Q1 26 EPS
$8.55
BEAT +25.88%
Est. $6.79
Q1 26 Revenue
$19.80B
BEAT +11.14%
Est. $17.81B
vs S&P Since Q1 26
+35.2%
BEATING MARKET
LLY +42.7% vs S&P +7.5%
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 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $6.58 | $8.38 | +27.27% | $22.97B | +11.06% |
| Q1 26 BEAT | $6.79 | $8.55 | +25.88% | $19.80B | +11.14% |
| Q4 25 BEAT FY | $6.93 | $7.54 | +8.73% | $19.29B | +7.51% |
| 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% |