Eli Lilly Earnings Q3 2026: LLY Stock, Zepbound and Guidance

Eli Lilly beat Wall Street's third-quarter estimates and raised its 2026 sales forecast on Thursday, Oct. 29, 2026, as demand for its weight-loss drug Zepbound and diabetes drug Mounjaro kept climbing. Revenue rose 39% to $24.4 billion, and the company now expects full-year revenue of $91 billion to $92 billion, according to Lilly's earnings release. Searches for "LLY stock" spiked on Google Trends in the U.S. as the results hit. Here's what Lilly reported, why the stock moved and what to watch next.

Not financial advice. This article summarizes Eli Lilly's published results and news reporting on them. It is not a recommendation to buy or sell any stock, and it is not medical advice.

Eli Lilly Q3 2026 earnings at a glance

Here's how Lilly's third quarter compared with what analysts expected, based on an LSEG survey cited by CNBC:

On a reported (GAAP) basis, Lilly earned $6.45 billion, or $7.22 per share, up 16% from $5.58 billion, or $6.21 per share, a year earlier. Both reported and adjusted figures include $4.57 per share in acquired in-process research and development charges tied to deals during the quarter, compared with $0.71 a year ago, the company said.

Lilly also noted that third-quarter revenue included about $900 million in one-time benefits, mainly $410 million in milestone payments related to Jardiance (with no further milestones remaining) plus favorable adjustments to rebate and discount estimates. That's worth keeping in mind when comparing this quarter with future ones.

Why LLY stock is moving

Lilly shares rose about 4% in premarket trading after the report, CNBC said. Three things stood out:

1. A large revenue beat. Lilly topped the consensus by roughly $1.8 billion.
2. A bigger sales forecast. The company raised the midpoint of its 2026 revenue guidance by $5.5 billion, to $91 billion to $92 billion from $85 billion to $87 billion.
3. Strong demand for its two biggest drugs. Both Mounjaro and Zepbound beat sales estimates despite lower prices.

There was one soft spot: Foundayo, Lilly's newer GLP-1 pill for obesity, missed expectations (more on that below).

Mounjaro and Zepbound sales

Mounjaro, Lilly's tirzepatide treatment for type 2 diabetes, brought in $10.72 billion worldwide, up 65% from a year earlier. U.S. sales were about $5 billion. Analysts expected $10.10 billion worldwide and $4.79 billion in the U.S., according to StreetAccount estimates cited by CNBC. International Mounjaro sales jumped 93%.

Zepbound, the same active ingredient approved for chronic weight management, posted $5.35 billion, up 49%, with most of its sales in the U.S. StreetAccount's estimate was $5.09 billion globally.

Volume up, prices down

Lilly's growth came from selling far more medicine, even as average prices fell:

• U.S. revenue rose 34% to $15.1 billion. Volume climbed 41%, mainly from Mounjaro and Zepbound, partly offset by a 7% drop in realized prices.
• Revenue outside the U.S. jumped 47% to $9.3 billion. Volume surged 76%, offset by a 29% decline in realized prices.

CNBC attributed lower U.S. prices partly to a drug pricing deal Lilly struck with the Trump administration last year. Lilly also pointed to expanded U.S. coverage for obesity care, which CNBC linked to Medicare's temporary pilot program covering GLP-1 drugs for weight loss starting in July.

Foundayo falls short of estimates

Foundayo (orforglipron), Lilly's once-daily GLP-1 pill for obesity, won U.S. approval in April 2026. It generated $184 million in the third quarter, below StreetAccount's estimate of roughly $229 million, CNBC reported. This is only the second quarter that includes Foundayo revenue, and the pill competes head-to-head with an oral obesity drug from rival Novo Nordisk that launched in January.

In the earnings release, Chair and CEO David A. Ricks cited "the global launches of Foundayo" among the drivers of growth, alongside demand for Mounjaro and Zepbound and "a doubling in our newest products in oncology, immunology and neuroscience."

Eli Lilly's updated 2026 guidance

Lilly's new full-year outlook looks like this:

• Revenue: $91 billion to $92 billion (previously $85 billion to $87 billion).
• Non-GAAP EPS: $35 to $36 (previously $35.50 to $36.50).

Why did the earnings range go down while sales went up? Lilly said it raised its underlying profit outlook by $4.07 per share at the midpoint, but that was more than offset by the $4.57 per share in acquired research charges from third-quarter deals. In other words, the business is earning more than Lilly expected, but accounting for acquisitions lowers the headline number.

Deals, approvals and the pipeline

Lilly has been using its profits to buy companies and expand manufacturing. According to the release:

• Acquisitions: Lilly completed its purchase of AtaiBeckley during the quarter to develop treatments for treatment-resistant depression and other mental health conditions. After the quarter ended, it closed its acquisition of Merida Biosciences, which focuses on autoimmune and allergic diseases.
• FDA approvals: These included Mounjaro to reduce cardiovascular risk in adults with type 2 diabetes; Onswik, a once-weekly basal insulin for adults with type 2 diabetes; Inluriyo with Verzenio for a type of advanced breast cancer; and an expanded indication for Jaypirca in certain blood cancers.
• Retatrutide: The day before earnings, Lilly announced topline results from a head-to-head Phase 3 trial of its experimental drug retatrutide against Ozempic 2 mg in adults with type 2 diabetes, per its press releases. Retatrutide is not approved by the FDA.
• Manufacturing: Ricks highlighted new manufacturing expansions in Texas and Virginia. Lilly broke ground on a $5 billion facility near Richmond, Virginia, on Oct. 22.

Lilly's board also declared a fourth-quarter dividend of $1.73 per share on Oct. 26.

What this means for investors and patients

For investors, the quarter reinforces that Lilly's obesity and diabetes franchise is still growing fast, and CNBC described Lilly's lead over Novo as showing "no signs of slowing down." The open questions are how quickly Foundayo catches on, how much further prices fall, and how large one-time charges from future deals will be.

For patients, the earnings report doesn't change prices or coverage directly. Insurance coverage for weight-loss drugs still varies by plan, so check with your insurer or pharmacist about your own benefits. Recent Medicare news is also relevant if you're 65 or older; for other money changes affecting older Americans, see our explainer on the SSI November 2026 payment and 2027 COLA.

What's next for Eli Lilly

1. Oct. 29: Lilly's earnings call with analysts, where executives typically discuss Foundayo's launch and pricing.
2. Q4 2026: Lilly plans to start Phase 3 trials of EloraTZP, a combination of eloralintide and tirzepatide, according to the release.
3. Early 2027: Fourth-quarter and full-year 2026 results, when Lilly will issue its first 2027 guidance.

The bottom line

Eli Lilly delivered a clear beat in the third quarter of 2026: $24.4 billion in revenue, $7.48 in adjusted EPS and a $5.5 billion boost to its sales forecast, powered by Mounjaro and Zepbound. Its new obesity pill, Foundayo, is off to a slower start than Wall Street hoped. For more on how interest rates are affecting markets this week, read our breakdown of the Fed's October rate decision, and see how another big IPO is shaping up in our look at Anthropic's S-1 filing.