Eli Lilly and Co (NYSE:LLY) reported stronger-than-expected first-quarter 2026 results driven by surging demand for its diabetes and obesity treatments Mounjaro and Zepbound, sending shares about 8% higher following the release.
Adjusted earnings per share came in at $8.55, well above analyst estimates of $6.66 to $6.97.
Revenue totaled $19.8 billion, surpassing expectations of roughly $17.4 billion to $17.8 billion and marking a 56% increase year over year.
Growth was primarily driven by higher prescription volumes for its incretin therapies, partially offset by lower realized pricing. On a reported basis, EPS rose 170% to $8.26.
Lilly raised its full-year 2026 revenue outlook to $82 billion–$85 billion, up from $80 billion to $83 billion, and increased adjusted EPS guidance to $35.50 to $37 from $33.50 to $35.
The company highlighted continued regulatory and pipeline momentum, including US FDA approval of Foundayo (orforglipron), an oral GLP-1 therapy for adults with obesity or overweight with weight-related conditions.
Management said the once-daily pill, which does not require food or water restrictions, is expected to significantly expand access to GLP-1 treatments.
Pipeline updates included positive Phase 3 results for orforglipron in type 2 diabetes and cardiovascular-risk populations, as well as data for combinations involving Jaypirca, Taltz, Zepbound, and retatrutide across oncology, dermatology, obesity, and metabolic disease indications.
Lilly also announced multiple business development deals during the quarter, including agreements to acquire Orna Therapeutics, Centessa Pharmaceuticals, Kelonia Therapeutics, and Ajax Therapeutics, aimed at expanding its capabilities in RNA, oncology, and next-generation biologics.
"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," Lilly CEO David Ricks said in a statement.
"A key milestone was the US 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.”