Eli Lilly and Company lifted its 2026 revenue outlook after Mounjaro and Zepbound sales propelled third-quarter growth, although lower prices and acquisition-related charges constrained parts of the forecast.
Revenue for the quarter ended Sept. 30, 2026, reached $24.397 billion, up from $17.601 billion in the same period a year earlier. Mounjaro revenue increased 65% to $10.723 billion, while Zepbound revenue grew 49% to $5.352 billion. Both medicines are brands of tirzepatide. Foundayo brought in $184 million.
Lilly reported a 53% rise in worldwide sales volume, alongside a 15% decline in realized prices. Outside the United States, revenue advanced 47% to $9.3 billion as volume rose 76% and realized prices dropped 29%. Lilly tied most overseas price pressure to China adding Mounjaro to its National Reimbursement Drug List.
The company set its 2026 revenue range at $91 billion-$92 billion, up from $85 billion-$87 billion. It also lifted its non-GAAP performance-margin outlook to 52%-52.5% from 49%-50.5%. Its non-GAAP earnings-per-share forecast moved down to $35-$36 from $35.50-$36.50. Lilly said $4.57 per share in acquired research charges outweighed a $4.07-per-share increase in the midpoint of its underlying outlook. Reported earnings per share were $7.22, up 16% year over year, while non-GAAP earnings per share were $7.48, up 7%. Both measures included the acquired charges, compared with $0.71 per share a year earlier.
Lilly said favorable items contributed about $900 million to quarterly revenue, chiefly $410 million in Jardiance milestone payments and adjustments to rebate and discount estimates. The company said it has no further Jardiance milestone payments due.
On the earnings call, Lilly management said the Medicare GLP-1 Bridge Program had widened access to obesity medicines for about 20 million seniors. More than 500,000 people had filled a Lilly prescription through the program since it began July 1. U.S. labeling indicates Mounjaro for adults with Type 2 diabetes and Zepbound for weight management and other uses.
“Lilly had another strong quarter, exceeding our prior expectations and allowing us to raise our full-year outlook,” Lilly Chair and CEO David A. Ricks said.
CNBC Investing Club writer Kevin Stankiewicz reported that the Club raised its price target on Lilly to $1,500 from $1,300. CNBC described the figure as the Club’s own target; its report did not identify it as an analyst-wide forecast.
Lilly plans to provide full 2027 financial guidance on its fourth-quarter earnings call in January.
