Eli Lilly Raises 2026 Guidance After Q1 56% Revenue Surge
Eli Lilly’s Q1 non-GAAP EPS rose 170% year-over-year to $8.26 on revenue that jumped 56% to $19.8 billion, with net income climbing 155% to $7.66 billion. Management lifted full-year 2026 guidance to $82 billion–$85 billion in revenue (28% growth at midpoint) and EPS to $35.50–$37.00.
1. Q1 Earnings Beat Expectations
Eli Lilly reported Q1 2026 revenue of $19.8 billion, up 56% year-on-year, driven by strong sales of Mounjaro and Zepbound, while non-GAAP EPS surged to $8.26, reflecting a 170% gain despite a $0.52 R&D write-down and fueling net income growth to $7.66 billion.
2. Raised Full-Year 2026 Guidance
In response to the quarter’s outperformance, management increased full-year revenue guidance to $82 billion–$85 billion (28% growth at midpoint) and raised EPS forecasts to $35.50–$37.00, signaling confidence in sustained demand and capacity ramp-up across its cardiometabolic portfolio.
3. Manufacturing Investments and GLP-1 Lead
Lilly has committed roughly $50 billion to expand U.S. manufacturing capacity, capturing over 60% of the U.S. GLP-1 prescription market by Q1 end and securing favorable pricing policies. This production moat underscores operating leverage and positions the company to outpace Novo Nordisk amid ongoing global demand growth.