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.
LLY YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
LLY Revenue by Segment
With YoY comparisons, source: SEC Filings
LLY Revenue by Geography
With YoY comparisons, source: SEC Filings
“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
LLY Earnings Trends
LLY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LLY EPS Trend
Earnings per share: estimate vs actual
LLY Revenue Trend
Quarterly revenue: estimate vs actual
LLY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $8.55 | — | $19.80B | +11.25% |
| Q4 25 BEAT FY | $7.17 | $7.54 | +5.16% | $19.29B | +7.33% |
| FY Full Year | $23.62 | $24.21 | +2.48% | $65.18B | +2.06% |
| Q3 25 BEAT | $5.89 | $7.02 | +19.15% | $17.60B | +9.53% |
| Q2 25 BEAT | $5.59 | $6.31 | +12.89% | $15.56B | +6.06% |
| Q1 25 MISS | $3.46 | $3.34 | -3.39% | $12.73B | +0.05% |