Eli Lilly posted strong first-quarter earnings as demand for its obesity and diabetes drugs surged

Worldwide revenue climbed 56% to $19.8 billion in the first quarter, led by Mounjaro's 125% sales jump

NurPhoto / Getty Images

Eli Lilly $LLY raised its full-year 2026 revenue guidance to between $82 billion and $85 billion after first-quarter results showed worldwide revenue rising 56% to $19.8 billion, driven by demand for its obesity and diabetes treatments Zepbound and Mounjaro.

The company had previously forecast 2026 revenue of $80 billion to $83 billion. Full-year adjusted earnings per share guidance was also lifted, to between $35.50 and $37.00, from a prior range of $33.50 to $35.00.

Quarterly worldwide sales of Mounjaro, Lilly's diabetes drug, reached $8.66 billion, more than doubling year-over-year. Of that total, $4.2 billion came from the U.S., while international markets contributed $4.4 billion, up from $1.2 billion in the first quarter of 2025. Growth outside the U.S. was driven by volume, though realized prices fell after the drug was added to China's National Reimbursed Drug List.

U.S. sales of Zepbound, Lilly's obesity drug, hit $4.16 billion, an 80% year-over-year gain. As with Mounjaro, stronger prescription volumes were partially offset by declining realized prices, the company said.

On a GAAP basis, Lilly earned $7.4 billion, or $8.26 per diluted share, for the quarter — a sharp increase from $2.76 billion, or $3.06 per share, a year ago. Stripping out one-time charges and other items, adjusted earnings per share came to $8.55, well above the $6.66 analysts had forecast, according to CNBC, which had also pegged consensus revenue expectations at $17.62 billion.

Domestically, prescription volume surged 49%, pushing U.S. revenue up 43% to $12.1 billion, the company reported. International revenue grew even faster, rising 81% to $7.7 billion on the back of a 95% jump in volume.

"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," Lilly chair and CEO David A. Ricks said in a statement.

During the quarter, Lilly received FDA approval for Foundayo, an oral GLP-1 pill for weight management that can be taken at any time of day without food or water restrictions. Because Foundayo, Lilly's newly cleared oral GLP-1 weight management pill, did not reach the market until the second quarter, no sales revenue from the drug appears in the first-quarter figures. Lilly said it also saw positive Phase 3 results from Foundayo in adults with type 2 diabetes and obesity or overweight at elevated cardiovascular risk.

Lilly reported in mid-April that a Phase 3 trial called ACHIEVE-4 found Foundayo met a non-inferiority threshold for cardiovascular safety compared with insulin glargine in adults with type 2 diabetes, and that patients on Foundayo lost an average of about 17.9 pounds over 52 weeks compared with a gain of about 3.1 pounds for those on insulin glargine. Lilly said it plans to file for a type 2 diabetes indication for Foundayo before the end of the second quarter.

The company also announced agreements to acquire Orna Therapeutics, Centessa Pharmaceuticals, Kelonia Therapeutics, and Ajax Therapeutics during the quarter.

📬 Sign up for the Daily Brief

Our free, fast and fun briefing on the global economy, delivered every weekday morning.

© Quartz