Eli Lilly and Firm’s emblem is displayed throughout a press convention in Houston, Texas, U.S., Sept. 23, 2025.
Antranik Tavitian | Reuters
Eli Lilly on Wednesday posted fourth-quarter earnings and income and 2026 steerage that blew previous estimates, as demand for its blockbuster weight reduction drug Zepbound and diabetes therapy Mounjaro soars.
The pharmaceutical big anticipates its 2026 income will are available between $80 billion and $83 billion. Analysts anticipated income of $77.62 billion, in response to LSEG.
Lilly additionally anticipated adjusted earnings to be between $33.50 and $35 per share for the yr. That compares with analysts’ estimate of $33.23 per share, in response to LSEG.
The sturdy outlook comes days after Lilly CEO Dave Ricks informed CNBC in an unique interview that he expects upcoming authorities Medicare protection of weight problems therapies to increase the U.S. marketplace for these medicine this yr, saying it is a “massive multiplier on the eligible pool” of sufferers.
Lilly’s steerage is available in stark distinction to the outlook of rival Novo Nordisk, which can also be grappling with decrease costs within the U.S. following landmark offers each corporations struck with President Donald Trump to slash weight problems and diabetes drug prices. In contrast to Lilly, Novo warned on Tuesday that it sees gross sales and revenue declining this yr, as costs fall within the U.S. and exclusivity expires for its blockbuster weight problems and diabetes medicine in China, Brazil and Canada.
Lilly is working to take care of its dominance within the booming marketplace for these medicine, known as GLP-1s, as Novo sees an explosive U.S. launch for its new Wegovy capsule for weight problems. Lilly hopes to win approval for its personal oral weight reduction drug, orforglipron, later this yr.
Mounjaro raked in $7.41 billion in income for the quarter, up 110% from the identical interval a yr in the past. U.S. gross sales for Mounjaro had been $4.1 billion, up 57%, as demand climbed however realized costs had been decrease. These numbers surpassed what analysts had been anticipating for the quarter, in response to StreetAccount.
Zepbound, which entered the market roughly three years in the past, posted $4.2 billion in U.S. income for the fourth quarter. That is up 122% from the year-earlier interval, as demand for the drug additionally rose whereas realized costs dropped. Analysts had been anticipating $3.91 billion in U.S. gross sales for Zepbound, in response to StreetAccount.
This is what the corporate reported for the fourth quarter in contrast with what Wall Road was anticipating, based mostly on a survey of analysts by LSEG:
- Earnings per share: $7.54 adjusted vs. $6.67 anticipated
- Income: $19.29 billion vs. $17.96 billion anticipated
Eli Lilly shares climbed greater than 7% in premarket buying and selling.
The corporate posted fourth-quarter income of $19.29 billion, up 43% from the identical interval a yr in the past.
Income within the U.S. climbed to $12.9 billion. Eli Lilly stated that was pushed by a 50% improve in quantity — or the variety of prescriptions or models bought — for its merchandise, primarily for Mounjaro and Zepbound. That was partially offset by decrease realized costs of these medicine, the corporate stated.
The pharmaceutical big booked web revenue of $6.64 billion, or $7.39 per share, for the fourth quarter. That compares with web revenue of $4.41 billion, or $4.88 per share, a yr earlier.
Excluding one-time objects related to the worth of intangible property and different changes, Eli Lilly posted earnings of $7.54 per share for the fourth quarter.
Novo and Lilly’s offers with Trump are anticipated to ultimately improve the variety of prescriptions however in the end damage complete gross sales.
Below the agreements, Lilly and Novo agreed to slash the costs of these therapies for Medicare and Medicaid beneficiaries in 2026 and provide them on to customers at a reduction on the Trump administration’s direct-to-consumer platform, TrumpRx, which has but to launch.
In return, each corporations may also get a three-year exemption from tariffs.
Within the interview with CNBC on Friday, Lilly’s Ricks acknowledged that below the drug pricing deal, there can be “a step down in pricing” early this yr. However he stated quantity progress of the corporate’s medicine “will ramp on the again half of the yr.”
