Eli Lilly beats third-quarter estimates and raises 2026 revenue forecast

The company now expects 2026 revenue of $91.0 billion to $92.0 billion, up from $85.0 billion to $87.0 billion.

Eli Lilly reported third-quarter earnings of $7.48 per share, $0.87 above expectations. Revenue came in at $24.40 billion, against $22.84 billion expected.

The company raised its full-year revenue forecast for 2026. The new range is $91.0 billion to $92.0 billion, up from $85.0 billion to $87.0 billion. Its forecast for adjusted earnings per share, a profit measure that leaves out certain items, moved the other way. The new range is $35.00 to $36.00, down from $35.50 to $36.50.

Higher sales came from strong uptake of Mounjaro and Zepbound, from the launches of Foundayo around the world, and from wider coverage of obesity treatment in the United States. Newer medicines for cancer, immune conditions and the brain and nervous system also grew.

Late September added to the picture. Zepbound beat Wegovy head to head, and retatrutide data strengthened Lilly's lead in obesity drugs. Both were reported on September 29.

The revenue beat and the higher revenue forecast suggest that demand for Mounjaro and Zepbound is turning into sales, not only trial results and market share. Wider obesity coverage in the United States may also ease questions about insurer access that have weighed on the economics of these drugs, which may help Lilly in particular. The profit forecast came down by 50 cents at each end, even as the revenue forecast rose.