- Q1 revenue $19.8B (+56%), driven by 65% volume growth and 13% lower realized prices; gross margin $16.2B (81.9%).
- Q1 EPS $8.26 reported / $8.55 non‑GAAP (up ~170%/~156%); raised 2026 guidance to $82-85B revenue and non‑GAAP EPS $35.50-37.00.
- FDA approved oral GLP-1 Foundayo (orforglipron); positive Phase‑3 results for Foundayo (T2D with obesity/CV risk), retatrutide (T2D), Jaypirca + venetoclax/rituximab (relapsed/refractory CLL/SLL), and Taltz + Zepbound (psoriasis with obesity).
- Agreed to acquire Orna Therapeutics, Centessa plc, Kelonia Therapeutics, and Ajax Therapeutics; recognized $584M acquired IPR&D charges and Q1 R&D expense $3.5B.
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.
