Key Highlights
- Eli Lilly exceeded Q1 profit forecasts with adjusted EPS of $8.55 versus the $6.97 Wall Street estimate.
- Total revenue reached $19.8 billion, representing a 56% year-over-year increase and surpassing the $17.6 billion projection.
- Mounjaro sales surged 125% to $8.7 billion; Zepbound revenue increased 80% to $4.2 billion.
- The company elevated its 2026 full-year EPS forecast to $35.50–$37.00 from the previous $33.50–$35.00 range.
- Foundayo, the newly launched oral GLP-1 medication, garnered 3,707 prescriptions during its debut week in the U.S., falling short of the roughly 8,000 anticipated by analysts.
Eli Lilly delivered a first-quarter performance that left little room for criticism. The pharmaceutical powerhouse exceeded Wall Street’s profit and revenue projections while simultaneously boosting its forward guidance — a trifecta that pleased the investment community.
For the first quarter of 2026, the company posted adjusted earnings of $8.55 per share, handily surpassing the analyst consensus target of $6.97 by $1.58. Total quarterly revenue climbed to $19.8 billion, significantly above the anticipated $17.6 billion and marking a 56% jump from the $12.7 billion recorded in the corresponding quarter of the previous year.
The robust revenue expansion was primarily fueled by volume growth of 65%, although pricing headwinds on Mounjaro and Zepbound trimmed approximately 13 percentage points from overall growth.
GLP-1 Blockbusters Continue Strong Momentum
Mounjaro, the company’s diabetes medication, generated $8.7 billion in revenue — a remarkable 125% increase. Meanwhile, Zepbound, its weight management drug, brought in $4.2 billion, reflecting an 80% rise.
Domestic revenue advanced 43% to $12.1 billion. Markets outside the United States saw even stronger expansion, with international revenue soaring 81% to $7.7 billion, underscoring the global appetite for GLP-1 therapies.
Adjusted gross margin stood at 82.6%, declining modestly from the year-ago period due to pricing pressures affecting the company’s leading products.
Chief Executive David Ricks characterized the quarter as a robust beginning to 2026. “We achieved 56% revenue growth during the first quarter and increased our full-year revenue projection by $2 billion,” he noted.
Lilly revised its 2026 revenue guidance upward to a range of $82.0–$85.0 billion from the earlier $80.0–$83.0 billion. The midpoint of this new range, $83.5 billion, exceeds the Street consensus of $81.67 billion.
The updated adjusted earnings per share guidance now spans $35.50 to $37.00, compared to the previous $33.50–$35.00 bracket. The midpoint of $36.25 surpasses analyst expectations of $34.53.
New Oral GLP-1 Pill Shows Slower-Than-Expected Uptake
Earlier this month, Lilly introduced Foundayo, its oral GLP-1 pill, which attracted significant attention as a potential competitor to offerings from Novo Nordisk, which has established an earlier presence in the oral weight-management category.
During the week ending April 17, Foundayo generated 3,707 prescriptions across the United States — approximately half the ~8,000 figure analysts had projected. This softer-than-anticipated start represents an area of concern for market watchers.
Ricks positioned the medication as one that will “significantly broaden access to GLP-1 therapy,” highlighting its convenience: the pill can be consumed at any time throughout the day and doesn’t require coordination with meals or specific fluid intake — distinguishing it from currently available oral GLP-1 alternatives.
Shares climbed more than 5% during premarket hours following the earnings announcement before moderating slightly as regular trading commenced.
