Key Takeaways
- Eli Lilly exceeded first-quarter projections with adjusted EPS reaching $8.55 compared to analyst forecasts of $6.97.
- Quarterly revenue reached $19.8 billion, representing 56% growth year-over-year and surpassing the $17.6 billion projection.
- Mounjaro delivered $8.7 billion in revenue, marking 125% growth; Zepbound generated $4.2 billion, rising 80%.
- Full-year 2026 EPS projections increased to a range of $35.50–$37.00 from the previous $33.50–$35.00 forecast.
- Foundayo, the company’s oral GLP-1 medication, recorded 3,707 U.S. prescriptions during its launch week, falling short of the anticipated 8,000.
Eli Lilly delivered a commanding first-quarter performance. The pharmaceutical powerhouse exceeded Wall Street projections across key metrics and enhanced its full-year outlook — delivering precisely what the market anticipated.
The Indianapolis-based company announced adjusted earnings per share of $8.55 for the first quarter of 2026, outpacing the $6.97 analyst consensus by $1.58. Quarterly revenue totaled $19.8 billion, substantially above the $17.6 billion forecast and representing a 56% increase from the $12.7 billion recorded during the comparable period in 2025.
Volume expansion primarily fueled this revenue acceleration — climbing 65% — while pricing adjustments on Mounjaro and Zepbound created a 13 percentage point headwind on overall growth.
Blockbuster GLP-1 Drugs Continue Momentum
Mounjaro, the company’s diabetes treatment, generated $8.7 billion in quarterly revenue, reflecting 125% growth. Zepbound, positioned for weight management, contributed $4.2 billion with an 80% increase.
Domestic revenue expanded 43% to reach $12.1 billion. Markets outside the United States contributed $7.7 billion, soaring 81% and demonstrating the global appetite for GLP-1 therapies extends far beyond American borders.
Adjusted gross margin landed at 82.6%, experiencing a modest decline from the previous year as pricing dynamics on the company’s leading products applied pressure.
CEO David Ricks characterized the period as a robust beginning to 2026. “We delivered 56% revenue growth in the first quarter and raised our full-year revenue guidance by $2 billion,” he stated.
Lilly elevated its 2026 revenue outlook to a range of $82.0–$85.0 billion, moving up from the prior $80.0–$83.0 billion projection. The new midpoint of $83.5 billion exceeds the $81.67 billion analyst consensus.
The company’s revised adjusted EPS guidance now spans $35.50–$37.00 versus the earlier $33.50–$35.00 range, positioning the $36.25 midpoint above the $34.53 Street estimate.
Oral GLP-1 Launch Shows Cautious Beginning
Foundayo, Lilly’s newly introduced oral GLP-1 therapy, entered the market in early April and attracted significant scrutiny as a competitive challenge to Novo Nordisk, which previously established presence in the oral weight-loss category.
The medication garnered 3,707 U.S. prescriptions during the week concluding April 17 — approximately half the ~8,000 Wall Street anticipated. This initial shortfall represents an area investors will monitor closely.
Ricks characterized the product as one positioned to “meaningfully expand the number of people who can benefit from GLP-1s,” emphasizing its convenience: patients can take it at any time throughout the day, without dietary or hydration requirements — distinguishing it from current oral GLP-1 alternatives.
Shares climbed more than 5% during premarket sessions following the earnings announcement before moderating slightly as regular trading commenced.
