Eli Lilly's Mounjaro and Zepbound Push Revenue to $24.4 Billion

Eli Lilly's diabetes and obesity drugs drove a third-quarter beat that lifted the company's full-year sales outlook.

Revenue for the quarter reached $24.40 billion, above the $22.61 billion analysts surveyed by LSEG had forecast. Adjusted earnings came in at $7.48 per share against an estimate of $6.26. Net income was $6.45 billion, or $7.22 per share, up from $5.58 billion, or $6.21 per share, a year earlier. Shares rose about 5% in premarket trading following the report.

Mounjaro, Lilly's diabetes treatment, produced $10.72 billion worldwide, a 65% increase. About $5 billion of that came from the U.S., while sales outside the country grew 93%. Zepbound, its weight loss drug approved roughly three years ago, generated $5.35 billion, up 49%, even as realized prices declined. Most Zepbound sales came from the U.S. market. Foundayo, the company's obesity pill approved in April, recorded $184 million, below the approximately $229 million analysts had projected.

Lilly now projects 2026 revenue of $91 billion to $92 billion, raising the prior range of $85 billion to $87 billion. Adjusted full-year earnings guidance was set at $35 to $36 per share, compared with the previous range of $35.50 to $36.50. The company said it increased underlying profit guidance by $4.07 per share at the midpoint, an increase offset by $4.57 per share in charges from deals completed during the quarter.

U.S. revenue rose 34% to $15.1 billion, supported by a 41% increase in volume for Mounjaro and Zepbound. Realized prices in the U.S. fell 7%, a decline the company linked to a drug pricing agreement with the Trump administration reached last year. Lilly also cited Medicare's July decision to cover GLP-1 drugs for weight loss under a temporary pilot program. Revenue outside the U.S. grew 47% to $9.3 billion, with volume up 76% and realized prices down 29%.

Lilly has agreed to acquire Merida Biosciences to develop treatments for autoimmune and allergic diseases. CEO David Ricks was scheduled to discuss the results on CNBC TV at 9 a.m. ET.