Eli Lilly $LLY ( ▲ 10.33% ) just delivered a blockbuster quarter and an even brighter outlook, sending the stock sharply higher. The drugmaker blew past Wall Street’s expectations on both earnings and revenue, then topped it off with bullish guidance for 2026.
If the GLP-1 boom is a race, Lilly is clearly in the lead right now.
Quarterly Numbers Leave No Doubt
For Q4, Lilly reported adjusted earnings per share of $7.54, well above the $6.91 analysts expected. Revenue reached $19.3 billion, easily beating the $17.9 billion consensus.
Sales of its GLP-1 drugs, Zepbound and Mounjaro, were key drivers and both came in ahead of expectations. Demand for obesity and diabetes treatments continues to reshape the company’s growth profile.
Guidance Signals Even More Growth Ahead
Lilly expects adjusted earnings per share between $33.50 and $35.00 for 2026, topping analyst forecasts. Revenue is projected to land between $80 billion and $83 billion, well above the $77.6 billion Wall Street had penciled in.
That outlook suggests Lilly $LLY sees strong, sustained demand for its GLP-1 portfolio and confidence in scaling production to meet it.
Pulling Further Ahead of Novo
Lilly has already overtaken Novo Nordisk $NVO in GLP-1 sales, and the gap appears to be widening. While Novo recently warned that pricing pressure and competition could lead to sales declines next year, Lilly is forecasting continued expansion.
Both companies are moving into oral weight-loss pills, with Novo’s already on the market and Lilly’s expected later this year. But for now, Lilly’s results show it is capturing more of the explosive growth in the obesity drug market.
In the GLP-1 arms race, Lilly $LLY just fired another winning shot.