Eli Lilly Raises 2026 Revenue Outlook on Obesity Drug Demand

Eli Lilly raised its 2026 revenue outlook to between $91 billion and $92 billion, up from a previous forecast of $85 billion to $87 billion, after third-quarter earnings and revenue blew past estimates.

By Career Ahead AI · United States — AI-assisted, fact-verified against cited sources. Readers should verify key facts.

Quarterly Results Beat Estimates

Eli Lilly reported third-quarter adjusted earnings of $7.48 per share, beating the $6.26 that analysts expected. Revenue came in at $24.40 billion, above the $22.61 billion forecast. Net income for the quarter was $6.45 billion, or $7.22 per share, compared with $5.58 billion, or $6.21 per share, a year earlier.^¹²

The company's shares rose about 9% on Thursday, after jumping as much as 8% earlier in the day. The earnings report marked the third time this year that Eli Lilly raised its full-year revenue outlook.^¹²

U.S. revenue climbed 34% to $15.1 billion, while sales outside the U.S. jumped 47% to $9.3 billion. The company attributed the U.S. growth to a 41% increase in volume, partially offset by a 7% decrease in realized prices. International sales were propelled by a 76% surge in volume, partly offset by a 29% drop in realized prices.^¹²

growth to a 41% increase in volume, partially offset by a 7% decrease in realized prices.

Obesity and Diabetes Drugs Drive Growth

Demand for Zepbound and Mounjaro surged again and topped estimates for the quarter. Mounjaro, the diabetes treatment, posted worldwide revenue of $10.72 billion, up 65% from a year earlier, surpassing the $10.10 billion analysts expected. U.S. sales were about $5 billion, above the $4.79 billion forecast, while sales outside the U.S. jumped 93%.^¹²

Zepbound, which entered the market roughly three years ago, generated $5.35 billion in revenue for the third quarter, up 49% from the year-earlier period. That beat the $5.09 billion in global sales analysts expected, including $4.99 billion from the U.S.^¹²

Eli Lilly held 63% share of the U.S. obesity and diabetes drug market in the third quarter, while Novo held 36.6%. Internationally, Lilly held 58.4% share, compared with Novo's 41.6%.^¹²

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Foundayo Sales Miss Estimates

Sales of Foundayo, the GLP-1 obesity pill that won U.S. approval in April, were under Wall Street's expectations. The drug took in $184 million in sales for the third quarter, falling below analyst forecasts of around $229 million. Foundayo is competing head-to-head with a rival oral drug from Novo that launched in January.^¹²

The company is also developing next-generation weight-loss medicine retatrutide. It has clinical data in hand and plans to file for FDA approval in the first quarter of next year.^¹²

Foundayo Sales Miss Estimates Sales of Foundayo, the GLP-1 obesity pill that won U.S.

Guidance and Market Outlook

Eli Lilly projects full-year adjusted earnings between $35 and $36 per share, compared with a previous outlook of $35.50 to $36.50 per share. The company said it raised the underlying profit guidance by $4.07 per share at the midpoint, offset by $4.57 per share in charges tied to deals in the quarter.^¹²

The quarter was also boosted by a sales-based milestone payout of $410 million for Jardiance, its Type 2 diabetes medication, related to a collaboration with Boehringer Ingelheim. Eli Lilly also struck an agreement to buy Merida Biosciences to develop a new class of treatments for serious autoimmune and allergic diseases.^¹²

CEO Dave Ricks said on CNBC's "Squawk on the Street" that Medicare's decision to start covering GLP-1s for weight loss in July under a temporary pilot program is really working. Ricks estimates that 3% to 10% of eligible patients access obesity care in the U.S., and said the "room for expansion here of this market is dramatic."^¹

Obesity drugs reshape pharma careers

If you are weighing a role in pharma or biotech, the demand for Zepbound and Mounjaro shows that metabolic-disease franchises now drive revenue growth. Eli Lilly's 2026 outlook jumped from $85 billion to $92 billion, and its U.S. obesity and diabetes market share reached 63%. That means companies with GLP-1 portfolios will keep hiring for clinical, regulatory, and commercial roles, while rivals like Novo face pressure to catch up. For job seekers, targeting teams attached to these drugs offers stronger job security and pay leverage than generalist positions.^¹²

Obesity drugs reshape pharma careers If you are weighing a role in pharma or biotech, the demand for Zepbound and Mounjaro shows that metabolic-disease franchises now drive revenue growth.

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For those negotiating pay, note that Eli Lilly's U.S. revenue climbed 34% on a 41% volume increase, but realized prices fell 7%. That pattern—volume growth with price declines—means sales and market-access roles must prove they can drive volume, not just negotiate price. Also, Foundayo's $184 million in sales missed the $229 million forecast, showing that oral GLP-1s are not yet guaranteed winners. If you are considering a role on a new oral drug, expect tougher scrutiny on launch metrics and a higher bar for bonuses tied to sales targets.^¹²