The Eli Lilly Q3 2026 results, reported on 29 October 2026, show revenue of $24.4 billion, up 39% from $17.6 billion a year earlier, driven by its tirzepatide medicines Mounjaro and Zepbound. Lilly raised its 2026 revenue guidance to $91 billion to $92 billion, from $85 billion to $87 billion. At the same time it trimmed its non-GAAP earnings-per-share guidance to $35.00 to $36.00, because a large charge for acquired research and development was booked in the quarter. This explainer covers the headline numbers, why volume and price moved in opposite directions, and what the guidance change actually means.
Eli Lilly Q3 2026 results: key takeaways
- Revenue was $24.4 billion, up 39%; volume rose 53% while realised prices fell 15%.
- Mounjaro generated $10.7 billion (up 65%) and Zepbound $5.4 billion (up 49%).
- About $900 million of the quarter’s revenue was one-time benefit, including $410 million of Jardiance milestones.
- Reported EPS was $7.22 and non-GAAP EPS $7.48, both after $4.57 per share of acquired R&D charges.
- 2026 revenue guidance rose by $5.5 billion at the midpoint; non-GAAP EPS guidance moved down by $0.50 at the midpoint.
The headline numbers in the Eli Lilly Q3 2026 results
Revenue of $24,397 million compares with $17.6 billion in the third quarter of 2025. US revenue was $15.1 billion, up 34%, with volume up 41% and prices down 7%. Revenue outside the US was $9.3 billion, up 47%, with volume up 76% and prices down 29%; Lilly attributes much of the international price decline to Mounjaro’s inclusion on China’s national reimbursement drug list. Gross margin was 83.9% of revenue, research and development spending was $4.2 billion (up 23%) and marketing, selling and administrative expense was $3.1 billion (up 14%). The figures come from the Lilly earnings release.
Mounjaro and Zepbound sales in the Eli Lilly Q3 2026 results
Mounjaro sales were $10,723 million, up 65%, with US sales of $5.0 billion (up 41%) and international sales of $5.7 billion (up 93%). Zepbound sales were $5,352 million, up 49%, almost all of it in the US at $5.3 billion (up 48%). By our own calculation the two medicines together were about $16.1 billion, roughly 66% of total revenue. Over nine months, Mounjaro has generated $29.3 billion and Zepbound $14.4 billion. For background on what Mounjaro is and how it compares with other weight-loss medicines, see our Mounjaro explainer.
Volume up, price down: the pattern in the Eli Lilly Q3 2026 results
The 53% volume gain and 15% price decline tell the story of this quarter. More patients are taking the medicines, but the average realised price per dose is falling, in part because of rebates and discounts in the US and a lower-priced reimbursement arrangement in China. Lilly said the quarter also included about $900 million of one-time benefits from the Jardiance milestones and favourable rebate and discount adjustments. Those items flatter the quarter’s growth and should not be assumed to recur.
Why EPS guidance fell in the Eli Lilly Q3 2026 results
Lilly lowered its non-GAAP EPS guidance from $35.50 to $36.50 to $35.00 to $36.00, even as it raised revenue guidance. The reason is acquired in-process R&D: $4.2 billion in the quarter, compared with $656 million a year earlier, mainly relating to the AtaiBeckley and Curevo acquisitions. These charges reduced both reported and non-GAAP EPS by $4.57 per share. Lilly says underlying EPS guidance rose by $4.07 at the midpoint, more than offset by the charges, and that guidance excludes any such costs incurred after 30 September. The $4.07 is the company’s own figure.
What the new guidance implies in the Eli Lilly Q3 2026 results
Revenue for the first nine months was $67.2 billion, up 46%. By our own calculation, a full-year range of $91 billion to $92 billion implies fourth-quarter revenue of roughly $23.8 billion to $24.8 billion, which is close to the third quarter’s $24.4 billion even though Q3 included about $900 million of one-time benefits. Lilly also raised its expected performance margin to 52.0% to 52.5% and its tax-rate range to 19% to 20%. These are company projections and can change.
Pipeline and approvals in the Eli Lilly Q3 2026 results
Lilly highlighted FDA approvals for Mounjaro to reduce cardiovascular risk in adults with type 2 diabetes, for Onswik, a once-weekly basal insulin, for Inluriyo with Verzenio in a form of advanced breast cancer, and an expanded Jaypirca indication in chronic lymphocytic leukaemia. It also reported positive Phase 3 head-to-head topline results for retatrutide against Ozempic 2 mg in type 2 diabetes. These are company-reported and are investigational where not yet approved. See our Pharmaceutical coverage.
Market context from Acumen Research and Consulting
Acumen Research and Consulting’s Anti-Obesity Drugs Market report valued that market at USD 2.1 billion in 2022 and projected USD 8.2 billion by 2032, a CAGR of 14.6%, with North America above 68% of 2022 revenue and Asia Pacific growing at about 15%. The page was last updated in September 2023, and Zepbound alone generated $5.4 billion in one quarter, so the report’s figures clearly understate today’s GLP-1 sales and should be treated as dated background. The World Health Organization’s obesity fact sheet explains the public-health scale of the condition.
Timeline of the Eli Lilly Q3 2026 results
- Q3 2026: AtaiBeckley acquisition closes; acquired R&D charges booked.
- 29 October 2026: results published and guidance raised.
- Q4 2026: Phase 3 trials for EloraTZP are due to start.
General background: why GLP-1 medicines matter commercially
GLP-1-based medicines treat type 2 diabetes and obesity and have become some of the best-selling drugs in the world. Tirzepatide acts on two gut-hormone receptors. Sales growth depends on supply, insurance coverage and prices.
Our analysis of the Eli Lilly Q3 2026 results
In our assessment, the Eli Lilly Q3 2026 results confirm that demand for tirzepatide remains strong, but they also show falling average prices and a quarter helped by one-time items. The headline EPS reduction reflects acquisitions, not weaker operations. We do not give investment advice.
What is not disclosed in the Eli Lilly Q3 2026 results
- Patient numbers for Mounjaro and Zepbound.
- Pricing by market and channel.
- Future acquired R&D charges.
Risks and caveats
Figures are company-reported. Guidance is a forecast and can change. This article is news reporting and not investment or medical advice.
What to watch next
- Full-year results and 2027 outlook.
- Retatrutide regulatory plans.
- Pricing and reimbursement developments.
FAQ
How much revenue did Lilly report?
$24.4 billion, up 39%.
What is Lilly’s 2026 revenue guidance?
$91 billion to $92 billion, up from $85 billion to $87 billion.
Why was EPS guidance reduced?
Acquired R&D charges of $4.57 per share in the quarter.
How we reported this: we relied on the company earnings release, the Acumen Research and Consulting report cited above and public-health information. Our calculations are labelled. Last updated 30 October 2026. This is news reporting and not advice.