Eli Lilly and Company (NYSE:LLY) reported its third-quarter 2026 financial results on October 29, 2026, disclosing worldwide revenue of $24.4 billion and updated full-year 2026 guidance.

Key Highlights

  • Revenue up 39%: Worldwide revenue reached $24,397 million in Q3 2026, compared with $17,601 million in Q3 2025, driven primarily by Mounjaro and Zepbound.
  • Reported EPS of $7.22: Net income on a reported basis was $6.5 billion, with EPS of $7.22, a 16% increase versus $6.21 in Q3 2025.
  • Non-GAAP EPS of $7.48: Non-GAAP net income was $6.7 billion, with EPS of $7.48, a 7% increase versus $7.02 in Q3 2025.
  • Acquired IPR&D charges of $4.57 per share: Both reported and non-GAAP EPS included $4.57 of acquired IPR&D charges in Q3 2026, compared with $0.71 in Q3 2025, primarily related to the acquisitions of AtaiBeckley Inc. and Curevo Inc.
  • Full-year revenue guidance raised: The midpoint of 2026 full-year revenue guidance was increased by $5.5 billion, to a range of $91.0 to $92.0 billion.
  • Mounjaro revenue of $10.7 billion: Worldwide Mounjaro revenue increased 65% in Q3 2026; Zepbound U.S. revenue increased 48% to $5.3 billion.
  • Multiple FDA approvals: U.S. FDA approved Onswik (once-weekly basal insulin), Inluriyo with Verzenio for breast cancer, an expanded Jaypirca indication, and Mounjaro for cardiovascular risk reduction in adults with type 2 diabetes.

Lilly's Q3 2026 Results: Revenue, Margins, and Guidance Details

According to the filing, Eli Lilly reported worldwide revenue of $24,397 million for the third quarter of 2026, a 39% increase compared with $17,601 million in Q3 2025. The company disclosed that revenue growth was driven by a 53% increase in volume, partially offset by a 15% decrease in realized prices. U.S. revenue increased 34% to $15.1 billion, while revenue outside the U.S. increased 47% to $9.3 billion. The filing noted that Q3 2026 revenue included approximately $900 million of benefits, including $410 million of Jardiance sales-based milestones associated with the company's collaboration with Boehringer Ingelheim, with no further milestones remaining.

Gross margin increased 40% to $20.5 billion, representing 83.9% of revenue, an increase of 1.0 percentage points versus the same quarter in 2025, according to the filing. Research and development expenses increased 23% to $4.2 billion, or 17% of revenue. Marketing, selling, and administrative expenses increased 14% to $3.1 billion. The company recognized acquired IPR&D charges of $4.2 billion in Q3 2026, compared with $656 million in Q3 2025, primarily related to the acquisitions of AtaiBeckley Inc. and Curevo Inc. The effective tax rate was 23.3% in Q3 2026 versus 22.8% in Q3 2025.

On the pipeline, the filing reported positive topline results from a head-to-head Phase 3 trial of retatrutide versus Ozempic 2 mg in adults with type 2 diabetes, Phase 3 results from Ebglyss in moderate-to-severe hand and foot atopic dermatitis, and Phase 2 results from EloraTZP in adults with obesity and type 2 diabetes, with Phase 3 trials expected to start in Q4 2026. Updated non-GAAP EPS guidance for the full year was set at a range of $35.00 to $36.00, with the underlying guidance raised by $4.07 at the midpoint, more than offset by $4.57 of acquired IPR&D charges from Q3 business development activity, according to the filing.

What Was Disclosed

Eli Lilly's Q3 2026 earnings filing disclosed revenue of $24.4 billion (up 39%), reported EPS of $7.22, non-GAAP EPS of $7.48, $4.2 billion in acquired IPR&D charges, raised full-year revenue guidance to $91.0 to $92.0 billion, and several FDA approvals and pipeline updates.