Eli Lilly delivered a blockbuster Q1 2026, headlined by 56% revenue growth and a raised full-year guide. The core driver remains the incretin franchise (Mounjaro/Zepbound), while the newly launched oral GLP-1 drug Fundaleo is off to an encouraging start with strong new-to-class patient acquisition. Management highlighted the success of the self-pay channel and international expansion as key volume levers. Revenue grew 56% in Q1 to $24 billion, with non-GAAP EPS of $8.55, beating expectations.
Eli Lilly delivered a blockbuster Q1 2026, headlined by 56% revenue growth and a raised full-year guide. The core driver remains the incretin franchise (Mounjaro/Zepbound), while the newly launched oral GLP-1 drug Fundaleo is off to an encouraging start with strong new-to-class patient acquisition. Management highlighted the success of the self-pay channel and international expansion as key volume levers. Revenue grew 56% in Q1 to $24 billion, with non-GAAP EPS of $8.55, beating expectations.
Eli Lilly delivered a blockbuster Q1 2026, headlined by 56% revenue growth and a raised full-year guide. The core driver remains the incretin franchise (Mounjaro/Zepbound), while the newly launched oral GLP-1 drug Fundaleo is off to an encouraging start with strong new-to-class…
Revenue grew 56% in Q1 to $24 billion, with non-GAAP EPS of $8.55, beating expectations.
FY26 revenue guidance raised by $2 billion to $82-85 billion; EPS raised to $35.50-$37.00.
The newly launched oral GLP-1 drug Fundaleo (orforglipron) is seeing strong early uptake, with 80% of early prescriptions being new-to-class.
Guidance raised on the strength of Zepbound and Mounjaro volumes globally, with revenue growth of 28% expected for the full year. The tone is confident about the momentum in the incetin market and the launch of orforglipron.
Management framed unit economics as driven by sunk or unmovable fixed costs and noted that covering amortized R&D and CapEx is a concern from an accounting perspective, while price reductions expand volume. No explicit capex guidance was provided.
Management highlighted strong revenue growth, raised full-year guidance, and expressed confidence in launch momentum and pipeline catalysts.
“80% of those foundational prescriptions are new to class. So this is expansive in bringing new people into being treated for overweight or obesity.”
“When we look at the generics, we only have a few weeks of data from India, but it seems like it's really stimulating the growth in the overall obesity market. And that includes our product.”
“Self-paced continues to be an important segment for ZEPPAN and accounted for approximately 45% of total ZEPPAN prescriptions in Q1 and 55% of new prescriptions.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $35.50–$37.00 | $36.25 | RAISED |
| Op margin | FY2026 | 47%–48.5% | 47.75% | MAINTAINED |
| Revenue | FY2026 | $82B–$85Babove 컨센서스 대비 | $83.5B | RAISED |
The U.S. incretin market is seeing a bifurcation, with self-pay (including Lilly Direct) now accounting for 45% of Zepbound's total prescriptions and 55% of new prescriptions, which mitigates the impact of loss of Medicaid access. — Lilly's ability to offset commercial payer friction with a large self-pay channel puts pressure on competitors who rely more heavily on traditional reimbursement pathways.
Great. Thanks for taking the question, and congrats on the continued strong execution. Maybe just going back to Fundial, appreciate all the color on early launch dynamics, which is sort of playing out along the lines of your messaging, that the initial launch trajectory is going to live below that of oral Rigobi, but then there's going to be an acceleration as we move into the back half of the year. So just now with a few weeks of launch under your belt, I think you said 15,000 patients have started taking the drug already. What's your level of confidence on that launch curve framing in the context of the early experience? And then Related on the guidance range, are you able to provide any…
… Obviously, we just started active Salesforce promotion just over a week ago, having broad availability in the supply channel just two weeks ago. Really, we're encouraged by the initial leading indicators. And the way that we think about it, there are probably three key factors and catalysts of growth, and those three are, one, growing the familiarity among health care providers, on the clinical profile of Fundale, building out the access, and growing the awareness of Fundale with consumers. And we're making progress on all three fronts. And so on HTPs, if you dig up the early indicators, we now have over 8,000 prescribers of Fundale, a third of which who have not previously written an oral GLP-1. And so this is expansive. And the current sentiment so far, what we're hearing, is really positive on the overall efficacy and kind of the no-hassle factor on a daily oral GLP-1. So that's an important aspect. We'll continue on the execution of these HCPs around sampling, continued promotion to our sales force, as well as educational seminars, and we're fully in the field with our promotional efforts with HCPs. So good progress there. On access, we've confirmed commercial access at two of the large PBMs by middle of May, so just in a couple weeks, and To the earlier question on Medicare, Medicare access will start at the beginning of July, and so those are continued catalysts of growth upcoming in the next couple of months, and so we see that as an important unlock and expansion as well. And then on the third piece, on the consumer front, We now have just over 20,000 patients treated to date, and one important element there is that 80% of those foundational prescriptions are new to class. So this is expansive in bringing new people into being treated for overweight or obesity. We've done a number of aspects already around the direct-to-consumer on digital, on digital, social media, and others, but obviously we will continue those efforts on a full-scale direct-to-consumer and TB launch in Q3. Important there is just to ensure that prescribers have familiarity around the profile of Foundeo before we do that. So bottom line, I think we're pleased with the progress. Early indicators are positive and moving in the right direction, and the trajectory will build over time. This is a new brand, new that we're bringing to the market. So we're pleased and ready to go.
Early Fondaleo (orforglipron) launch data shows 80% of new prescriptions are for patients new to class, indicating market expansion rather than cannibalization of existing incretins.
Great. Thanks for taking the question, and congrats on the continued strong execution. Maybe just going back to Fundial, appreciate all the color on early launch dynamics, which is sort of playing out along the lines of your messaging, that the initial launch trajectory is going to live below that of oral Rigobi, but then there's going to be an acceleration as we move into the back half of the year. So just now with a few weeks of launch under your belt, I think you said 15,000 patients have started taking the drug already. What's your level of confidence on that launch curve framing in the context of the early experience? And then Related on the guidance range, are you able to provide any…
… Obviously, we just started active Salesforce promotion just over a week ago, having broad availability in the supply channel just two weeks ago. Really, we're encouraged by the initial leading indicators. And the way that we think about it, there are probably three key factors and catalysts of growth, and those three are, one, growing the familiarity among health care providers, on the clinical profile of Fundale, building out the access, and growing the awareness of Fundale with consumers. And we're making progress on all three fronts. And so on HTPs, if you dig up the early indicators, we now have over 8,000 prescribers of Fundale, a third of which who have not previously written an oral GLP-1. And so this is expansive. And the current sentiment so far, what we're hearing, is really positive on the overall efficacy and kind of the no-hassle factor on a daily oral GLP-1. So that's an important aspect. We'll continue on the execution of these HCPs around sampling, continued promotion to our sales force, as well as educational seminars, and we're fully in the field with our promotional efforts with HCPs. So good progress there. On access, we've confirmed commercial access at two of the large PBMs by middle of May, so just in a couple weeks, and To the earlier question on Medicare, Medicare access will start at the beginning of July, and so those are continued catalysts of growth upcoming in the next couple of months, and so we see that as an important unlock and expansion as well. And then on the third piece, on the consumer front, We now have just over 20,000 patients treated to date, and one important element there is that 80% of those foundational prescriptions are new to class. So this is expansive in bringing new people into being treated for overweight or obesity. We've done a number of aspects already around the direct-to-consumer on digital, on digital, social media, and others, but obviously we will continue those efforts on a full-scale direct-to-consumer and TB launch in Q3. Important there is just to ensure that prescribers have familiarity around the profile of Foundeo before we do that. So bottom line, I think we're pleased with the progress. Early indicators are positive and moving in the right direction, and the trajectory will build over time. This is a new brand, new that we're bringing to the market. So we're pleased and ready to go.
Generic semaglutide entry in India is actually stimulating growth in the overall obesity market and has coincided with 10% higher Mounjaro prescriptions in recent weeks.
Great. Thanks so much for the question, and congrats on the progress. I just wanted to dig a little bit more into international Manjaro, and can you just share some of the learnings from I think it's been a much better expected launch than we all had anticipated here as we think about the ramp going forward and longer-term opportunity? And maybe as part of that, can you just – should we expect any impact to the ramp from the entry of generic SEMA in select markets, or is this such an early stage of penetration where that's less relevant? Thanks so much.
Thank you very much, Chris. You know, when we look at the first quarter, it's truly a strong group of all our prioritized products across international, but of course, particularly Monjaro. And now we have fully launched in more than 55 countries, and we have seen a very strong speed of uptake and also a rapid market share gain. Also in the mark, we launched the second half of 2025, referring to Brazil and Korea, where we currently have an estimated market share of 60%. And of course, also the China Type 2 NRDL reimbursement. When we look at the generics, we only have a few weeks of data from India, but it seems like it's really stimulating the growth in the overall obesity market. And that includes our product. And the Mondiara has actually been holding market share quite nicely. When we look at the Mondiara prescriptions, they are about 10% higher in recent weeks compared to the period prior to generic centered. So I think it just underscores that dual agonist trumps single agonist. Moving forward, I think we should expect a very strong continued year-on-year growth and some sequential growth. We saw in the slide earlier that we have a market share of about 53% to OUS, and that's an average. And in many international markets, we have a market share along the lines of what we see in the U.S. we've set down. And when you get to that level of share, incremental share gain is getting harder. And, of course, we will focus our efforts on patient activation, try the increased penetration in the chronic weight panic market, and market growth. And also, secondly, what we've seen during the second half of the year, there's been some seasonality, mainly driven by the holiday season in Europe, where patients tend to take a drunk holiday break or actually delay that initiation of the new practice start. But overall, strong growth across regions. Seam-type generic is the magnetite, stimulating market growth, and we continue to do well. We expect a continued strong year-on-year growth, sequential growth driven by patient activation.