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Eli Lilly and Company
Eli Lilly and Company (LLY) investor relations material
Eli Lilly and Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 worldwide revenue was $24.397B, up 39% YoY, led by Mounjaro and Zepbound demand and share gains.
Q3 reported net income rose 16% to $6.451B; nine-month revenue increased 46% to $67.170B and net income rose 50% to $20.942B.
FY 2026 revenue guidance increased to $91B–$92B; non-GAAP performance-margin guidance rose to 52.0%–52.5% and EPS guidance is $35–$36.
Q3 revenue included ~$900M in benefits, including a $410M Jardiance milestone and favorable rebate and discount estimate changes; no further Jardiance sales-based milestones remain.
Financial highlights
Q3 GAAP operating income rose 17% to $8.608B; adjusted operating income increased 15% to $9.039B, and adjusted net income rose 6% to $6.679B.
Non-GAAP EPS was $7.48, up 7%, and included $4.57 per share of acquired IPR&D charges versus $0.71 in Q3 2025.
Q3 GAAP gross margin was 83.9%, up 1.0 percentage point; non-GAAP gross margin was 84.4%, up 0.8 point, and performance margin was 54.2%, up 5.9 points.
R&D expense increased 23% to $4.247B; marketing, selling, and administrative expense rose 14% to $3.125B.
Nine-month operating cash flow was $27.420B versus $13.588B; cash and cash equivalents were $4.885B at September 30.
Outlook and guidance
FY 2026 revenue guidance increased from $85B–$87B to $91B–$92B; non-GAAP performance-margin guidance rose from 49.0%–50.5% to 52.0%–52.5%.
Non-GAAP EPS guidance is $35–$36 versus prior guidance of $35.50–$36.50; the underlying midpoint increased $4.07 before the $4.57 Q3 acquired IPR&D charge per share.
Expected FY tax-rate guidance increased to 19%–20% from 18%–19%; guidance excludes acquired IPR&D incurred after September 30, 2026.
2027 growth drivers include sustained U.S. incretin volume, Medicare Bridge impact, Foundayo’s type 2 diabetes launch, and continued international Mounjaro strength; net realized price remains a headwind.
Additional manufacturing capacity is expected over the next several years, with near-term capital spending elevated as facilities expand.
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Latest events from Eli Lilly and Company
- Q4 revenue rose 28% to $9.353B; 2024 revenue guidance is $40.4B–$41.6B.LLY
Q4 2023 - Innovative therapies drive significant weight loss and glycemic control advances in obesity and diabetes.LLYInvestor presentation
- Obesity treatment portfolio expands with new therapies, digital access, and strong cost-effectiveness data.LLYMorgan Stanley 24th Annual Global Healthcare Conference
- Q2 2026 revenue surged 48% to $23B, driving raised guidance and strong product momentum.LLYQ2 2026
- Q3 2025 revenue jumped 54% to $17.6B, with EPS and guidance raised on strong product demand.LLYQ3 2025
- Orforglipron and retatrutide lead a robust pipeline targeting obesity and diabetes, with global launches by 2027.LLYInvestor Update
- Q2 revenue up 36% with $3B guidance raise, strong EPS growth, and major pipeline progress.LLYQ2 2024
- Q1 2025 revenue up 45% to $12.73B, driven by Mounjaro and Zepbound growth.LLYQ1 2025
- Q4 revenue up 45% and EPS more than doubled; 2025 guidance signals strong growth.LLYQ4 2024
Next Eli Lilly and Company earnings date
8th Annual Wolfe Research Healthcare Conference13 Nov, 2026
Eli Lilly and Company
Next Eli Lilly and Company earnings date
8th Annual Wolfe Research Healthcare Conference13 Nov, 2026
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Frequently asked questions
Pharmaceutical Giant
Eli Lilly and Company, often referred to simply as Eli Lilly, is a global pharmaceutical corporation established in 1876. Headquartered in Indianapolis, the company specializes in the research, development, manufacture, and distribution of pharmaceutical products to address a wide range of health conditions. Throughout its history, Eli Lilly has introduced several notable medications and therapies to the market, but today they’re mainly known for their antidepressants and its main revenue driver, insulin. Their portfolio encompasses treatments for diabetes, oncology, neurodegenerative diseases, and other therapeutic areas.
Founded by Colonel Lilly
Colonel Eli Lilly, a Civil War veteran, founded his pharmaceutical venture in a small brick establishment in Indianapolis in 1876, during an era when the industry was riddled with dubious patent medicine sellers. By 1890, his son J.K. Lilly, Sr. took the helm of the expanding company, later joined by his own sons. Their collective leadership ushered in modern production techniques and research practices, revolutionizing the way pharmaceuticals were manufactured. The Lilly family retained private ownership until 1952 before going public. In partnership with University of Toronto scientists, they spearheaded the mass production of insulin in 1923. Their ventures in the mid-20th century included producing crucial antibiotics and 68% of the U.S. supply of the Salk polio vaccine by 1956, contributing significantly to the decline of polio cases in the 1960s.
Diabetes Experts
Eli Lilly manufactures a multitude of drugs, but a large part of their revenue is driven by the diabetes medications Trulicity and Humalog. Eli Lilly has, as previously mentioned, played a key role in the development of various medications for diabetes. Trulicity (dulaglutide) is an injectable medication used to treat type 2 diabetes. It mimics the actions of the body's natural incretin hormone, helping stimulate insulin release in response to increased blood sugar levels, thereby aiding in glycemic control. Humalog is a fast-acting insulin analog designed to help control blood sugar levels in individuals with both type 1 and type 2 diabetes, taken just before or after meals. The company also produces various medications for mental health issues, cancer, oncology, and more.
Global Player
Eli Lilly's presence is global, distributing its portfolio of medications across multiple continents. Their global strategy revolves around creating strong partnerships with distributors, healthcare systems, and local authorities. Eli Lilly is one of the most influential pharmaceutical companies in the world together with names like Pfizer, Novartis, AbbVie, and several others.