Lilly Q3 2026: revenue up 39.0% to $24.40B, EPS $7.22, guidance raised
Lilly beat consensus and raised full-year revenue guidance, but the headline EPS number understates the quarter: $4.57 per share of acquired IPR&D charges buried a far stronger operating result. Revenue rose 39.0% to $24.40 billion. Read the revenue and underlying-EPS notes first, then the guidance math, where a $4.07 underlying raise was swallowed by $4.57 of deal charges. View: Bullish.
1 · Expected vs. Actual
Free preview belowReported EPS of $7.22 beat the $6.32 consensus by $0.90, or 14.2%, and rose 16% from $6.21. Non-GAAP EPS of $7.48 rose 7% from $7.02, but both years carried acquired IPR&D charges — $4.57 this quarter versus $0.71 last year. Strip those out and EPS was $11.79 versus $6.92, a 70.4% increase that tells you how strong the underlying business was.
Revenue of $24.40 billion rose 39.0% from $17.60 billion a year earlier, with volume up 53% and realized prices down 15%. About $900 million of that came from items that do not repeat, mainly $410 million of Jardiance sales milestones and favorable rebate and discount adjustments. Mounjaro at $10.72 billion and Zepbound at $5.35 billion together supplied 65.9% of the top line.
Full-year revenue guidance moved to $91.0 to $92.0 billion, a $5.5 billion raise at the midpoint to $91.5 billion, while the EPS range went to $35.00 to $36.00 from $35.50 to $36.50. Management lifted its underlying EPS expectation by $4.07 at the midpoint but then subtracted $4.57 of Q3 acquired IPR&D, so the headline range fell $0.50. The performance margin target also rose, to 52.0%–52.5% from 49.0%–50.5%.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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