Eli Lilly Q1 2026: Revenue up 56%, raises full‑year guidance

Financial performance

Q1 2026 revenue $19.8B (+56% vs Q1 2025) driven by 65% volume growth and 13% lower realized prices; gross margin $16.2B (81.9% of revenue, -0.6 pp). U.S. revenue $12.1B (+43%); non-U.S. $7.7B (+81%), with one-time Jardiance benefits outside U.S. of $250M vs $370M prior year. R&D $3.5B (18% of revenue); marketing, selling & admin $2.9B. Reported net income $7.396B, EPS $8.26; non-GAAP net income $7.663B, EPS $8.55. Q1 acquired IPR&D charges $584M (vs $1.6B prior), asset impairment/restructuring $279M, effective tax rate 16.4%.

Product performance

Mounjaro $8.662B (+125%) and Zepbound $4.160B (+80%) led growth; volume gains partly offset by lower realized prices (notably Zepbound and Taltz). Other product revenues: Jaypirca $165M, Ebglyss $145M, Kisunla $124M, Omvoh $80M, Inluriyo $35M.

Pipeline and regulatory

U.S. FDA approved Foundayo (orforglipron), an oral GLP-1 for adults with obesity or overweight with weight-related conditions; positive Phase 3 results reported for Foundayo in type 2 diabetes with obesity/CV risk, retatrutide in type 2 diabetes, Jaypirca combined with venetoclax and rituximab in relapsed/refractory CLL/SLL, and Taltz combined with Zepbound for adults with psoriasis and obesity/overweight.

Business development and guidance

Agreements reached to acquire Orna Therapeutics, Centessa plc, Kelonia Therapeutics, and Ajax Therapeutics; updated 2026 guidance: revenue $82–85B, non-GAAP EPS $35.50–37.00, performance margin 47.0%–48.5%; Investment Community Meeting planned for December 7, 2026.