Eli Lilly reports Q3 2026 results

The information in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934³ (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933 or the Exchange Act, except as otherwise expressly stated in such filing.

Attached hereto as Exhibit 99.1 and incorporated by reference into this Item 2.02 is a copy of the press release, dated October 29, 2026¹, announcing the financial results of Eli Lilly and Company for the quarter ended September 30, 2026².

Exhibit No. Description

99.1⁴

Press Release of Eli Lilly and Company, dated October 29 , 2026.⁴

104 Cover Page Interactive Data File⁴ (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ELI LILLY AND COMPANY

(Registrant)

By: /s/ Donald A. Zakrowski⁵

Name: Donald A. Zakrowski⁵

Title: Senior Vice President, Finance, and Chief Accounting Officer⁵

Date: October 29, 2026⁵

October 29, 2026

For release: Immediately

Refer to: Megan MacCauley; maccauley_megan@lilly.com (Media)

Mike Czapar; czapar_michael_c@lilly.com (Investors)

Lilly reports third-quarter 2026 financial results, raises full-year guidance and highlights regulatory progress across the portfolio

• Revenue in Q3 2026 increased 39% to $24.4 billion driven primarily by Mounjaro and Zepbound.⁶

• Q3 revenue included approximately $900 million of benefits, primarily from $410 million of Jardiance milestones (no further milestones remain) and favorable adjustments to rebate and discount estimates.¹¹

• Q3 2026 EPS increased by 16% to $7.22 on a reported basis and increased by 7% to $7.48 on a non-GAAP basis. Q3 2026 reported and non-GAAP EPS included $4.57 of acquired IPR&D charges compared to $0.71 in Q3 2025¹⁰.

• Increased the midpoint of our 2026 full-year revenue guidance by $5.5 billion to be in the range of $91.0 to $92.0 billion¹² and raised underlying non-GAAP EPS guidance for the full year by $4.07 at the midpoint, which was more than offset by $4.57 of acquired IPR&D charges from Q3 business development activity, resulting in an updated range of $35.00 to $36.00.¹³

• Regulatory progress included U.S. FDA approvals of Mounjaro to reduce cardiovascular risk in adults with type 2 diabetes; Onswik, a once-weekly basal insulin for adults with type 2 diabetes; Inluriyo with Verzenio for adults with ER+, HER2-, ESR1-mutated advanced or metastatic breast cancer; and an expanded indication for Jaypirca in adults with untreated chronic lymphocytic leukemia or small lymphocytic lymphoma.

• Pipeline highlights included positive topline results from a head-to-head Phase 3 trial of retatrutide versus Ozempic 2 mg in adults with type 2 diabetes, Phase 3 results from Ebglyss in moderate-to-severe hand and foot atopic dermatitis and Phase 2 results from EloraTZP in adults with obesity and type 2 diabetes, with Phase 3 trials to start in Q4 2026.

• Business development activity in Q3 2026 included the completed acquisition of AtaiBeckley to advance therapies for treatment-resistant depression and other mental health conditions. Subsequent to quarter end, we completed the acquisition of Merida Biosciences, to advance treatments for serious autoimmune and allergic diseases.

INDIANAPOLIS, October 29, 2026 - Eli Lilly and Company (NYSE: LLY) today announced its financial results for the third quarter of 2026 and provided updated 2026 financial guidance.

"Lilly had another strong quarter, exceeding our prior expectations and allowing us to raise our full-year outlook," said David A. Ricks, Lilly chair and CEO. "Revenue growth was driven by broad global consumer demand for Mounjaro and Zepbound, the global launches of Foundayo, expanded U.S. coverage for obesity care and a doubling in our newest products in oncology, immunology and neuroscience. To drive durable long-term growth, we continue to invest in our drug-making and technology capabilities, with

Eli Lilly and Company | Lilly Corporate Center | Indianapolis, Indiana 46285 | U.S.A.

multiple business development deals and partnerships signed and closed, and with new manufacturing expansions in Texas and Virginia. Lilly is executing well across the value chain, and our potential for impact on human health continues to expand."

Financial Results

A discussion of the non-GAAP financial measures is included below under "Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)."

Third-Quarter Reported Results

In Q3 2026, worldwide revenue was $24.4 billion, an increase of 39% compared with Q3 2025, driven by a 53% increase in volume, partially offset by a 15% decrease in realized prices. Key Products 1 revenue grew to $17.1 billion in Q3 2026, led by Mounjaro and Zepbound. Key Products revenue in the Immunology, Oncology, and Neuroscience therapeutic areas grew 100% in Q3 2026 compared to Q3 2025.

Revenue in the U.S. increased 34% to $15.1 billion, driven by a 41% increase in volume, partially offset by a 7% decrease in realized prices. The increase in U.S. volume was driven by Zepbound and Mounjaro. The decline in realized prices was primarily driven by Zepbound, partially offset by adjustments to estimates for rebates and discounts.

1 The Company currently defines Key Products as Ebglyss, Foundayo, Inluriyo, Jaypirca, Kisunla, Mounjaro, Omvoh, and Zepbound.

Revenue outside the U.S. increased 47% to $9.3 billion, driven by a 76% increase in volume, partially offset by a 29% decrease in realized prices. The volume increase outside the U.S. was driven by Mounjaro. Jardiance revenue outside the U.S. included sales-based milestones of $410 million in Q3 2026 and $200 million in Q3 2025, associated with the company's collaboration with Boehringer Ingelheim. Additionally, Q3 2025 revenue included $180 million associated with the divestiture of the rights to Cialis in select markets outside of the U.S. Lower realized prices outside the U.S. were d