Eli Lilly reported fourth-quarter revenue of $19.3 billion, a 43 percent increase year-over-year, driven by volume growth of 46 percent that offset a 5 percent decline in realized prices. On a reported basis, EPS rose 51 percent to $7.39, while non-GAAP EPS climbed 42 percent to $7.54, reflecting $0.52 per share in acquired IPR&D charges. U.S. sales grew 43 percent to $12.9 billion thanks to a 50 percent jump in prescription volumes, and international revenue matched that growth with $6.4 billion, bolstered by favorable foreign exchange and a one-time $300 million benefit in its Jardiance collaboration.

For full-year 2026, Lilly guided for revenue growth of 25 percent, implying a range of $80 billion to $83 billion, and forecast non-GAAP EPS between $33.50 and $35.00. To support surging demand for its GLP-1 portfolio, the company is expanding manufacturing capacity with a new injectable medicine plant in Pennsylvania and an active pharmaceutical ingredient facility in Alabama, investments totaling over $6 billion.

Lilly’s metabolic franchise continues to outperform competitors, with Mounjaro generating $7.41 billion in Q4—up 110 percent—and Zepbound posting $4.26 billion, up 123 percent year-over-year. These gains reflect successful volume-driven pricing strategies that preserved affordability despite reimbursement pressures, helping Lilly capture incremental share in the obesity and diabetes markets.

The company advanced multiple late-stage programs, including positive Phase 3 results for retatrutide showing average weight loss of 71.2 lbs in patients with obesity and knee osteoarthritis, and orforglipron submissions for obesity in the U.S., EU and Japan. Regulatory highlights featured FDA approval of expanded indications for Jaypirca in relapsed CLL/SLL and Breakthrough Therapy designation for mipitecan in platinum-resistant ovarian cancer.