Eli Lilly Q1 2026 Earnings: Mounjaro +125%, Zepbound +80%, EPS $8.55 Crushes Estimates — Full-Year Guidance Raised $2B

# Eli Lilly Q1 2026 Earnings: Mounjaro +125%, Zepbound +80%, EPS $8.55 Crushes Estimates — Full-Year Guidance Raised $2B

> **Quick answer:** Eli Lilly's Q1 2026 results were a blowout: non-GAAP EPS of $8.55 crushed the $6.97 analyst consensus by 22.7%, and total revenue hit $19.8 billion — up 56% year over year. Mounjaro brought in $8.7 billion globally (+125%) and Zepbound generated $4.1 billion in the U.S. (+80%). Lilly raised its 2026 full-year revenue guidance by $2 billion to a range of $82-$85 billion. The stock surged more than 9%.

Eli Lilly just delivered one of the most dominant quarterly earnings reports in pharmaceutical history. The company posted Q1 2026 results that blew past every major estimate — and the engine driving all of it is the same two-drug GLP-1 combination that has reshaped the entire healthcare landscape: Mounjaro for type 2 diabetes and Zepbound for obesity. If you take either of these medications, hold LLY shares, or simply pay attention to where drug pricing and access is headed, this earnings report contains information that directly affects you.

## What Happened: Q1 2026 By the Numbers

On April 30, 2026, Eli Lilly reported first-quarter revenue of **$19.8 billion**, a 56% increase compared to Q1 2025. That growth was driven almost entirely by volume — patient demand rose 65% year over year — partially offset by a 13% headwind from lower realized prices, a dynamic the company has flagged as ongoing pressure from payers and pharmacy benefit managers.

**Earnings per share (non-GAAP): $8.55** versus analyst consensus of $6.97. That is a 22.7% beat — not a modest one-cent surprise, but a full $1.58 gap. On a reported (GAAP) basis, EPS came in at $8.26, representing 170% growth year over year.