Eli Lilly on Thursday disclosed first-quarter earnings and revenue that greatly exceeded projections and raised its full-year sales forecast by $2 billion, as the demand for its leading weight loss drug Zepbound and diabetes medication Mounjaro surged once more.
The pharmaceutical powerhouse now anticipates 2026 revenue to range between $82 billion and $85 billion, an increase from an earlier estimate of $80 billion to $83 billion.
Lilly also predicts that its full-year adjusted profit will fall between $35.50 and $37 per share, compared to prior guidance of $33.50 to $35 per share.
Strong demand for Zepbound and Mounjaro has contributed to several robust quarters for Lilly despite reduced prices for these drugs in the United States.
Mounjaro generated $8.66 billion in sales for the quarter, marking a 125% increase from the same period last year. This performance exceeded the $7.26 billion that analysts forecasted for the quarter, according to StreetAccount.
Zepbound, which was launched about three years ago, recorded $4.16 billion in U.S. revenue for the first quarter. This figure is up 80% from the previous year, as demand for the medication also grew despite a decline in realized prices. Analysts had expected $4.04 billion in U.S. sales for Zepbound, as per StreetAccount.
Here’s how Eli Lilly’s first-quarter results compared with Wall Street expectations based on an analyst survey by LSEG:
- Earnings per share: $8.55 adjusted vs. $6.66 expected
- Revenue: $19.80 billion vs. $17.62 billion expected
The company reported fourth-quarter revenue of $19.80 billion, a 56% increase from the same period last year.
U.S. revenue rose 43% to $12.1 billion. Eli Lilly attributed this growth to a 49% increase in volume — or the number of prescriptions or units sold — for its products, primarily Mounjaro and Zepbound. This was partially countered by lower realized prices for Zepbound and another drug for psoriatic arthritis and other conditions, according to the company.
The pharmaceutical behemoth recorded net income of $7.4 billion, equivalent to $8.26 per share, for the first quarter, compared to net income of $2.76 billion, or $3.06 per share, a year prior.
Excluding one-time items related to the value of intangible assets and other adjustments, Eli Lilly reported earnings of $8.55 per share for the first quarter.
The company’s recently approved GLP-1 pill for obesity, Foundayo, was launched in the second quarter, so its sales will not be included in Thursday’s report.
Nonetheless, the pill’s introduction is expected to be a major topic during Lilly’s first-quarter earnings call. Executives will likely encounter questions regarding whether Foundayo can achieve the same level of momentum as the competing Wegovy pill from Novo Nordisk, which had the advantage of a three-month lead in the U.S. market.
It is premature to evaluate the success of Lilly’s pill. However, initial prescription data indicate its early rollout has been “modest,” according to a note from Leerink Partners analyst David Risinger last week.
In February, Lilly expressed optimism about benefiting from Foundayo’s launch, Medicare coverage of obesity medications starting later this year, and sustained global demand for Mounjaro and Zepbound. However, the company anticipates facing pricing pressures, influenced by a drug pricing agreement with President Donald Trump and decreased cash-pay prices for Zepbound, among other factors.
Still, Lilly CEO Dave Ricks stated in an interview in late April that he expects lower prices to boost prescription volumes in the U.S. He also projected that global GLP-1 usage will rise from about 20 million patients at the end of last year to 30 million by the end of 2026.
