% to $8.55, passing estimates of $6.66.
"2026 is off to a strong start, we delivered 56% revenue growth in the first quarter and raised our full-year revenue guidance by $2 billion," said chair and CEO David A. Ricks.
"A key milestone was the U.S. FDA approval of Foundayo—the only approved GLP-1 [weight loss] pill that can be taken any time of day, without food and water restrictions,” said Ricks. “We also delivered pipeline progress across all four therapeutic areas and continued investing in Lilly's future growth through four acquisitions.”
The revenue increase was led by weight loss medications Mounjaro and Zepbound. Mounjaro revenue grew 125% to $8.66 billion, and Zepbound revenue rose 80% to $4.16 billion.
Total volume rose by 65%. U.S. revenue was up 43% to $12.1 billion due to 49% volume growth, while international revenue climbed 81% to $7.7 billion on 95% volume growth.
Operating income grew by 141% to $8.92 billion. Research and development costs were up 28% to $3.51 billion, and marketing, selling, and administrative costs increased 19% by to $2.93 billion.
The company’s guidance now includes $82-85 billion in revenue, up from its prior projection of $80-83 billion. It forecasts earnings per share of $35.50-37.00, increasing from $33.50-$35.00.
Eli Lilly also said this week it would acquire Ajax Therapeutics, a biopharmaceutical company developing blood cancer medications, for up to $2.3 billion in cash.
Shares in Eli Lilly (NYSE: LLY) closed 9.8% higher at $934.60, and dipped 0.1% after-hours. Its market capitalisation is $883.03 billion.
