10-K · February 12, 2026
The 2025 Form 10-K reiterates Lilly’s single-segment, R&D-driven strategy to discover, develop, and commercialize innovative human pharmaceuticals globally (products sold in approximately 90 countries). The filing…
Earnings analysis · 10-Q
LLY earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Eli Lilly posted a robust Q1 2026 with revenues of $19.8 billion, a 56% increase from $12.7 billion in Q1 2025, and diluted EPS of $8.26, soaring 170% year-over-year. This strong performance was driven by significant…
Read full summary
Eli Lilly posted a robust Q1 2026 with revenues of $19.8 billion, a 56% increase from $12.7 billion in Q1 2025, and diluted EPS of $8.26, soaring 170% year-over-year. This strong performance was driven by significant volume increases from products like Mounjaro and Zepbound despite pricing pressures. The company also improved its guidance for the full year, indicating substantial confidence in continued growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $8.26
- Gross margin
- 81.9%
- Segment
- Mounjaro
- Segment
- Zepbound
- Segment
- Verzenio
- Segment
- Jardiance
- Segment
- Trulicity
What stood out
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Strong Revenue Growth Year-Over-Year
Revenue for Q1 2026 reached $19.8 billion, up 56% from $12.7 billion in Q1 2025.
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Substantial EPS Increase
Diluted EPS was reported at $8.26, marking a 170% rise from $3.06 in the same quarter last year.
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High Gross Margin Maintained
Gross margin stood at 81.9%, only slightly down from 82.5% in Q1 2025.
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Significant Volume Growth
Volume growth contributed 65% to consolidated revenue growth, mainly from Mounjaro and Zepbound.
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Effective Management of Costs
Acquired IPR&D charges decreased by 63%, which positively impacted net income.
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Raised Full-Year Guidance
Management now expects full-year revenue between $82 billion and $85 billion, an increase of $2 billion from prior forecasts.
What to watch
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Increased Regulatory Scrutiny
Ongoing developments from the Inflation Reduction Act could significantly impact pricing strategies and revenue.
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Pricing Pressure on Key Products
Lower realized prices were noted, particularly for Zepbound and Taltz, which could hinder future revenue growth.
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Market Risk from Currency Fluctuations
The company's exposure to foreign currency exchange rates may adversely affect consolidated results.
Management's outlook
Full-year revenue guidance raised by $2 billion from previous estimates.
Earlier filings 4
10-Q · October 30, 2025
Eli Lilly reported a strong Q3 with revenue of $17,600.8 million and diluted EPS of $6.21, both well above last year's quarter and consensus. Growth was driven by cardiometabolic products (Mounjaro and Zepbound) while…
10-Q · May 1, 2025
Eli Lilly reported strong Q1 results with revenue of $12,728.5 million (up from $8,768.0 million a year ago) and diluted EPS of $3.06 (vs. $2.48 in Q1 2024). Growth was concentrated in the cardiometabolic franchise…
10-K · February 19, 2025
The 10-K emphasizes Lilly's strategy of developing and commercializing innovative human pharmaceutical products with a concentrated commercial footprint ("Our products are sold in approximately 95 countries").…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.