Eli Lilly lifts 2026 revenue outlook to $92 billion

Eli Lilly now projects 2026 revenue of up to $92 billion, a sharp increase from its previous estimate. The company updated its guidance after third-quarter results exceeded Wall Street forecasts. Shares jumped 5% in premarket trading on Wednesday.

The new revenue range sits between $91 billion and $92 billion. This supersedes earlier guidance that placed the figure between $85 billion and $87 billion. Lilly also adjusted its earnings outlook, projecting full-year adjusted earnings of $35 to $36 per share. The prior estimate was higher, ranging from $35.50 to $36.50 per share.

The company explained that underlying profit guidance rose by $4.07 per share at the midpoint. However, that increase was offset by $4.57 per share in charges related to deals struck during the quarter. For the third quarter, Lilly posted adjusted earnings of $7.48 per share. Revenue reached $24.40 billion, surpassing the $22.61 billion expected by analysts surveyed by LSEG.

Mounjaro, the diabetes treatment, drove a major portion of the growth. Worldwide revenue for the drug increased 65% to $10.72 billion. Sales outside the United States jumped 93%, while U.S. sales accounted for about $5 billion. Zepbound, the weight loss drug, generated $5.35 billion in revenue, up 49% from the same period last year. Most of that income came from the U.S. market.

Not all products met targets. Foundayo, Lilly's new obesity pill, generated $184 million in sales. This fell short of the roughly $229 million analysts anticipated. The pill won U.S. approval in April and faces competition from a rival oral drug launched in January.

U.S. revenue climbed 34% to $15.1 billion for the quarter. A 41% increase in volume for Mounjaro and Zepbound helped offset a 7% decline in realized prices. Revenue outside the U.S. rose 47% to $9.3 billion. This growth followed a 76% surge in volume, though realized prices dropped by 29%.

The lower U.S. prices reflect a drug pricing agreement with the Trump administration from last year. Lilly also cited expanded U.S. coverage for obesity care in its release. Medicare began covering GLP-1 drugs for weight loss under a temporary pilot program in July. CEO David Ricks discussed the results on CNBC TV at 9 a.m. ET.