Eli Lilly and Company (LLY) Earnings

metirFinance

Jun 2026upcoming

Next quarter

Consensus is $6.01 EPS for Jun 2026 across 3 estimates, ranging $5.83 to $6.17.

LLY Mar 2026

Reported Apr 30, 2026

: 21.10%
: +3.07%

: $7.06
: $8.55
: —
: $19.80B

Reported results

: $19.80B; from $12.73B
: 81.93%; from 82.52%
: $7.40B; from $2.76B
: $8.26; from $3.06

Highlights

- Revenue was $22.974 billion, up 48% year over year, while net income increased 25% to $7.095 billion and diluted EPS rose 26% to $7.94.
- Lilly operates as one reportable segment. U.S. revenue increased 33% to $14.413 billion, while outside-U.S. revenue rose 80% to $8.561 billion.
- Mounjaro revenue was $9.943 billion, up 91%, and Zepbound revenue was $4.928 billion, up 46%; Mounjaro and Zepbound represented 65% of six-month revenue.
- Gross margin increased to 85.8% from 84.3%, helped by improved production costs and product mix, despite lower realized prices. Research and development expense rose 14% to $3.819 billion, while marketing, selling, and administrative expense increased 25% to $3.430 billion.
- Acquired in-process R&D charges rose to $2.776 billion from $154 million, and asset impairment, restructuring, and other special charges were $703 million versus none in the prior-year quarter.
- Expenditures for long-lived assets were $2.906 billion in the quarter and $5.344 billion for the first half, as Lilly expands manufacturing capacity for existing and future products.

Analysis

No consensus figures were available, so the quarter cannot be assessed against an external estimate; reported revenue reached $22.974 billion and net income was $7.095 billion. Growth was led by the single reportable segment’s incretin portfolio: Mounjaro generated $9.943 billion, up 91%, while Zepbound produced $4.928 billion, up 46%. U.S. revenue rose 33% to $14.413 billion, and outside-U.S. revenue increased 80% to $8.561 billion, with international Mounjaro volume a major contributor. Revenue growth was 48% year over year, slightly below the six-month growth rate of 51% but substantially above the prior-year quarter’s $15.558 billion base. Gross margin expanded 1.5 percentage points to 85.8% because of better production costs and product mix, partly offset by lower realized prices. Earnings growth was restrained by $2.776 billion of acquired IPR&D, $703 million of special charges, higher taxes, and increased commercial spending.

Guidance

No formal revenue, earnings, margin, or capital-expenditure guidance range was provided in the supplied filing. Management said near-term results will depend on the timing of additional potential orforglipron approvals and the demand and uptake of new incretin channels and markets, including U.S. Medicare access for Zepbound and Foundayo. It cautioned that channel dynamics or demand can cause disproportionate volume fluctuations in any period. Lilly also expects meaningfully higher capital expenditures in the near term as manufacturing investments support current and prospective products, with additional capacity coming online over several years.

What drove it

Mounjaro growth — Mounjaro revenue increased 91% to $9.943 billion in the quarter, supported by strong demand and volume growth.
Zepbound demand — Zepbound revenue rose 46% to $4.928 billion, while U.S. revenue increased 44% despite lower realized prices.
International expansion — Outside-U.S. revenue increased 80% to $8.561 billion, with international Mounjaro revenue rising to $5.2 billion from $1.9 billion.
Gross margin — Gross margin increased to 85.8% from 84.3%, driven primarily by improved production costs and favorable product mix.
Capacity investment — Expenditures for long-lived assets totaled $2.906 billion in the quarter and $5.344 billion for the first six months.

Watch items

Lower realized prices partially offset volume growth, particularly for Mounjaro and Zepbound; Mounjaro pricing was also affected by its addition to China's National Reimbursement Drug List.
Mounjaro and Zepbound accounted for 65% of six-month revenue, and management warned that incretin channel dynamics or demand changes can have a disproportionate impact on results.
Acquired IPR&D charges increased to $2.776 billion from $154 million, while asset impairment, restructuring, and other special charges reached $703 million.
The uptake from discounted Medicare obesity-medicine access under the Bridge Program is unknown, and management said pricing and access arrangements could reduce revenue or weaken competitive positioning.

Eli Lilly and Company

Peers