Lilly raises 2026 sales target to $92 billion on weight loss drug demand

Eli Lilly increased its full-year 2026 revenue projection to a range of $91 billion to $92 billion, up from previous guidance of $85 billion to $87 billion. The company made the adjustment after reporting third-quarter results that exceeded Wall Street forecasts. Shares of the Indianapolis-based firm climbed approximately 5% in premarket trading on Wednesday.

For the quarter ending in September, Lilly recorded adjusted earnings of $7.48 per share on total revenue of $24.40 billion. Analysts polled by LSEG had projected $6.26 per share and $22.61 billion in sales. Net income stood at $6.45 billion, or $7.22 per share, a figure that includes charges related to recent business deals. A year prior, net income was $5.58 billion, or $6.21 per share.

Demand for the company's diabetes and weight loss treatments remained the primary driver of growth. Mounjaro generated $10.72 billion in global revenue, a 65% increase from the same period last year. U.S. sales for that drug totaled roughly $5 billion, while international sales rose 93%. Zepbound, the weight loss version, brought in $5.35 billion, up 49% year over year.

The new oral obesity pill, Foundayo, posted lower-than-expected results. Sales reached $184 million, falling short of the $229 million analysts had forecast. This was the second earnings report to include revenue from the drug, which was approved by the U.S. Food and Drug Administration in April and competes with a similar product from rival Novo Nordisk.

Revenue in the United States increased 34% to $15.1 billion. Volume for Mounjaro and Zepbound rose 41%, but that gain was partially offset by a 7% drop in realized prices. International revenue grew 47% to $9.3 billion, driven by a 76% volume surge that outweighed a 29% price decline. The price reductions in the U.S. align with a pricing agreement reached with the Trump administration last year.

Lilly also noted that Medicare began covering GLP-1 drugs for weight loss under a temporary pilot program in July. The company is using its profits to expand its pipeline, recently agreeing to acquire Merida Biosciences to develop treatments for autoimmune and allergic diseases.

CEO David Ricks was scheduled to discuss the quarterly results on CNBC TV at 9 a.m. ET.