Eli Lilly lifts sales outlook and beats Q3 estimates as weight-loss drugs drive profit surge

Eli Lilly posted third-quarter 2026 revenue of $24.4 billion, up 39% from a year earlier, with non-GAAP earnings of $7.48 per share and reported EPS of $7.22, according to the company's earnings release. Revenue cleared the $22.61 billion analysts expected, per Reuters citing LSEG data. Mounjaro sales rose 65% to $10.7 billion, Zepbound brought in $5.35 billion, and the newly launched once-daily pill Foundayo added $184 million. LLY shares were up about 6% at $1,365.23 late Thursday morning.

The bigger signal is the outlook. Lilly lifted its full-year 2026 revenue guidance to $91 billion to $92 billion from $85 billion to $87 billion, a $5.5 billion increase at the midpoint and its second revenue raise in three months. Non-GAAP EPS guidance moved the other way, to $35.00 to $36.00 from $35.50 to $36.50. The company said its underlying earnings outlook improved, but that was more than offset by $4.57 per share of acquired in-process R&D charges from third-quarter deals, which Reuters tied to acquisitions including AtaiBeckley.

Two caveats temper the headline. The quarter included about $410 million of one-time Jardiance milestone payments, and Lilly said no further milestones remain, so that support will not repeat. And Foundayo's first full quarter came in at $184 million, a small contribution next to the injectables, which makes its ramp a key thing to watch.

For investors, the read-through is that demand for the GLP-1 franchise is still running ahead of the company's own forecasts, while business development spending is now the main swing factor in reported earnings. The next checkpoints are Foundayo's uptake, U.S. pricing and coverage for obesity care, and whether Lilly keeps adding pipeline deals that carry similar charges.