LLY 2026 Q3

Full-year revenue guidance raised to $91-$92 billion from prior guidance, reflecting stronger-than-expected Medicare GLP-1 Bridge uptake in the U.S. and robust Mounjaro performance outside the U.S.

“we now expect full-year revenue to be between $91 and $92 billion”— Lucas E. Montarce, Chief Financial Officer

Eli Lilly: Priced For Acceleration, Reporting Deceleration (NYSE:LLY) Eli Lilly: Priced For Acceleration, Reporting Deceleration (NYSE:LLY) — seekingalpha.com · 03 November 2026

Full-year non-GAAP EPS guidance raised to $35-$36, a $4.07 per share increase at the midpoint before Q3 acquired IPR&D charges, driven by stronger underlying portfolio performance.

“an increase of $4.07 per share at the midpoint of the range before updates to the Q3 acquired IPR&D charges”— Lucas E. Montarce, Chief Financial Officer

CEO signaled that as fewer unprecedented launch dynamics (like Bridge uptake and international cash-pay depth) remain unresolved, future guidance beats should narrow and become more predictable than the roughly $10 billion upside seen this year.

“As time goes on, I suspect we will have fewer and fewer of those never-before-done things, and the guidance can become more predictable.”— David A. Ricks, Chair and CEO

For 2027, management expects overall commercial pricing to remain stable with only modest, disciplined changes, while net realized price falls mainly due to channel mix shifting toward lower-priced Medicare and Medicaid segments rather than list price cuts.

“a segment mix more toward a lower price, a lower net price, not decreasing the price overall, but more just a segment mix”— Ilya Yuffa, President of Lilly USA and Global Customer Capabilities

Medicare GLP-1 Bridge Program uptake has exceeded expectations, with over half a million prescriptions filled since the July 1 launch and 7 of 10 new Bridge patients choosing a Lilly obesity medicine.

“while it is performing above our expectations”— Ilya Yuffa, President of Lilly USA and Global Customer Capabilities

About 80% of patients entering treatment under the Bridge Program are now naive to therapy, indicating the program is creating incremental demand rather than mainly shifting existing patients between channels.

Per Ilya Yuffa, President of Lilly USA and Global Customer Capabilities

Foundayo launched in four non-U.S. markets this year (UAE, UK, Saudi Arabia, Mexico), with uptake in Mexico slightly above expectations and market leadership in the UAE despite Wegovy competition.

“so far, the launch is very much in line with our expectations”— Patrik Jonsson, President of Lilly International

Mounjaro became the first medicine in China to exceed $1 billion of revenue in its first full year, marking an accelerated ramp in that market.

“the first medicine in China to exceed $1 billion of revenue during its first full year”— Lucas E. Montarce, Chief Financial Officer

In Japan, Mounjaro's share of new patient starts rose to over 50%, strengthening its leadership position in that market.

Per Lucas E. Montarce, Chief Financial Officer

Lilly received a positive CHMP opinion for Foundayo, expected to result in EU approval by year-end, enabling launch across more than 40 markets next year with initial focus on cash-pay weight management given slower diabetes reimbursement.

Per Patrik Jonsson, President of Lilly International

Eligible patients prescribed Zepbound® or Foundayo® through LifeMD can now receive authentic Lilly medicines at Lilly's self-pay prices through LifeMD's affiliated pharmacy LifeMD expands access to Lilly’s self-pay GLP-1 medicines, enabling option to dispense and ship directly to patients nationwide — manilatimes.net · 05 November 2026

Kisunla revenue grew 175% year-over-year, with management and analysts both characterizing it as approaching blockbuster status, aided by more than doubled p-tau217 blood test volumes driving new diagnoses.

Per Lucas E. Montarce, Chief Financial Officer

Retatrutide's Phase 3 head-to-head trial versus semaglutide showed greater A1c reduction (2.2% vs 1.8%) and more than double the weight loss (20-21% vs 9.4%), positioning it as a potential new treatment option pending further review.

Per Daniel Skovronsky, Chief Scientific and Medical Officer

Orforglipron's CVOT (ACHIEVE-4) met noninferiority versus insulin glargine with a 16% lower MACE-4 risk and 57% lower all-cause death risk, reinforcing its potential as a foundational oral obesity and diabetes treatment.

Per Daniel Skovronsky, Chief Scientific and Medical Officer

Olora-TZP Phase 2 data showed 23.3% weight loss at 48 weeks, 57% more than tirzepatide alone, though the highest dose had higher discontinuation from adverse events, prompting a slower dose-escalation plan for Phase 3.

Per Daniel Skovronsky, Chief Scientific and Medical Officer

In a challenge brought by Eli Lilly and Company, BBB National Programs’ National Advertising Division recommended that Good Life Meds, LLC discontinue the challenged express health benefit and… National Advertising Division Recommends Good Life Discontinue Health Benefit and Personalization Claims for Compounded Tirzepatide+ Products — manilatimes.net · 04 November 2026

FDA approved pirtobrutinib for first-line CLL/SLL, expanding its use beyond relapsed/refractory settings, with an 80% reduction in risk of progression or death versus bendamustine plus rituximab.

Per Daniel Skovronsky, Chief Scientific and Medical Officer

FDA approved Lilly's once-weekly basal insulin Onswik, a new product that could reduce injection frequency versus existing daily basal insulin options.

Per Daniel Skovronsky, Chief Scientific and Medical Officer

FDA approved imlunestrant in combination with abemaciclib for ER-positive, HER2-negative, ESR1-mutated advanced breast cancer, adding a new all-oral combination treatment option.

Per Daniel Skovronsky, Chief Scientific and Medical Officer

Foundayo is expected to receive U.S. regulatory action for a type 2 diabetes indication in Q4, which management frames as a major expansion opportunity since roughly half of U.S. GLP-1 volume is in diabetes.

Per David A. Ricks, Chair and CEO

Ebglyss worldwide revenue grew 59%, becoming the fastest-growing medicine in atopic dermatitis and continuing to gain new-prescription share in U.S. specialty dermatology.

Per Lucas E. Montarce, Chief Financial Officer

Jaypirca worldwide revenue grew 59%, making it the fastest-growing BTK inhibitor by total U.S. prescriptions.

Per Lucas E. Montarce, Chief Financial Officer

Gross margin increased 80 basis points to 84.4%, as favorable product mix and improved cost of production more than offset the drag from lower realized prices.

Per Lucas E. Montarce, Chief Financial Officer

Non-GAAP performance margin rose to 54.2%, up 5.9 percentage points year-over-year, driven by revenue growth outpacing expense growth.

Per Lucas E. Montarce, Chief Financial Officer

Full-year non-GAAP performance margin guidance raised to approximately 52.5% given the updated, higher revenue outlook.

Per Lucas E. Montarce, Chief Financial Officer

R&D expenses increased 23% year-over-year, reflecting stepped-up investment in the growing pipeline and newly acquired molecules from recent business development deals.

Per Lucas E. Montarce, Chief Financial Officer

Marketing, selling, and administrative expenses rose 14% as the company increased promotional investment to support current and upcoming product launches.

Per Lucas E. Montarce, Chief Financial Officer

Lilly's share of the international incretin market rose nearly 4 percentage points quarter-over-quarter to approximately 58%, an acceleration in share gains outside the U.S.

Per Lucas E. Montarce, Chief Financial Officer

Despite new generic incretin entrants in India, Brazil, and Canada, Lilly has held its share and continued to grow, showing resilience against a new competitive threat.

“we have seen that even with the launch of generics in India, Brazil, and Canada, we have held our shares and continued to grow”— Patrik Jonsson, President of Lilly International

The UK Foundayo launch was constrained by MHRA pre-vetting requirements that prevented full promotion until October; with that resolved, management expects uptake to accelerate going forward.

“we have actually not been able to fully promote until now in October”— Patrik Jonsson, President of Lilly International

Management grew more optimistic that the Medicare GLP-1 Bridge Program will be extended or made permanent via Part D for 2028, citing strong early uptake and new third-party cost-effectiveness data.

Per David A. Ricks, Chair and CEO

Lilly closed acquisitions of AtaiBeckley and Merida Biosciences this quarter and signaled an accelerating, more risk-tolerant business development pace across all therapeutic areas, enabled by strong cash flow from the incretin business.

“Risk allows us to actually create value.”— Jacob S. Van Naarden, President of Lilly Oncology and Head of Business Development

Lilly broke ground on two new U.S. manufacturing facilities this quarter, a $6.5 billion plant in Houston and a $5 billion plant in Richmond, expanding planned capital investment to support future growth.

Per David A. Ricks, Chair and CEO