Analyst Consensus ?
ConsensusBuy45 ratings
Bullish3373.3%
Neutral920.0%
Bearish36.7%
Eli Lilly and Company · LLY · FY2026 Q1 · Calendar Q2 2026
Eli Lilly Beats on Revenue and EPS as Foundayo Launch Ignites 56% Growth
Q1 2026 marks a pivotal quarter for Eli Lilly. The FDA approval and commercial launch of Foundayo, the first oral GLP-1 therapy for obesity, adds a major new growth engine alongside continued Mounjaro and Zepbound dominance. Revenue grew 56% YoY to $19.8B, exceeding consensus by over $2B, while EPS of $8.55 surpassed estimates by 23%. Management raised full-year guidance to $82-$85B in revenue and $35.50-$37 in non-GAAP EPS, reflecting confidence that volume expansion can absorb U.S. pricing pressure. A session move of nearly 10% and subsequent drift of 18% suggest investors are pricing in sustained incretin franchise leadership. Execution on Foundayo scaling, manufacturing capacity buildout, and access program effectiveness will determine whether that trajectory holds.
Reported Before market openNYSEHealthcare
$1128.20B market cap
100quality score
Company context
Snapshot as of publicationEli Lilly and Company is a prominent global pharmaceutical firm dedicated to the research, development, and commercialization of human medicines across the world. Its therapeutic offerings include a comprehensive suite of diabetes medications. This encompasses various insulin formulations like Basaglar, the Humalog family (e.g., Mix 75/25, U-100, U-200, Mix 50/50), insulin lispro products (including protamine and mix 75/25), and the Humulin line (e.g., 70/30, N, R, U-500). Furthermore, Eli Lilly provides specialized treatments for type 2 diabetes, such as Jardiance, Trajenta, and Trulicity. In oncology, Eli Lilly offers a robust portfolio targeting various cancers. These include Alimta for non-small cell lung cancer (NSCLC) and malignant pleural mesothelioma; Cyramza, indicated for metastatic gastric cancer, gastro-esophageal junction adenocarcinoma, metastatic NSCLC, metastatic colorectal cancer, and hepatocellular carcinoma; Erbitux for colorectal and various head and neck cancers; Retevmo, used in metastatic NSCLC, medullary…
Earnings scorecard
Reported versus consensus
Reported EPS
$8.55
Consensus $7
EPS surprise
+22.7%
Reported versus consensus
Reported revenue
$19.80B
Consensus $17.82B
Revenue surprise
+11.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$1,197.53Previous close
$265Low
$964.23Average
$1,500High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Jul 15, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jul 14, 2026 |
| UBS | Buy | Buy | Maintain | Jul 13, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 13, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 10, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 8, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 8, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 8, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 7, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 6, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Jefferies | Buy | Buy | Maintain | Jun 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 5, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | May 4, 2026 |
| HSBC | Reduce | Hold | Downgrade | Mar 17, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Feb 10, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Feb 9, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 5, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Dec 4, 2025 |
| Freedom Capital Markets | Hold | Buy | Downgrade | Nov 10, 2025 |
| Berenberg | Hold | Buy | Downgrade | Sep 17, 2025 |
| Goldman Sachs | Buy | Neutral | Upgrade | Apr 8, 2025 |
| Argus Research | Buy | Buy | Maintain | May 14, 2024 |
| Erste Group | Buy | Hold | Upgrade | Apr 3, 2024 |
| DZ Bank | Hold | Buy | Downgrade | Feb 21, 2024 |
| Daiwa Capital | Outperform | Buy | Maintain | Dec 21, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 9, 2023 |
| TD Cowen | Outperform | Outperform | Maintain | May 23, 2023 |
| SVB Securities | Outperform | Outperform | Maintain | May 1, 2023 |
| Societe Generale | Sell | Hold | Downgrade | Feb 16, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Dec 16, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Dec 5, 2022 |
| Mizuho | Buy | Buy | Maintain | May 2, 2022 |
| CFRA | Hold | Hold | Maintain | Apr 24, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Sep 10, 2019 |
| Edward Jones | Buy | Hold | Upgrade | Apr 24, 2019 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Leerink Swann | Market Perform | Market Perform | Maintain | Oct 23, 2017 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Nov 25, 2016 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 27, 2015 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 17, 2015 |
| Tigress Financial | Buy | Buy | Maintain | Aug 1, 2014 |
| MKM Partners | Neutral | Buy | Downgrade | Apr 23, 2014 |
| CLSA | Sell | Sell | Maintain | Jan 17, 2013 |
| Bank oferica | Buy | Buy | Maintain | May 7, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $1,197.53. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $1,385 | $1,185.08 | +15.7% | Jul 14, 2026 |
| UBS | Analyst unavailable | $1,425 | $1,189.91 | +19.0% | Jul 13, 2026 |
| Guggenheim | Analyst unavailable | $1,273 | $1,188.58 | +6.3% | Jul 13, 2026 |
| UBS | Analyst unavailable | $1,370 | $1,222.12 | +14.4% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $1,370 | $1,227.07 | +14.4% | Jul 8, 2026 |
| RBC Capital | Analyst unavailable | $1,500 | $1,229.22 | +25.3% | Jul 8, 2026 |
| Morgan Stanley | Terence Flynn | $1,347 | $1,235.56 | +12.5% | Jul 8, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $1,350 | $1,210.5 | +12.7% | Jul 6, 2026 |
| Leerink Partners | David Risinger | $1,232 | $1,117.26 | +2.9% | Jun 25, 2026 |
| Berenberg Bank | Kerry Holford | $1,135 | $1,111.67 | -5.2% | Jun 22, 2026 |
| Jefferies | Analyst unavailable | $1,350 | $1,143.35 | +12.7% | Jun 9, 2026 |
| HSBC | Analyst unavailable | $1,251 | $1,065 | +4.5% | May 26, 2026 |
| Leerink Partners | David Risinger | $1,119 | $1,065 | -6.6% | May 26, 2026 |
| Wolfe Research | Analyst unavailable | $1,350 | $1,037.82 | +12.7% | May 21, 2026 |
| Barclays | Emily Field | $1,400 | $967.93 | +16.9% | May 5, 2026 |
| Morgan Stanley | Analyst unavailable | $1,344 | $961.56 | +12.2% | May 1, 2026 |
| Cantor Fitzgerald | Carter Gould | $1,230 | $970.68 | +2.7% | May 1, 2026 |
| Morgan Stanley | Analyst unavailable | $1,327 | $939.31 | +10.8% | Apr 10, 2026 |
| Jefferies | Akash Tewari | $1,300 | $1,000.78 | +8.6% | Mar 13, 2026 |
| Deutsche Bank | James Shin | $1,285 | $990.31 | +7.3% | Mar 6, 2026 |
| Morgan Stanley | Terence Flynn | $1,313 | $972.5 | +9.6% | Mar 5, 2026 |
| RBC Capital | Trung Huynh | $1,250 | $1,042.15 | +4.4% | Feb 24, 2026 |
| Barclays | Analyst unavailable | $1,350 | $1,023.22 | +12.7% | Feb 19, 2026 |
| Loop Capital Markets | Ilya Zubkov | $1,200 | $1,025 | +0.2% | Feb 10, 2026 |
| Scotiabank | Analyst unavailable | $1,300 | $1,037.12 | +8.6% | Feb 5, 2026 |
| Truist Financial | Analyst unavailable | $1,281 | $1,027.51 | +7.0% | Feb 5, 2026 |
| Goldman Sachs | Analyst unavailable | $1,260 | $1,107.12 | +5.2% | Feb 5, 2026 |
| Wells Fargo | Mohit Bansal | $1,280 | $1,107.12 | +6.9% | Feb 5, 2026 |
| BMO Capital | Evan Seigerman | $1,300 | $1,107.12 | +8.6% | Feb 5, 2026 |
| Guggenheim | Analyst unavailable | $1,161 | $1,038.4 | -3.1% | Jan 20, 2026 |
| UBS | Michael Yee | $1,250 | $1,064.04 | +4.4% | Jan 6, 2026 |
| Leerink Partners | David Risinger | $1,234 | $1,080.36 | +3.0% | Jan 5, 2026 |
| Daiwa | Narumi Nakagiri | $1,230 | $1,062.71 | +2.7% | Dec 16, 2025 |
| Goldman Sachs | Analyst unavailable | $1,145 | $1,039.04 | -4.4% | Dec 15, 2025 |
| HSBC | Analyst unavailable | $1,070 | $981.67 | -10.6% | Dec 10, 2025 |
| BMO Capital | Analyst unavailable | $1,200 | $1,033.56 | +0.2% | Dec 4, 2025 |
| Guggenheim | Analyst unavailable | $1,163 | $1,046.12 | -2.9% | Dec 3, 2025 |
| BMO Capital | Evan Seigerman | $1,100 | $1,058.48 | -8.1% | Dec 2, 2025 |
| National Bank | Tim Anderson | $1,286 | $1,057.89 | +7.4% | Dec 1, 2025 |
| Bernstein | Analyst unavailable | $1,300 | $1,059.7 | +8.6% | Nov 24, 2025 |
| Morgan Stanley | Terence Flynn | $1,290 | $1,059.7 | +7.7% | Nov 24, 2025 |
| Truist Financial | Srikripa Devarakonda | $1,182 | $1,049.6 | -1.3% | Nov 19, 2025 |
| Loop Capital Markets | Ilya Zubkov | $950 | $969.84 | -20.7% | Nov 10, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $985 | $839.16 | -17.7% | Oct 31, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $925 | $845.72 | -22.8% | Oct 9, 2025 |
| Guggenheim | Q3 Mounjaro | $948 | $843.63 | -20.8% | Oct 8, 2025 |
| Berenberg Bank | Analyst unavailable | $830 | $760.13 | -30.7% | Sep 17, 2025 |
| Daiwa | Narumi Nakagiri | $700 | $701.23 | -41.5% | Aug 17, 2025 |
| Cantor Fitzgerald | Carter Gould | $825 | $660.26 | -31.1% | Aug 13, 2025 |
| Leerink Partners | Market Perform | $715 | $640.86 | -40.3% | Aug 7, 2025 |
| UBS | Trung Huynh | $1,050 | $823.62 | -12.3% | May 2, 2025 |
| HSBC | Analyst unavailable | $700 | $877.29 | -41.5% | Apr 28, 2025 |
| Morgan Stanley | Analyst unavailable | $1,146 | $912.76 | -4.3% | Mar 6, 2025 |
| Leerink Partners | Andrew Berens | $950 | $740.15 | -20.7% | Jan 17, 2025 |
| Berenberg Bank | Kerry Holford | $970 | $746.74 | -19.0% | Jan 16, 2025 |
| BMO Capital | Evan David Seigerman | $1,010 | $829.74 | -15.7% | Oct 31, 2024 |
| Leerink Partners | Andrew Berens | $990 | $932.06 | -17.3% | Oct 14, 2024 |
| Citigroup | Peter Verdult | $1,060 | $935.02 | -11.5% | Sep 13, 2024 |
| Morgan Stanley | Terence Flynn | $1,106 | $957.51 | -7.6% | Aug 27, 2024 |
| Berenberg Bank | Kerry Holford | $1,050 | $908.05 | -12.3% | Aug 14, 2024 |
| Deutsche Bank | James Shin | $1,025 | $891.68 | -14.4% | Aug 12, 2024 |
| Goldman Sachs | Chris Shibutani | $856 | $891.68 | -28.5% | Aug 9, 2024 |
| Wells Fargo | Mohit Bansal | $1,000 | $845.31 | -16.5% | Aug 9, 2024 |
| BMO Capital | Evan David Seigerman | $1,101 | $845.31 | -8.1% | Aug 9, 2024 |
| Bank of America Securities | Geoff Meacham | $1,150 | $845.31 | -4.0% | Aug 9, 2024 |
| Morgan Stanley | Terence Flynn | $1,083 | $939.78 | -9.6% | Jul 11, 2024 |
| Berenberg Bank | Kerry Holford | $1,000 | $939.78 | -16.5% | Jul 11, 2024 |
| Morgan Stanley | Terence Flynn | $1,023 | $906.15 | -14.6% | Jul 2, 2024 |
| Jefferies | Akash Tewari | $1,015 | $883.88 | -15.2% | Jun 24, 2024 |
| Jefferies | Akash Tewari | $957 | $837.29 | -20.1% | Jun 6, 2024 |
| Barclays | Geoff Meacham | $913 | $820.34 | -23.8% | Jun 3, 2024 |
| Goldman Sachs | Chris Shibutani | $785 | $818.41 | -34.4% | May 30, 2024 |
| Jefferies | Akash Tewari | $925 | $805.06 | -22.8% | May 23, 2024 |
| Jefferies | Akash Tewari | $915 | $770 | -23.6% | May 20, 2024 |
| Wells Fargo | Mohit Bansal | $875 | $771.12 | -26.9% | May 16, 2024 |
| Argus Research | David Toung | $840 | $757.7 | -29.9% | May 14, 2024 |
| BMO Capital | Evan Seigerman | $1,001 | $781.1 | -16.4% | May 1, 2024 |
| Cantor Fitzgerald | Louise Chen | $885 | $781.1 | -26.1% | Apr 30, 2024 |
| BMO Capital | Evan David Seigerman | $900 | $748.4 | -24.8% | Apr 18, 2024 |
| Deutsche Bank | James Shin | $535 | $706.2 | -55.3% | Feb 6, 2024 |
| Citigroup | Andrew Baum | $675 | $581.51 | -43.6% | Dec 28, 2023 |
| Morgan Stanley | David Phung | $673 | $601.49 | -43.8% | Oct 11, 2023 |
| Cantor Fitzgerald | Louise Chen | $630 | $526.4 | -47.4% | Aug 9, 2023 |
| Wells Fargo | Analyst unavailable | $360 | $337.54 | -69.9% | Feb 3, 2023 |
| Morgan Stanley | Analyst unavailable | $455 | $330.7 | -62.0% | Feb 3, 2023 |
| Barclays | Analyst unavailable | $400 | $366.71 | -66.6% | Jan 3, 2023 |
| Cowen & Co. | Cowen Cowen | $430 | $359.87 | -64.1% | Dec 17, 2022 |
| Leerink Partners | Analyst unavailable | $410 | $360.01 | -65.8% | Dec 16, 2022 |
| UBS | Analyst unavailable | $420 | $363.5 | -64.9% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $440 | $361.99 | -63.3% | Dec 14, 2022 |
| Wells Fargo | Analyst unavailable | $375 | $370.1 | -68.7% | Dec 8, 2022 |
| Guggenheim | Analyst unavailable | $401 | $372.39 | -66.5% | Dec 7, 2022 |
| Morgan Stanley | Analyst unavailable | $446 | $368.01 | -62.8% | Dec 6, 2022 |
| Credit Suisse | Analyst unavailable | $400 | $367.74 | -66.6% | Dec 6, 2022 |
| Credit Suisse | Analyst unavailable | $395 | $360.77 | -67.0% | Nov 18, 2022 |
| Morgan Stanley | Analyst unavailable | $436 | $354.66 | -63.6% | Nov 17, 2022 |
| UBS | Colin Bristow Bristow | $336 | $323.35 | -71.9% | Oct 2, 2022 |
| UBS | Navin Jacob | $363 | $296.48 | -69.7% | Sep 22, 2022 |
| Morgan Stanley | Analyst unavailable | $412 | $310.91 | -65.6% | Sep 7, 2022 |
| BMO Capital | Analyst unavailable | $396 | $306.38 | -66.9% | Sep 6, 2022 |
| Morgan Stanley | Analyst unavailable | $395 | $327.95 | -67.0% | Jul 8, 2022 |
| Barclays | Analyst unavailable | $355 | $330.15 | -70.4% | Jul 7, 2022 |
| J.P. Morgan | Analyst unavailable | $355 | $307.73 | -70.4% | Jun 1, 2022 |
| Leerink Partners | David Risinger | $341 | $302.76 | -71.5% | May 23, 2022 |
| UBS | Navin Jacob | $293 | $289.23 | -75.5% | May 9, 2022 |
| BMO Capital | Evan David Seigerman | $358 | $296.9 | -70.1% | May 8, 2022 |
| Mizuho Securities | Vamil Divan | $356 | $289.56 | -70.3% | May 3, 2022 |
| Wells Fargo | Mohit Bansal | $305 | $292.13 | -74.5% | Apr 30, 2022 |
| Morgan Stanley | Analyst unavailable | $369 | $293.02 | -69.2% | Apr 29, 2022 |
| Morgan Stanley | Terence Flynn | $364 | $308.96 | -69.6% | Apr 11, 2022 |
| Bank of America Securities | Geoff Meacham | $315 | $289.02 | -73.7% | Mar 26, 2022 |
| Morgan Stanley | Matthew Harrison | $265 | $242.27 | -77.9% | Feb 6, 2022 |
| Cantor Fitzgerald | Louise Chen | $335 | $245.1 | -72.0% | Jan 30, 2022 |
| Wells Fargo | Mohit Bansal | $280 | $265.7 | -76.6% | Jan 4, 2022 |
| Bernstein | Aaron Gal | $300 | $270.6 | -74.9% | Jan 3, 2022 |
| Barclays | Carter Gould | $325 | $262.38 | -72.9% | Dec 20, 2021 |
| Goldman Sachs | Chris Shibutani | $236 | $266.31 | -80.3% | Dec 17, 2021 |
| J.P. Morgan | Chris Schott | $325 | $277.88 | -72.9% | Dec 16, 2021 |
| Citigroup | Andrew Baum | $265 | $244.09 | -77.9% | Dec 7, 2021 |
| UBS | Navin Jacob | $267 | $253.77 | -77.7% | Nov 29, 2021 |
| Guggenheim | Seamus Fernandez | $266 | $228.47 | -77.8% | Sep 21, 2021 |
| Cowen & Co. | Steve Scala | $300 | $260.37 | -74.9% | Aug 30, 2021 |
| Argus Research | David Toung | $300 | $264.33 | -74.9% | Aug 9, 2021 |
Track every rating change on LLY the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+9.8%
Event window
SPY move
+1.0%
Same window
Abnormal move
+8.8%
Stock minus SPY
Volume
2.8×
Versus trailing sessions
Subsequent drift
+18.2%
Up to 20 sessions
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What changed
Revenue growth accelerated to 56% YoY from 45% full-year growth in 2025. Foundayo, the first FDA-approved oral GLP-1 for obesity, launched with high prescriber uptake and retail and telehealth availability. Full-year 2026 guidance was raised from $80-$83B revenue and $33.50-$35 EPS to $82-$85B revenue and $35.50-$37 non-GAAP EPS. Six strategic acquisitions were announced (Orna, Syntessa, Colonia, Ajax, Ventix, Contessa) to expand pipeline platforms including CAR-T, JAK inhibitors, and NLRP3 inhibitors. New access initiatives launched: Lilly Employer Connect platform and an extended Medicare GLP-1 bridge program through 2027 with a $50/month co-pay for seniors.
Guidance delta
Full-year 2026 revenue guidance raised from $80-$83B to $82-$85B. Non-GAAP EPS guidance raised from $33.50-$35 to $35.50-$37. Both the revenue floor and ceiling moved up by approximately $2B, and the EPS range shifted higher by roughly $2 at both ends, reflecting Foundayo contribution and sustained incretin volume growth.
Key takeaways
- Revenue reached $19.8B, up 56% YoY, driven by Mounjaro, Foundayo, and broad therapeutic-area strength
- EPS of $8.55 beat consensus of $6.97 by 22.7%; revenue exceeded estimates by 11.1%
- Foundayo, the first FDA-approved oral GLP-1 for obesity, launched with high prescriber uptake and retail/telehealth availability
- Multiple Phase III readouts were positive across obesity, diabetes, immunology, oncology, and neuroscience
- Six acquisitions (Orna, Syntessa, Colonia, Ajax, Ventix, Contessa) add CAR-T, JAK inhibitor, and NLRP3 inhibitor platforms
- Full-year 2026 guidance raised to $82-$85B revenue and $35.50-$37 non-GAAP EPS
Management priorities
- Scale Foundayo launch and submit for type 2 diabetes indication in late Q2 2026
- Read out Retatrutide Phase III obesity trial later this quarter
- Expand Lilly Direct and DTC advertising for obesity medicines in Q3 2026
- Continue Phase III programs for aloralentide, sofetobartin, mypatecan, and brinepatide
- Integrate newly acquired assets into R&D pipeline
- Broaden access through Employer Connect and Medicare bridge programs
Related earnings events
HealthcareSources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T05:32:02.862126+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T05:32:02.859302+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.