Eli Lilly Hits Record High as Mounjaro Sales Surge 65%

Eli Lilly shares rose nearly 5% in premarket trading on Thursday, October 29, 2026, to about $1,350 after the drugmaker beat third-quarter expectations and raised its full-year revenue forecast to $91 billion to $92 billion. Demand for its diabetes drug Mounjaro and obesity drug Zepbound drove the beat, with the two products together accounting for roughly two-thirds of total revenue.

What happened

Lilly reported third-quarter revenue of $24.4 billion, up 39% from a year earlier and above analyst expectations of about $22.6 billion. Adjusted earnings were $7.48 per share, ahead of the $6.26 consensus reported by LSEG. Net profit was $6.45 billion, or $7.22 per share, compared with $5.58 billion, or $6.21 per share, a year earlier.

Mounjaro sales jumped 65% to $10.72 billion, beating expectations of $10.16 billion. Zepbound sales rose 49% to $5.35 billion, ahead of estimates of $5.09 billion. Those two GLP-1 medicines remain the engine of Lilly's growth and extend its lead in the market over Danish rival Novo Nordisk.

Why it's blowing up

The size of the guidance raise is what caught the market's attention. Lilly lifted its full-year revenue outlook from $85 billion to $87 billion previously to $91 billion to $92 billion — a $5 billion to $6 billion increase with only one quarter left in the year. That signals management sees demand holding up, not fading, even as investors had worried about price pressure in U.S. government health plans.

The stock's premarket move to a record high also reflects Lilly's scale. Reuters noted the results underscore a market valuation of about $1.2 trillion, built largely on the GLP-1 franchise. In a morning when Alphabet was falling sharply on AI spending concerns and Nasdaq futures were down more than 1%, Lilly stood out as a clear earnings winner in a different sector.

Chief executive David Ricks pointed to growth beyond weight-loss drugs, citing contributions from oncology, immunology and neuroscience, global launches of Foundayo, and expanded U.S. coverage for obesity care. That breadth matters because it answers a common question about Lilly: whether growth can continue if GLP-1 demand ever cools.

Key facts

• Revenue: $24.4 billion in Q3, up 39%, versus about $22.6 billion expected.
• Adjusted EPS: $7.48, versus $6.26 expected on LSEG data.
• Mounjaro: $10.72 billion, up 65%, versus $10.16 billion expected.
• Zepbound: $5.35 billion, up 49%, versus $5.09 billion expected.
• New revenue guidance: $91 billion to $92 billion for the full year, up from $85 billion to $87 billion.
• Share reaction: Up nearly 5% premarket to about $1,350, a record high.

Two details temper the headline beat. Revenue included about $900 million of benefits, primarily a $410 million milestone payment tied to diabetes drug Jardiance — which Lilly said is the last it expects to receive — plus favorable adjustments to rebate and discount estimates. And Lilly trimmed its adjusted profit outlook to $35.00 to $36.00 per share, from $35.50 to $36.50 previously, because of $4.57 per share of acquired in-process research-and-development charges, mainly from the AtaiBeckley and Curevo acquisitions. Those charges more than offset a $4.07 improvement in underlying profit guidance at the midpoint.

What's next

Investors will watch whether Mounjaro and Zepbound can sustain this pace into the fourth quarter, how expanded obesity-care coverage translates into prescriptions, and whether newer products in oncology, immunology and neuroscience keep growing fast enough to diversify the story. The trimmed profit view also puts the cost of Lilly's deal-making in focus — the market so far is treating those charges as the price of building the next growth leg, not as a warning sign.

This report describes what happened and how the market reacted. It is not a recommendation to buy, sell or hold any security.

Sources: Morningstar / Dow Jones, Reuters via SRN News, Stocktwits

FAQ

Why did Eli Lilly stock rise on October 29, 2026?

Lilly beat Q3 revenue and profit expectations and raised its full-year revenue forecast to $91 billion to $92 billion, sending shares up nearly 5% premarket to a record high near $1,350.

How much did Mounjaro and Zepbound sell in Q3?

Mounjaro sold $10.72 billion, up 65%, and Zepbound sold $5.35 billion, up 49%. Together they accounted for roughly two-thirds of Lilly's $24.4 billion in quarterly revenue.

Why did Lilly trim its profit guidance while raising revenue guidance?

Acquired research charges of $4.57 per share, mainly from the AtaiBeckley and Curevo deals, more than offset an underlying profit improvement, so adjusted EPS guidance eased to $35.00 to $36.00.

What is Lilly's new full-year revenue forecast?

Lilly now expects full-year revenue of $91 billion to $92 billion, up from its prior forecast of $85 billion to $87 billion.