Eli Lilly & Co (LLY) Q3 2026 Earnings Report
MX:LLY Q3 2026 EPS Results
- Actual EPS
- MXN 140.52
- Consensus EPS
- MXN 107.27
- Beat/Miss
- Beat by +MXN 33.25
- One Year Ago EPS
- MXN 131.88
MX:LLY Q3 2026 Revenue Results
- Actual Revenue
- MXN 458.32B
- Expected Revenue
- MXN 424.24B
- Beat/Miss
- Beat by +MXN 34.08B
- YoY Revenue Growth
- +38.61%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
MX:LLY Upcoming Earnings
Eli Lilly & Co's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:LLY Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Lilly reported 39% quarterly revenue growth, raised full-year guidance, delivered broad product and international growth, demonstrated strong uptake for Mounjaro, Zepbound, the Medicare Bridge program, and Foundayo, and advanced regulatory, clinical, manufacturing, and business-development initiatives. The main challenges were U.S. and expected future pricing pressure, nonrecurring 2026 revenue benefits, higher investment spending, oral-adherence uncertainty, adverse-event discontinuations at the highest Olora-TZP dose, and ongoing regulatory and reimbursement timing. Highlights significantly outweighed the lowlights.
Company Guidance
For 2026, Lilly expects full year revenue to be between $91 and $92 billion, non GAAP performance margin to be between 52.5%, and non GAAP earnings per share of $35 to $36, reflecting an increase of $4.07 per share at the midpoint of the range before updates to the Q3 acquired IPR&D charges of $4.57 per share. For 2027, Lilly expects sustained volume growth in the incretin market, the full year impact of the Medicare GLP-1 bridge access, and the launch of Foundayo in type 2 diabetes in The US; outside The US, it expects Mounjaro's leadership position to continue and expects to launch Foundayo, which will drive additional market growth. Lilly expects net realized price to be a headwind more than offset by volume growth, while noting that 2026 revenue benefited from approximately $2 billion of 1-time items primarily related to milestones payments and changes in estimates for rebates and discounts that it does not expect to recur; it expects a global rollout of Foundayo in all major markets in 2027.
- Strong Q3 Revenue GrowthQ3 revenue grew 39% compared with Q3 2025, or nearly $7 billion, driven by Mounjaro, Zepbound, and strong momentum across therapeutic areas. Key product revenue increased by over $6 billion.
- Improved Gross and Performance MarginsGross margin as a percentage of revenue increased 80 basis points to 84.4%, supported by favorable product mix and improved cost of production. Non-GAAP performance margin increased 5.9 percentage points to 54.2%, driven by revenue growth.
- Higher Earnings Per ShareNon-GAAP earnings per share were $7.48, including $4.57 of acquired IPR&D charges, compared with $7.20 in Q3 2025, which included $0.71 of acquired IPR&D charges.
- Raised Full-Year 2026 GuidanceThe company raised full-year 2026 revenue guidance to $91 billion-$92 billion, non-GAAP performance margin guidance to 52.5%, and non-GAAP EPS guidance to $35-$36. The EPS midpoint increased by $4.07 before updates to Q3 acquired IPR&D charges.
- Mounjaro and Zepbound Revenue MomentumMounjaro and Zepbound generated more than $16 billion of combined revenue in Q3 and contributed $6 billion of growth compared with Q3 2025.
- Broad International Revenue GrowthRevenue grew 29% in Europe in constant currency, including a $410 million one-time milestone payment; 26% in Japan in constant currency; 62% in China in constant currency; and 87% in the rest of the world in constant currency. Mounjaro became the first medicine in China to exceed $1 billion of revenue during its first full year.
- International Incretin LeadershipInternational incretin sales increased 53% from the same period last year, measured by IQVIA gross sales. Lilly gained nearly 4 percentage points of share compared with Q2 2026, reaching approximately 58% outside the United States.
- Growth Across Immunology, Oncology, and NeuroscienceRevenue from the oncology, immunology, and neuroscience portfolio doubled versus Q3 2025. Ebglyss worldwide revenue grew 59%, Jaypirca worldwide revenue grew 59%, and Kisunla revenue grew 175%.
- Strong Jaypirca and Inluriyo AdoptionJaypirca was the fastest-growing BTK inhibitor in the United States by total prescriptions. Inluriyo exited Q3 with more than 60% share of new U.S. prescriptions and 40% of total U.S. prescriptions in the metastatic breast cancer oral SERD market.
- Kisunla and Alzheimer's Diagnostic MomentumKisunla maintained its leadership position in U.S. amyloid-targeting therapies. The number of P-tau217 blood tests more than doubled compared with Q3 2025, supporting increased diagnosis of Alzheimer's disease and access to treatment.
- Expansion of the U.S. Incretin MarketTotal U.S. incretin prescriptions grew 32% versus Q3 2025. Total incretin prescriptions for obesity grew 82%, approximately 6 out of 10 obesity prescriptions, and more than 7 out of 10 injectable prescriptions were for a Lilly medicine. Type 2 diabetes incretin prescriptions grew 8%, with Lilly holding more than 60% market share.
- Medicare GLP-1 Bridge Program UptakeThe Medicare GLP-1 bridge program expanded obesity-medicine access to approximately 20 million seniors. Since its July 1 launch, more than half a million people filled a prescription for a Lilly medicine, and 7 out of 10 new bridge patients started on a Lilly obesity medicine.
- Bridge Program Mix and New-Patient AccessApproximately 75% of people entering the Bridge program selected injectable therapy, 7 out of 10 selected a Lilly medicine, and approximately 80% were new to therapy. Management reported improved adherence associated with lower out-of-pocket costs.
- Foundayo Launch ProgressFoundayo launched in the United Kingdom, Mexico, and Saudi Arabia for obesity, and in Mexico for type 2 diabetes, bringing launches outside the United States to four countries. In the U.S., more than half a million quarterly prescriptions were reported, new patients doubled from the previous quarter, and Foundayo's new-prescription share approached 4 out of 10.
- Foundayo Oral Obesity PositionApproximately 4 in 10 patients starting an oral obesity medicine chose Foundayo. Foundayo accounted for 45% of sequential growth in the U.S. oral obesity segment from Q2 to Q3, and approximately 25% of patients were at one of its maintenance doses.
- Foundayo International LaunchesThe company reported uptake in Mexico as slightly above expectations, good uptake in Saudi Arabia, market leadership in the UAE despite Wegovy competition, and signs that oral medicines are expanding the market in the United Kingdom. Foundayo is under regulatory review in more than 40 additional countries, with a global rollout in major markets expected in 2027.
- Regulatory Approvals in Cardiometabolic HealthThe FDA approved tirzepatide to reduce cardiovascular risk in adults with type 2 diabetes and approved once-weekly basal insulin efsitora alfa, branded Onswik, for adults with type 2 diabetes.
- Retatrutide Phase 3 ResultsIn TRANSCEND T2D 2, retatrutide reduced A1C by 2.2% versus 1.8% for 2 milligrams of semaglutide and produced 20%-21% weight loss versus 9.4% for semaglutide.
- Olora-TZP Phase 2 ResultsOlora-TZP produced 23.3% weight loss at 48 weeks in people with type 2 diabetes and obesity, 57% more weight loss than tirzepatide. The highest dose reduced A1C by 2.9%, and more than 3 out of 4 patients achieved an A1C below 5.7%.
- Orforglipron Cardiovascular OutcomesOrforglipron met the primary endpoint of non-inferiority versus insulin glargine in ACHIEVE-4, reaffirming its cardiovascular safety profile. A prespecified analysis showed a 16% lower risk of MACE-4 and a 57% lower risk of all-cause death versus insulin glargine.
- Oncology Regulatory and Pipeline ProgressThe FDA approved pirtobrutinib for certain patients with previously untreated CLL or SLL; it reduced the risk of disease progression or death by 80% versus bendamustine plus rituximab. The FDA also approved imlunestrant with abemaciclib for ER-positive, HER2-negative, ESR1-mutated advanced breast cancer. Lilly reported eight new oncology medicines or major new indications in Phase 3 or preparing to start Phase 3.
- Neuroscience Business DevelopmentLilly completed the acquisition of AtaiBeckley, adding neuroplasticin programs with potential applications in depression and other serious mental health conditions.
- Immunology Clinical and Business Development ProgressPhase 3 results for lebrikizumab were positive in moderate-to-severe hand and foot atopic dermatitis, and the data were submitted to the FDA for a potential label update. In psoriasis or psoriatic arthritis with obesity, ixekizumab plus tirzepatide produced greater skin and joint improvements than ixekizumab alone. Lilly also closed the acquisition of Merida Biosciences and its Phase 1 MR511 program.
- Manufacturing ExpansionLilly broke ground on two U.S. manufacturing facilities to support long-term growth: a $6.5 billion facility in Houston, Texas, and a $5 billion facility in Richmond, Virginia.
- Capital ReturnsLilly distributed $1.5 billion of dividends and executed $400 million of share repurchases in the third quarter.
- Global Access CommitmentLilly launched the Change the Course commitment, with a goal of reaching as many people in resource-limited settings who have obesity and related diseases as in high-income countries before 2040.
- Pipeline Investment and DiversificationManagement stated that three-fourths of the clinical pipeline is focused on diseases outside obesity. The company continues to invest in oncology, immunology, neuroscience, and early- and late-stage programs, while pursuing clinical-stage and earlier business-development opportunities across therapeutic areas.
- Zepbound PersistencyManagement said Zepbound adherence in covered markets is tracking as beneficial as Trulicity's historical 16-to-18-month adherence standard, with self-pay persistency close to the covered market.
- Potential Medicare Cost SavingsA University of Southern California Schaeffer Center study estimated that expanding anti-obesity medications in Medicare could generate more than $20 billion of cumulative savings over 10 years. Management said early Bridge-program signals point toward favorable cost effectiveness.
- Positive Long-Term Obesity Portfolio OutlookManagement described Foundayo, tirzepatide, retatrutide, selective amylin programs, and Olora-TZP as offering differentiated roles across the obesity and type 2 diabetes populations, with a portfolio strategy intended to give patients the ability to start, switch, or step up among Lilly medicines.
MX:LLY Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 208.04- | 141.65 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 107.27140.52 | 131.88 | 6.55% (+8.64) | |
| Aug 05, 2026 | 2026 (Q2) | 120.25157.43 | 118.54 | 32.81% (+38.89) | |
| Apr 30, 2026 | 2026 (Q1) | 130.98160.62 | 62.75 | 155.99% (+97.88) | |
| Feb 04, 2026 | 2025 (Q4) | 129.83141.65 | 99.94 | 41.73% (+41.71) | |
| Oct 30, 2025 | 2025 (Q3) | 106.93131.88 | 22.17 | 494.92% (+109.71) | |
| Aug 07, 2025 | 2025 (Q2) | 105.18118.54 | 73.64 | 60.97% (+44.90) | |
| May 01, 2025 | 2025 (Q1) | 61.2062.75 | 48.47 | 29.46% (+14.28) | |
| Feb 06, 2025 | 2024 (Q4) | 94.7899.94 | 46.78 | 113.65% (+53.16) | |
| Oct 30, 2024 | 2024 (Q3) | 26.6922.17 | 1.88 | 1080.00% (+20.29) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed