Lilly Q3 Revenue Jumps 39% to $24.4B, Full-Year Revenue Guidance Raised $5.5B
LLY sits 66% above its 52-week low of $809.63.
Summary
Lilly's Q3 revenue rose 39% to $24.4 billion on Mounjaro and Zepbound demand, and the company raised full-year revenue guidance by $5.5 billion at the midpoint to $91-92 billion, though $4.57 per share of acquired IPR&D charges held EPS guidance roughly flat.
Key Events · Earnings and Guidance · LLY
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Q3 Revenue Up 39% to $24.4B
Worldwide revenue reached $24,397 million versus $17,601 million a year ago, driven by a 53% volume increase partially offset by a 15% decline in realized prices.
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Full-Year Revenue Guidance Raised $5.5B
FY2026 revenue guidance moved to $91.0-$92.0 billion from $85-$87 billion, and performance margin guidance rose to 52.0%-52.5% from 49.0%-50.5%.
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IPR&D Charges Cap EPS Guidance
Q3 acquired IPR&D charges of $4,181 million ($4.57 per share) versus $656 million a year ago offset a $4.07 midpoint increase in underlying non-GAAP EPS, leaving the FY2026 range at $35.00-$36.00 versus the prior $35.50-$36.50.
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Mounjaro and Zepbound Carry the Quarter
Mounjaro revenue rose 65% to $10,723 million and Zepbound rose 49% to $5,352 million; total Key Products revenue reached $17.1 billion.
Analysis · LLY · Life Sciences
Lilly beat its own prior outlook by a wide margin, pulling full-year revenue guidance up to $91-92 billion from $85-87 billion, a $5.5 billion increase at the midpoint. The catch: the bottom line did not move with it. Acquired IPR&D charges of $4.57 per share from Q3 dealmaking (AtaiBeckley, Curevo) offset a $4.07 midpoint increase in underlying non-GAAP EPS, leaving the full-year EPS range slightly lower at $35.00-$36.00. Volume, not price, is doing the work — worldwide volume rose 53% while realized prices fell 15%, and Mounjaro at $10.7 billion (+65%) plus Zepbound at $5.4 billion (+49%) carried the quarter. About $900 million of the quarter's revenue was one-time in nature, including $410 million of Jardiance milestones that will not repeat, so the underlying growth rate is somewhat below the headline 39%.
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At the time of this filing, LLY was trading at $1,344.00 on NYSE in the Life Sciences sector, with a market capitalization of approximately $1.2T. The 52-week trading range was $809.63 to $1,321.21. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.