Lilly raises 2026 sales outlook to $91-92B on Mounjaro surge

Eli Lilly reported third-quarter 2026 results before the open on October 29, 2026, and raised its full-year sales outlook again. Worldwide revenue was $24,397 million, up 39% from a year earlier. Growth came from higher volume, not higher prices: volume rose 53%, while realized prices fell 15%.

Chair and CEO David A. Ricks said in the release: “Lilly had another strong quarter, exceeding our prior expectations and allowing us to raise our full-year outlook.” The company scheduled its earnings call for 10 a.m. Eastern time today; this story does not cover what was said on the call.

The numbers behind the raise

U.S. revenue rose 34% to $15.1 billion, with volume up 41% and realized prices down 7%. Revenue outside the United States rose 47% to $9.3 billion, with volume up 76% and realized prices down 29%. Lilly said the price drop outside the U.S. was driven mainly by Mounjaro’s inclusion on China’s National Reimbursement Drug List (NRDL).

Q3 revenue also included about $900 million of benefits, primarily $410 million of Jardiance sales-based milestones (Lilly said no further milestones remain) and favorable adjustments to rebate and discount estimates.

Reported EPS was $7.22 (+16%). Non-GAAP EPS was $7.48 (+7%). Both figures included $4.57 per share of acquired in-process research and development (IPR&D) charges, up from $0.71 a year earlier. The Q3 IPR&D charge of about $4.2 billion primarily related to the AtaiBeckley and Curevo acquisitions.

CNBC, citing LSEG estimates, said Wall Street had expected about $6.26 in adjusted EPS and $22.61 billion in revenue. On those benchmarks, Lilly cleared the bar on both.

Mounjaro, Zepbound and Foundayo

Mounjaro (tirzepatide for type 2 diabetes) was the largest product line in the release’s selected highlights:

• Worldwide: $10,723 million (+65%)
• United States: $5.0 billion (+41%)
• Outside the U.S.: $5.7 billion (+93%), with lower realized prices tied mainly to China NRDL listing

Zepbound (tirzepatide for obesity, marketed under that name in Canada, Japan and the United States) posted worldwide revenue of $5,352 million (+49%). U.S. Zepbound revenue was $5.3 billion (+48%), driven by demand and partly offset by lower realized prices.

Foundayo (orforglipron), Lilly’s oral GLP-1, contributed $184 million in Q3 and $281 million year to date, versus none a year earlier. CNBC reported that those pill sales were slightly under Wall Street’s expectations for the quarter.

Guidance: sales up, non-GAAP EPS down

Lilly raised 2026 revenue guidance to $91-92 billion from $85-87 billion, a $5.5 billion lift at the midpoint. It also raised its non-GAAP performance-margin outlook to 52.0%-52.5% from 49.0%-50.5%.

Non-GAAP EPS guidance moved the other way: $35.00-36.00, down from $35.50-36.50. Lilly said it raised underlying non-GAAP EPS guidance by $4.07 at the midpoint, then more than offset that with the $4.57 of Q3 acquired IPR&D charges from business development. Guidance excludes IPR&D incurred after September 30, 2026.

Pipeline and policy notes in the release

The earnings package also listed recent regulatory and pipeline items that matter for the GLP-1 franchise:

• The FDA approved Mounjaro to reduce cardiovascular risk in adults with type 2 diabetes.
• Retatrutide delivered greater A1C reduction and more than double the weight loss of Ozempic in a head-to-head Phase 3 trial in type 2 diabetes — the TRANSCEND-T2D-2 topline Amino Wire covered here.
• EloraTZP (eloralintide plus tirzepatide) showed greater weight loss and A1C reduction versus tirzepatide alone in Phase 2 in adults with obesity and type 2 diabetes; Lilly said Phase 3 trials are to start in Q4 2026.
• Among other recent announcements listed with the release, Lilly said it is calling on online platforms, payment companies and regulators to shut down the illegal retatrutide black market.

What is not known

• Call detail. The webcast was set for 10 a.m. Eastern today. This article is based on the written release and secondary reporting published with it, not on call commentary.
• How durable the price mix is. Volume is carrying the franchise while realized prices fall in the U.S. and abroad. Whether that mix holds through year-end depends on coverage, competitive launches and China pricing — none of which the release forecasts in detail.
• Foundayo’s run rate. One quarter of pill sales slightly under Street expectations (per CNBC) is a data point, not a trend. Lilly did not break out U.S. versus ex-U.S. Foundayo in the selected highlights table.
• Black-market enforcement. The release points to a separate Lilly call for platforms and regulators to act on illegal retatrutide sales. It does not describe new lawsuits or enforcement outcomes in the earnings text itself.

This story summarizes company-reported financial results and pipeline updates. It is not investment advice.