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This was the best quarter in Lilly's history by virtually every metric. Revenue of $19.8B beat consensus by more than $2B. Mounjaro alone generated $8.7B, beating estimates by over $1B and representing 125% growth. Zepbound hit $4.1B. Together, Mounjaro and Zepbound produced $12.8B in global revenue, meaning GLP-1s now represent roughly two-thirds of Lilly's total sales. Volume grew 65%, more than offsetting a 13% decline in realized prices driven by the self-pay price cuts Lilly announced last year. Key Products revenue outside of cardiometabolic grew 160%, showing the diversification thesis (Verzenio, Jaypirca, Kisunla, Omvow) is working. Lilly raised full-year guidance by $2B at each end ($82B to $85B) and boosted non-GAAP EPS guidance to $35.50 to $37.00. But the Foundayo narrative is more complicated. Ricks said 20,000+ patients have started the drug, but IQVIA data show only 3,707 prescriptions in the week ending April 17, well below analyst expectations of approximately 8,000. For comparison, Novo's oral Wegovy hit 18,410 prescriptions in its second full week. Lilly is urging patience: RBC's Trung Huynh said Weeks 8 through 12 are the "earliest window to assess Foundayo's true commercial momentum." Skovronsky confirmed the T2D filing will be completed late Q2, with FDA action expected before year-end. An Investment Community Meeting is planned for December 7. 👉 Read Full Analysis

Lilly Posts Its Best Quarter Ever: $19.8B Revenue, 56% Growth, Guidance Raised by $2B LLY

What Happened: Eli Lilly reported Q1 2026 financial results on April 30 that exceeded expectations across every major line item.

The Numbers:

Product Revenue:

Updated 2026 Guidance:

Foundayo Launch Update:

Foundayo was approved April 1 and launched in Q2, so no revenue was included in Q1 results. CEO Ricks told CNBC that more than 20,000 people have started Foundayo since launch. IQVIA data show 3,707 U.S. prescriptions in the week ending April 17, up from 1,390 in the first partial week (ending April 10). Analysts had expected approximately 8,000 for Week 2. Lilly said 12+ major telehealth firms are offering Foundayo, accounting for about 35% of launch volume. Ricks estimated global GLP-1 use will rise from approximately 20 million patients at year-end 2025 to 30 million by year-end 2026.

CSO Skovronsky confirmed the T2D submission will be completed late Q2 and anticipates regulatory action before year-end. He noted that ACHIEVE-4 results showed a 16% lower risk of MACE-4 events and a 23% lower risk of MACE-3 events versus insulin glargine, in addition to the previously reported 57% lower risk of all-cause death.

Executive Impact: Citi analysts wrote that "volume growth of its incretins franchise despite entry of Novo's Wegovy pill was the biggest question on the Street and proof of continued momentum checks investor score cards." LLY surged approximately 10% on Thursday. The beat was driven entirely by volume growth outpacing price declines, validating Lilly's strategy of cutting self-pay prices to expand the addressable market. The Foundayo launch, while slower than investor expectations, is still early. RBC said Weeks 8 through 12 are the "earliest window" to assess true momentum.

👉 Read Full Analysis

The headline is $19.8B versus $17.6B to $17.8B consensus. But the underlying dynamics tell a bigger story.

Volume grew 65%. Prices fell 13%. Revenue grew 56%. That means Lilly's self-pay price cuts are being more than compensated by demand expansion. This is the bull thesis playing out in real time: lower prices drive higher volume, and the volume growth more than offsets the price decline. As long as this dynamic holds, Lilly can continue cutting prices (to undercut Novo, to secure government deals, to expand the addressable market) without sacrificing revenue growth.

Mounjaro at $8.7B (+125%) is now running at an annualized rate above $34B. If it maintains this trajectory, Mounjaro alone would generate more revenue than all but a handful of the world's largest pharma companies. Zepbound at $4.1B (+79%) is accelerating despite the self-pay price cuts. Combined, the two GLP-1 injectables are generating $51B+ annualized revenue.

The 160% growth in Key Products outside of cardiometabolic (Verzenio, Jaypirca, Kisunla, Omvow, and others) is the less-noticed but strategically important number. It means Lilly's diversification through M&A and internal pipeline is working. The company is not a one-franchise story.

💊 Foundayo: The Launch in Context

The Week 2 TRx number (3,707) was below analyst expectations (~8,000). But context matters.

Week 1 (ending April 10): 1,390 prescriptions (~2 days of capture). Week 2 (ending April 17): 3,707 prescriptions (full week).

That is a 167% increase week over week. The trajectory is pointing up, even if the absolute level is below expectations.

For comparison, Novo's oral Wegovy: Week 1 was 3,071 (full week). Week 2 was 18,410. That 500% week-over-week ramp is what investors were hoping to see from Foundayo. Instead, Foundayo's ramp is shallower.

Why the gap? Several possible factors: Novo had three months of pre-launch awareness building. Oral Wegovy was an established brand extending into a new formulation. Foundayo is a completely new brand, new molecule, new modality. Physician and patient awareness takes time to build. RBC's Huynh said Weeks 8 through 12 are the right window. Lilly noted 12+ telehealth firms are already offering Foundayo (35% of volume), and the company said more than 20,000 patients have started the drug, suggesting some prescriptions are being captured through channels IQVIA may not fully track (LillyDirect, certain telehealth platforms).

Analysts have revised 2026 Foundayo revenue estimates from $4B to $5B down to $1.3B to $1.7B. That lower range requires approximately 300,000 total prescriptions by year-end. At 3,707/week, Foundayo is tracking toward approximately 130,000 by year-end. It needs to roughly triple its weekly run rate to hit the low end of revised estimates. That is achievable if the trajectory accelerates, but it is not guaranteed.

📊 Lilly vs. Novo: The Scorecard

Novo reports next. Its oral Wegovy revenue and patient growth numbers will complete the competitive picture.

🎯 Catalyst Calendar: May 2026 Forward

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