Eli Lilly Raises 2026 Sales Forecast to $91 Billion-$92 Billion After Strong Third Quarter

Eli Lilly raised its 2026 revenue forecast to between $91 billion and $92 billion after reporting third-quarter sales of $24.4 billion, a 39% increase from the same period a year earlier. The company attributed much of the growth to demand for its Mounjaro diabetes treatment and Zepbound obesity medicine.

Mounjaro generated approximately $10.7 billion in quarterly revenue, up 65% from a year earlier, while Zepbound sales rose 49% to approximately $5.35 billion. Lilly said higher product volumes more than offset lower realised prices. The company also recorded certain milestone payments and changes to estimates for rebates and discounts, which contributed to the reported revenue total.

Reported net income increased 16% to approximately $6.45 billion, and reported earnings per share rose to $7.22 from $6.21. Non-GAAP earnings per share were $7.48, compared with $7.02 a year earlier. The company said both earnings measures included charges related to acquired in-process research and development, which complicates simple comparisons with underlying operating performance.

Lilly's updated full-year revenue range is a management forecast, not completed sales. Its revised non-GAAP earnings-per-share guidance is $35 to $36, reflecting both stronger underlying operations and research-related acquisition charges.

The results underscore growing demand for medicines used to treat diabetes and obesity, while highlighting the importance of separating product-sales growth, one-off accounting effects and future expectations. Competition, reimbursement arrangements and manufacturing capacity remain relevant to subsequent performance.