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Eli Lilly

LLY Q1 2026 Earnings

Reported Apr 30, 2026 at 7:03 AM ET · SEC Source

Q1 26 EPS

$8.55

Q1 26 Revenue

$19.80B

BEAT +11.25%

Est. $17.80B

vs S&P Since Q1 26

+12.3%

BEATING MARKET

LLY +12.6% vs S&P +0.3%

Market Reaction

Did LLY Beat Earnings? Q1 2026 Results

Eli Lilly delivered a blowout first quarter of 2026, posting earnings per share of $8.55 against a consensus estimate of $6.79, a beat of roughly 25.88%, while revenue of $19.80 billion cleared Wall Street's $17.80 billion forecast by 11.25% and grew… Read more Eli Lilly delivered a blowout first quarter of 2026, posting earnings per share of $8.55 against a consensus estimate of $6.79, a beat of roughly 25.88%, while revenue of $19.80 billion cleared Wall Street's $17.80 billion forecast by 11.25% and grew 55.5% year over year. The driving force behind those results was unmistakably the incretin franchise, where Mounjaro revenue more than doubled to $8.66 billion, fueled by a dramatic international expansion, and Zepbound contributed $4.16 billion in U.S. Revenue, up 80%. Together, the two GLP-1 therapies anchored a volume surge of 65% across the business, even as realized prices faced headwinds from rebate adjustments and market-access agreements. The strong performance prompted management to raise full-year 2026 revenue guidance to a range of $82.00 billion to $85.00 billion, while non-GAAP EPS guidance was lifted to $35.50 to $37.00, reflecting confidence that demand for its obesity and diabetes portfolio will sustain momentum through the remainder of the year.

Key Takeaways

  • • 65% volume increase drove 56% revenue growth, partially offset by 13% decrease in realized prices
  • • Mounjaro revenue more than doubled to $8.7 billion, led by strong international expansion
  • • Zepbound U.S. revenue grew 79% to $4.1 billion driven by strong demand
  • • Key Products in immunology, oncology, and neuroscience grew 160% year-over-year
  • • Lower effective tax rate of 16.4% vs. 20.2% in prior year due to non-deductible IPR&D charge in Q1 2025
  • • Acquired IPR&D charges declined to $584 million from $1.6 billion year-over-year

LLY Forward Guidance & Outlook

Lilly raised its full-year 2026 guidance: revenue is now expected in the range of $82.0 billion to $85.0 billion (up from $80.0 billion to $83.0 billion). Non-GAAP EPS guidance was increased to $35.50–$37.00 (from $33.50–$35.00). Performance margin guidance was raised to 47.0%–48.5% (from 46.0%–47.5%). The non-GAAP tax rate remains unchanged at 18%–19%. Guidance assumes approximately 895 million shares outstanding and foreign currency exchange rate assumptions of 1.16 (Euro), 153 (Yen), and 7.1 (Yuan). Guidance excludes acquired IPR&D incurred after March 31, 2026.

24/7 Wall St

LLY YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

LLY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26
24/7 Wall St

LLY Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“2026 is off to a strong start, we delivered 56% revenue growth in the first quarter and raised our full-year revenue guidance by $2 billion. A key milestone was the U.S. FDA approval of Foundayo—the only approved GLP-1 pill that can be taken any time of day, without food and water restrictions. Foundayo will meaningfully expand the number of people who can benefit from GLP-1s. We also delivered pipeline progress across all four therapeutic areas and continued investing in Lilly's future growth through four acquisitions.”

— David A. Ricks, Q1 2026 Earnings Press Release

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