Eli Lilly Raises 2026 Sales Forecast as Drug Demand Surges

Strong demand for its diabetes and weight-loss medicines propelled Eli Lilly past Wall Street's third-quarter earnings and revenue estimates on October 29, 2026, prompting the Indianapolis-based pharmaceutical company to raise its full-year sales forecast despite declining realized drug prices and weaker-than-expected sales of its newly launched obesity pill.

Eli Lilly now expects 2026 revenue of $91 billion to $92 billion, up from its previous forecast of $85 billion to $87 billion, according to its financial results and reporting by Bloomberg. Adjusted earnings are projected at $35 to $36 per share, compared with the previous range of $35.50 to $36.50, reflecting acquisition-related charges.

The company reported third-quarter revenue of $24.40 billion, exceeding analysts' consensus estimate of $22.61 billion, according to LSEG data cited by CNBC. Adjusted earnings reached $7.48 per share, above the $6.26 analysts had expected. Net income rose to $6.45 billion from $5.58 billion in the same quarter a year earlier.

Mounjaro, Lilly's diabetes treatment, generated $10.72 billion in worldwide revenue, a 65% increase from a year earlier. The result surpassed analyst expectations of $10.10 billion, while US sales reached approximately $5 billion. Revenue outside the United States climbed 93%, highlighting the drug's growing international demand.

Zepbound, the company's obesity treatment, delivered $5.35 billion in quarterly revenue, up 49% year over year. That exceeded analysts' forecast of $5.09 billion, with the vast majority of sales coming from the United States, according to figures cited by CNBC.

Foundayo, Lilly's oral obesity treatment approved in the United States in April, recorded $184 million in third-quarter sales. That was below analyst expectations of approximately $229 million, marking another earnings report in which the newly launched pill's revenue fell short of forecasts. The treatment competes with an oral obesity drug introduced by Novo in January.

Regional results showed that Lilly's US revenue increased 34% to $15.1 billion. The company reported a 41% increase in product volume, primarily driven by Mounjaro and Zepbound, partly offset by a 7% decline in realized prices for those medicines.

International revenue rose 47% to $9.3 billion as sales volume increased 76%. A 29% decline in realized prices partly offset those gains, according to the company's results.

The pricing pressure follows a drug-pricing agreement reached with the Trump administration in 2025. At the same time, Lilly cited expanded US coverage for obesity care, including Medicare's decision to begin covering GLP-1 medicines for weight loss in July through a temporary pilot program, as a factor supporting demand.

The company's reported net income included charges associated with deals completed during the quarter. Those charges amounted to $4.57 per share, while Lilly said its underlying profit guidance increased by $4.07 per share at the midpoint before the impact of those charges.

Lilly has also been expanding its development pipeline and pursuing acquisitions beyond diabetes and obesity treatments. Bloomberg reported that the company agreed to acquire Merida Biosciences to develop a new class of treatments for serious autoimmune and allergic diseases.

The company's third-quarter performance reinforces the commercial strength of its injectable obesity and diabetes medicines, even as its newer oral treatment builds sales below market expectations and lower realized prices weigh on revenue growth.