Eli Lilly Q1 Earnings Beat, Guidance Raised

Eli Lilly and Company (LLY) reported first-quarter earnings on April 30, 2026, that exceeded forecasts, prompting the company to raise its full-year revenue and profit guidance. The results reflected stronger volume growth in its GLP-1 drug portfolio, a key factor investors will consider in updating outlooks.

Quarterly Results and Guidance

The company posted worldwide revenue of $19.8 billion for the quarter, a 56% increase year over year. This growth stemmed from a 65% rise in unit volume, partly offset by a 13% decline in realized prices for its GLP-1 drugs Mounjaro and Zepbound. Non-GAAP earnings per share (EPS) reached $8.55, while reported EPS was $8.26, both sharply higher than the prior year and above pre-earnings consensus estimates of about $17.8 billion in revenue and EPS between $6.79 and $7.26.

Following the strong start, Eli Lilly raised its full-year 2026 revenue guidance to a range of $82.0 billion to $85.0 billion, up from $80.0 billion to $83.0 billion. It also set non-GAAP EPS guidance between $35.50 and $37.00. David A. Ricks, chair and chief executive officer, said in the release, "2026 is off to a strong start, we delivered 56% revenue growth in the first quarter and raised our full-year revenue guidance by $2 billion."

GLP-1 Volume Growth and Foundayo Launch

The quarter’s performance was driven primarily by the GLP-1 drugs Mounjaro and Zepbound, which accounted for the bulk of sales amid expanding demand. Foundayo, an oral GLP-1 therapy approved and launched in the second quarter, was not included in first-quarter results. The company linked its raised guidance to expectations of continued unit growth in GLP-1 therapies throughout the year.

This shift emphasizes sustained volume expansion in Lilly’s GLP-1 franchise over near-term price realization, a dynamic the company highlighted in its release. Investors and analysts will likely factor this volume-led growth into updated models and forecasts for the remainder of 2026.