Eli Lilly | 8-K: FY2026 Q3 Revenue: USD 24.4 B

Revenue: As of FY2026 Q3, the actual value is USD 24.4 B, compared to the market estimate of USD 22.62 B.

EPS: As of FY2026 Q3, the actual value is USD 7.22, compared to the market estimate of USD 8.0067.

EBIT: As of FY2026 Q3, the actual value is USD 8.722 B.

Revenue

Eli Lilly and Company reported worldwide revenue of $24.4 billion in Q3 2026, marking a 39% increase compared to Q3 2025, primarily driven by Mounjaro and Zepbound . This growth included approximately $900 million in benefits, with $410 million from Jardiance milestones and favorable adjustments to rebate and discount estimates . The overall revenue increase was due to a 53% increase in volume, partially offset by a 15% decrease in realized prices . U.S. Revenue: Increased 34% to $15.1 billion, driven by a 41% volume increase, partially offset by a 7% decrease in realized prices . The volume increase was primarily from Zepbound and Mounjaro . Revenue outside the U.S.: Increased 47% to $9.3 billion, driven by a 76% volume increase, partially offset by a 29% decrease in realized prices . Mounjaro was the primary driver of international volume growth, while lower realized prices were influenced by Mounjaro’s inclusion on China’s National Reimbursement Drug List . Key Products Revenue: Totaled $17.1 billion in Q3 2026 . Revenue from Key Products in Immunology, Oncology, and Neuroscience therapeutic areas grew 100% in Q3 2026 compared to Q3 2025 . Mounjaro: Worldwide revenue increased 65% to $10.7 billion . U.S. revenue was $5.0 billion (41% increase), and revenue outside the U.S. increased 93% to $5.7 billion . Zepbound: U.S. revenue increased 48% to $5.3 billion . Jaypirca: $228 million (59% increase) . Ebglyss: $202 million (59% increase) . Kisunla: $193 million (175% increase) . Omvoh: $114 million (76% increase) . Foundayo: $184 million (NM change) . Inluriyo: $73 million (NM change) .

Net Income

Reported Net Income: $6,451 million in Q3 2026, a 16% increase from $5,583 million in Q3 2025 .
Non-GAAP Net Income: $6,679 million in Q3 2026, a 6% increase from $6,312 million in Q3 2025 .

Gross Margin

Reported Gross Margin: Increased 40% to $20,464 million in Q3 2026 . As a percentage of revenue, it was 83.9%, an increase of 1.0 percentage points year-over-year .
Non-GAAP Gross Margin: Increased 40% to $20,592 million in Q3 2026 . As a percentage of revenue, it was 84.4%, an increase of 0.8 percentage points year-over-year . The increase was primarily driven by favorable product mix and improved cost of production, partially offset by lower realized prices .

Operating Costs and Expenses

Cost of Sales: $3,933 million in Q3 2026, a 31% increase from Q3 2025 .
Research and Development Expenses: Increased 23% to $4,247 million in Q3 2026, representing 17% of revenue .
Marketing, Selling, and Administrative Expenses: Increased 14% to $3,125 million in Q3 2026 .
Acquired In-Process Research and Development (IPR&D) Charges: Totaled $4,181 million in Q3 2026, compared to $656 million in Q3 2025, primarily related to acquisitions .
Asset Impairment, Restructuring and Other Special Charges: $303 million in Q3 2026, a -17% change from $365 million in Q3 2025 .

Operating Income

Reported Operating Income: $8,608 million in Q3 2026, a 17% increase from $7,365 million in Q3 2025 .

Other Financial Items

Net Interest Income (Expense): - $316 million in Q3 2026, compared to - $114 million in Q3 2025 .
Net Other Income (Expense): $114 million in Q3 2026, compared to - $18 million in Q3 2025 .
Income Before Income Taxes: $8,406 million in Q3 2026, a 16% increase from Q3 2025 .
Income Tax Expense: $1,955 million in Q3 2026, an 18% increase from Q3 2025 .
Reported Effective Tax Rate: 23.3% in Q3 2026, compared to 22.8% in Q3 2025 .
Non-GAAP Effective Tax Rate: 24.0% in Q3 2026, compared to 17.7% in Q3 2025 .
Dividends Paid Per Share: $1.73 in Q3 2026, a 15% increase from Q3 2025 .
Weighted-Average Shares Outstanding (Diluted): 893,439 thousand in Q3 2026, compared to 898,804 thousand in Q3 2025 .

Business Development

Eli Lilly and Company completed the acquisition of AtaiBeckley to advance therapies for treatment-resistant depression and other mental health conditions in Q3 2026 . Subsequent to quarter end, the company completed the acquisition of Merida Biosciences to advance treatments for serious autoimmune and allergic diseases .

Outlook / Guidance

Eli Lilly and Company raised its full-year 2026 revenue guidance to a range of $91.0 to $92.0 billion . The company’s non-GAAP Performance Margin guidance increased to 52.0% to 52.5% . The non-GAAP effective tax rate guidance is now 19% to 20% .