LLY raises full-year adjusted EPS and revenue forecasts after first-quarter results exceed expectations driven by Mounjaro and Zepbound demand.
Eli Lilly reported first-quarter 2026 adjusted EPS of $8.55, surpassing the $6.66 consensus, and raised its full-year adjusted EPS outlook to $35.50-$37.00 from $33.50-$35.00. Revenue guidance was also lifted to $82-$85 billion from $80-$83 billion.
Mounjaro led sales with $8.7 billion in the quarter, exceeding expectations by over $1 billion, while Zepbound contributed $4.2 billion. The company overtook Novo Nordisk as the GLP-1 market share leader internationally, driven by higher volumes.
Following the earnings release, Barclays increased its price target on LLY to $1,400 from $1,350, maintaining an Overweight rating. The upgrade cited strength in Lilly’s tirzepatide franchises, including a 30% beat for international demand.