Key Highlights
- Eli Lilly exceeded Q1 projections with adjusted EPS of $8.55 compared to the $6.97 analyst forecast.
- Quarterly revenue reached $19.8 billion, representing a 56% year-over-year increase and surpassing the $17.6 billion estimate.
- Mounjaro sales soared 125% to $8.7 billion; Zepbound revenue increased 80% to $4.2 billion.
- The company upgraded its full-year 2026 EPS outlook to $35.50–$37.00 from the previous $33.50–$35.00 range.
- Foundayo, the newly launched oral GLP-1 medication, recorded 3,707 U.S. prescriptions during its initial week, missing analyst projections of approximately 8,000.
Eli Lilly delivered a standout quarterly performance that left little room for criticism. The pharmaceutical powerhouse exceeded Wall Street expectations across key metrics and boosted its forward-looking projections — a combination that resonated well with the investment community.
For the first quarter of 2026, the company posted adjusted earnings of $8.55 per share, comfortably surpassing the Street’s $6.97 expectation by $1.58. Total revenue reached $19.8 billion, significantly outpacing the anticipated $17.6 billion and marking a 56% climb from the $12.7 billion reported during the comparable period in 2025.
The impressive revenue expansion was primarily fueled by a 65% increase in volume, although pricing headwinds on Mounjaro and Zepbound shaved roughly 13 percentage points from overall growth.
GLP-1 Blockbusters Continue Strong Performance
Mounjaro, the company’s diabetes medication, saw revenue skyrocket 125% to reach $8.7 billion. Meanwhile, Zepbound, its obesity treatment companion, climbed 80% to $4.2 billion.
Domestic revenue advanced 43% to $12.1 billion. Markets outside the United States experienced even more dramatic growth, with international revenue surging 81% to $7.7 billion, underscoring the global appetite for GLP-1 therapeutics.
On an adjusted basis, gross margin registered at 82.6%, experiencing a modest decline from the previous year attributed to pricing dynamics affecting its premier medications.
CEO David Ricks highlighted the robust quarterly performance. “We delivered 56% revenue growth in the first quarter and raised our full-year revenue guidance by $2 billion,” he noted.
Lilly increased its 2026 revenue projection to $82.0–$85.0 billion from the earlier $80.0–$83.0 billion range. The $83.5 billion midpoint exceeds the Wall Street consensus of $81.67 billion.
The company also elevated its adjusted EPS guidance to $35.50–$37.00 from $33.50–$35.00, with the $36.25 midpoint surpassing the analyst consensus of $34.53.
Foundayo Launch Falls Below Expectations
Foundayo, Lilly’s oral GLP-1 tablet introduced earlier in April, attracted significant attention as a potential competitive threat to rival Novo Nordisk. Novo currently maintains an advantage in the oral weight-loss medication category.
During the week concluded April 17, Foundayo generated 3,707 prescriptions across the United States — approximately half the ~8,000 prescriptions Wall Street anticipated. This softer-than-expected debut represents a metric investors will monitor closely.
Ricks characterized the medication as one that will “meaningfully expand the number of people who can benefit from GLP-1s,” emphasizing its convenience: patients can take it at any point during the day, with no requirements regarding food or water consumption — differentiating it from currently available oral GLP-1 alternatives.
Shares traded up more than 5% during premarket hours immediately following the earnings release, though gains moderated somewhat as regular trading approached.
