Eli Lilly posted another strong quarter fuelled by its obesity franchise medications, with company revenue soaring 39% compared to Q3 in 2025.
Lilly has become the dominant big pharma company in recent years, and its quarterly performance showed no signs of letting up. Tirzepatide brands Mounjaro and Zepbound predictably provided much of the financial firepower, with the type 2 diabetes and obesity medications generating $10.7bn and $5.4bn in global sales, respectively.
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Tirzepatide’s total quarterly take-home of around $16.1bn meant the drug outperformed the total revenue of many other big pharma companies in Q3, including Novartis, GSK, and Bristol Myers Squibb (BMS), among others.
Lilly’s Q3 performance also reflects how it is accessing more of the cardiometabolic market compared to last year. Mounjaro’s sales were up 65%, while Zepbound grew 59%. Lilly’s Q3 revenue growth of 39% was lower than the 48% from Q2, though this was largely down to pricing pressures.
Still, the metrics were enough for Lilly to once again raise its full-year outlook. The drugmaker now expects total 2026 revenue of between $91bn and $92bn, up from the $85bn to $87bn as previously earmarked. The latest uplift means Lilly has now raised its guidance in every quarter so far this year.
In a research note, Citi analysts called it: “Another exceptional quarter. We continue to see robust growth that remains unparalleled among its peers.”
Lilly is also duking it out with Novo Nordisk in the oral glucagon-like peptide-1 receptor agonist (GLP-1RA) arena, a modality seen as another fueller of the weight loss market. While Novo has raced to market its Wegovy pill in the US, Europe, and the UK first, Lilly is leaning on easier administration of its Foundayo (orforglipron) pill to close the gap.
With further international Foundayo launches expected next year and buoyed by a wider pipeline that has seen several key approvals this year – such as breast cancer drug Inluriyo (imlunestrant) – analysts only see positive momentum for Lilly.
“Altogether, Lilly’s volume momentum, expanding access, portfolio breadth, and successful commercial execution support industry-leading growth reinforce its position as our favourite large biopharma,” the analysts at Citi said.
With positive momentum, Lilly is ensuring it maintains a diverse portfolio. The company has undertaken a swathe of M&As this year. Recent deals include an up to $2.9bn takeover of autoimmune drug developer Merida Biosciences in August and the purchase of psychedelics specialist AtaiBeckley for $2.8bn in July. Lilly has also outlaid billions of dollars into bolstering its manufacturing footprint in the US and Europe to keep up with medicine demand.
Lilly’s pipeline has strong assets moving forward, too. Retatrutide, a triple glucagon agonist, is at the forefront of late-stage assets. The drug has demonstrated strong weight loss in Phase III trials, and outperformed Novo’s Ozempic in a trial readout earlier this week.
