LLY
The TL;DR: Lilly is still in beast mode
Eli Lilly kicked off 2026 with a monster quarter. Revenue climbed 56% to $19.8 billion, powered mostly by volume growth — aka more people buying the goods — even though lower realized prices for Mounjaro and Zepbound took a small bite out of the feast.
EPS didn’t exactly whisper either. Reported earnings per share jumped 170% to $8.26, while non-GAAP EPS rose 156% to $8.55. In other words: the company isn’t just growing, it’s doing it with the kind of momentum that makes investors lean forward in their chairs.
Why this matters for your portfolio
The big investor tell here is the guidance raise. When a company already growing this fast still feels comfy lifting its full-year outlook, that usually means demand is sticky, execution is solid, and management isn’t bracing for a sudden air pocket.
For Lilly, that story still revolves around its obesity and diabetes franchises. Mounjaro and Zepbound continue to be the engine, even if price pressure is nibbling at the edges. The market tends to love that combo: massive top-line growth, plus confidence that the run can continue.
The not-so-secret sauce
A few things stand out:
- Revenue growth was driven by volume, not just pricing tricks.
- EPS growth was huge, which suggests operating leverage is doing some heavy lifting.
- The raised full-year guidance is the cherry on top — the kind that can keep bulls caffeinated for a while.
Big picture: Lilly is looking less like a pharma company having a good quarter and more like a company that’s still in the middle of a multi-year growth engine. And Wall Street tends to pay up for engines that don’t sound like they’re sputtering.