Eli Lilly

Eli Lilly discovers, makes and sells medicines. Its largest product is tirzepatide, sold as Mounjaro for type 2 diabetes and as Zepbound for obesity. Foundayo (orforglipron), a GLP-1 pill for obesity, received FDA approval on April 1, 2026. Lilly also sells medicines for cancer (Verzenio, Jaypirca, Inluriyo), immune diseases (Taltz, Ebglyss, Omvoh) and Alzheimer's disease (Kisunla).

In the first nine months of 2026, revenue was $67.2 billion, and Mounjaro, Zepbound and Foundayo gave 66% of it. In Q3 2026, U.S. revenue was $15.1 billion and revenue outside the U.S. was $9.3 billion. Lilly sells some obesity medicines directly to patients through LillyDirect.

Lilly trades at a premium because investors pay for very fast growth from Mounjaro, Zepbound and the new obesity pill Foundayo, and for a pipeline led by retatrutide. Lilly leads the market for incretin medicines, its tirzepatide compound patent runs to an estimated 2036 in the U.S., and it has built large manufacturing capacity. But the premium needs volume to grow faster than prices fall. Realized prices fell 15% in Q3 2026, because of lower Zepbound prices in the U.S., the addition of Mounjaro to China's national reimbursement list and Lilly's voluntary price agreements with the U.S. government.

Medicare access through the GLP-1 Bridge program runs only from July 1, 2026 to December 31, 2027, and long-term Medicare coverage is not decided. Other GLP-1 medicines, including pills, and compounded and illegal copies add pressure. Lilly also spends large sums on acquisitions: acquired IPR&D charges were $7.5 billion in the first nine months of 2026. For the premium to be earned, three things must be true.

Volume growth must keep outpacing price cuts, so that revenue grows by more than 20% in 2027. Foundayo must win a large share of new obesity patients and an FDA approval for type 2 diabetes. Retatrutide must stay on plan for a U.S. submission in Q1 2027. The Q4 2026 report with 2027 guidance, expected in late January 2027, is the next test.

If price cuts outpace volume or retatrutide slips, the premium can get smaller over the next four to six quarters.

1. Jan 29, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 revenue guidance with growth above 20% and a stable performance margin passes; guidance where price cuts outweigh volume growth fails.
2. Q1 2027 · est.Pending

   Retatrutide submission to the FDAA U.S. submission of retatrutide for obesity in Q1 2027 as planned passes; a delay or a new safety concern fails.

Every passed and failed checkpoint across all picks

• November 9, 2026Lilly said that Foundayo met its main goal in the ATTAIN-OSA Phase 3 program in adults with moderate-to-severe obstructive sleep apnea and obesity or overweight. At 52 weeks, it reduced breathing interruptions during sleep by up to 44% on average. Lilly plans to submit Foundayo to the FDA for sleep apnea by the end of 2026.
• November 6, 2026Lilly and Hims & Hers agreed that patients who get a prescription on the Hims & Hers platform can buy Zepbound and Foundayo at Lilly's self-pay prices, from $149 a month for Foundayo and $299 a month for Zepbound.
• October 29, 2026Lilly reported Q3 2026 results. Revenue rose 39% to $24.4 billion, with volume up 53% and realized prices down 15%. Revenue included about $900 million of one-time benefits. EPS was $7.22 reported and $7.48 non-GAAP, after acquired IPR&D charges of $4.57 per share. Lilly raised its 2026 guidance to revenue of $91 billion to $92 billion and non-GAAP EPS of $35.00 to $36.00. The FDA approved Mounjaro to lower cardiovascular risk in type 2 diabetes and Onswik, a once-weekly insulin. Retatrutide beat Ozempic in a head-to-head trial in type 2 diabetes. After the quarter, Lilly completed its purchase of Merida Biosciences.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · lly-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · lly-20260630
• 8-KEarnings releaseFiled August 5, 2026 · Press release and exhibits
• 8-KOther company newsFiled May 20, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 7, 2026 · lly-20260504
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · lly-20260331
• 8-KEarnings releaseFiled April 30, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 12, 2026 · lly-20251231
• 8-KEarnings releaseFiled February 4, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 59478)

• Prices fall as access grows. Realized prices fell 15% in Q3 2026. U.S. price agreements, policy that links U.S. prices to other rich countries, and long-term Medicare coverage that is not decided can cut revenue per patient further.
• Mounjaro, Zepbound and Foundayo gave 66% of revenue in the first nine months of 2026. A safety problem, a supply problem or a strong rival medicine can hurt most of the business.
• Other GLP-1 medicines, including pills, compete for patients. Compounded and illegal copies, such as black market retatrutide, also take demand and can harm patients.
• Lilly buys many companies and records large acquired IPR&D charges: $7.5 billion in the first nine months of 2026. Debt rose to $49.5 billion. Failed programs can waste this money.
• Lilly builds many new plants. Delays or quality problems can limit supply, and new tariffs on medicines can raise costs.

Lilly funds its growth with operating cash flow and debt. At September 30, 2026, long-term debt including the current part had a carrying value of $49.5 billion, up from $42.5 billion at December 31, 2025. Read more

Yield at the current rate

0.5% (current annual rate, at today’s price)

Dividend yield

0.5% (last 12 months, at today’s price of $1,437.29)

Paid per share

$6.69 in the last 12 months (4 payments)

Current annual rate

$6.92 ($1.73 × 4 a year)

Payout ratio

26% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 14, 2026, $1.73 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 15.2% a year. From 2015 to 2025, the dividend grew by about 11.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.