Eli Lilly (LLY) Q1 2026 Earnings
How Did LLY Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +5.69%.
Did LLY Beat Earnings? Q1 2026 Results
Yes. Eli Lilly reported Q1 2026 earnings of $8.55 a share on Apr 30, 2026, beating the $6.79 consensus estimate by 25.9%. Revenue was $19.8B against a $17.8B estimate.
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.
- 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
“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.”
Eli Lilly CEO, on the earnings call
What Was Eli Lilly's Outlook in Q1 2026?
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
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $19.8B | $12.7B | +55.6% |
| Gross Profit | $16.2B | $10.5B | +54.4% |
| Operating Income | $8.9B | $5.4B | +64.8% |
| Net Income | $7.4B | $2.8B | +168.0% |
LLY Revenue by Segment
LLY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.