Eli Lilly Raises 2026 Revenue Forecast for Third Time This Year

Eli Lilly on Thursday raised its 2026 revenue forecast for the third time this year, to $91 billion to $92 billion from $85 billion to $87 billion, after third-quarter revenue rose 39% to $24.4 billion, above the $22.61 billion LSEG estimate. Mounjaro sales reached $10.72 billion and Zepbound $5.35 billion, both ahead of estimates. Adjusted EPS was $7.48 versus a $6.26 estimate. Lilly cut adjusted EPS guidance to $35.00-$36.00 from $35.50-$36.50 on $4.57 per share in acquired in-process R&D charges tied to the AtaiBeckley and Curevo acquisitions. Volume rose 53% while realized prices fell 15%. Foundayo sales were $184 million. Reports cited differing estimates of $216.86 million and about $229 million. CFO Lucas Montarce said the shortfall was a stocking and channel issue in the launch quarter, not weak demand. BMO's Evan Seigerman said, "Foundayo continues to lag," "though the strength of Lilly's broader commercial business makes this less of a concern in our view." Greg Halter said, "They're spending money so that they can make money down the road." RBC's Trung Huynh said the guidance increase should ease pricing concerns for the time being. A New Jersey federal judge on Monday denied Novo Nordisk's advertising injunction request. Shares rose in premarket trading.