Eli Lilly reported third-quarter financial results that surpassed analyst expectations and prompted the company to increase its full-year revenue outlook. The pharmaceutical firm now projects 2026 revenue between $91 billion and $92 billion, up from previous guidance of $85 billion to $87 billion. The company’s stock rose approximately 7% following the announcement.
Mounjaro, Eli Lilly’s diabetes treatment, generated $10.72 billion in worldwide revenue for the quarter, exceeding analyst forecasts of $10.10 billion. U.S. sales of Mounjaro reached approximately $5 billion, compared with expected sales of $4.79 billion. The medication demonstrated particular strength in international markets, with sales outside the U.S. increasing 93% year-over-year. Zepbound, the company’s weight loss drug introduced roughly three years prior, posted $5.35 billion in quarterly revenue, up 49% from the year-earlier period and surpassing the $5.09 billion that analysts had anticipated.
Foundayo, Eli Lilly’s newly launched oral obesity medication approved in April, generated $184 million in third-quarter sales, falling short of analyst expectations of approximately $229 million. Despite this shortfall, the company reported that total U.S. prescriptions for Foundayo and new patient numbers doubled sequentially, with approximately 4 in 10 patients beginning an oral obesity treatment selecting Foundayo. The company holds a 63% market share of the U.S. obesity and diabetes drug market in the third quarter, compared with competitor Novo’s 36.6% share.
Eli Lilly’s full-year adjusted earnings guidance stands at $35 to $36 per share, compared with a previous outlook of $35.50 to $36.50 per share. CEO Dave Ricks indicated that the obesity market expansion opportunity remains substantial, noting that only 3% to 10% of eligible patients currently access obesity care in the U.S. The company is pursuing strategic acquisitions, including an agreement to purchase Merida Biosciences for development of autoimmune and allergic disease treatments, as it converts strong profits into a deal-making expansion.
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