Lilly says Mounjaro and Zepbound sales more than doubled as stock rallied

By Jaimy Lee

The drugmaker also detailed strong growth for 2026

Eli Lilly said its fourth-quarter sales grew by 43% to $19.3 billion, surpassing the FactSet estimate of $17.9 billion.

Eli Lilly's stock closed 10.3% higher on Wednesday after the drug giant reported triple-digit growth of Zepbound and Mounjaro, its game-changing weight-loss and Type 2 diabetes drugs.

That's the third highest closing price in Lilly's history after the the drug giant's stock (LLY) closed at $1,109.94 on Nov. 25 and $1,108.09 on Jan. 7.

Zepbound had $4.3 billion in sales in the fourth quarter of 2025, up 123% from the $1.9 billion it reported in the same three months of 2024. Sales of Mounjaro came in 110% higher at $7.4 billion. The drugs, which have the same active ingredient, produced a total of $11.7 billion in sales for the quarter, against a combined FactSet estimate of $10.4 billion.

Its breast-cancer drug Verzenio saw a 3% increase in sales to $1.6 billion, up from $1.5 billion. Its revenue came in slightly below the FactSet consensus of $1.7 billion.

The company said its overall sales rose 43% to $19.3 billion. That's against a FactSet estimate of $17.9 billion.

Lilly detailed an outlook for 2026 that points to even more growth. It expects revenue between $80 billion and $83 billion - it had $65.2 billion in sales in 2025 - and adjusted earnings per share between $33.50 and $35.00. The FactSet consensus is $77.6 billion in sales and $33.04 in adjusted EPS.

The guidance likely smoothed over any fears about a potential sales decline in 2026. On Tuesday, rival Novo Nordisk surprised investors by saying it expects sales to decline between 5% and 13% in 2026. Its U.S.-listed shares (NVO) plunged; Lilly's stock also dropped, closing 4% lower on Tuesday.

Novo cited increased competition, a patent expiration and a need to sell some of its drugs at a discount per a most-favored-nations deal with the Trump administration.

Lilly also made a most-favored-nations deal. In exchange for bypassing tariffs, it agreed to sell certain drugs like Zepbound at a discount directly to consumers through the yet-to-launch TrumpRx. It also implemented similar discounts for its own direct-pay platform, allowing patients to pay $299 a month to start Zepbound.

The company attributed the quarterly surge in sales to increased use of Mounjaro and Zepbound, due in part to the new direct-pay pricing. It also believes the boost in volume offset a "7% decline in price," according to Lilly CFO Lucas Montarce, who spoke during a Wednesday call with analysts.

"We expect to deliver industry-leading volume growth, driven by our key products, partially offset by lower realized prices," he said. "Price is expected to be a drag on growth in the low- to midteens. Three factors will impact U.S. price: the government access agreement for obesity medicines, updated direct-to-patient Zepbound pricing and lower Medicaid prices for later life cycle medicines."

The company is gearing up to launch its next-generation weight-loss product, an experimental weight-management pill called orforglipron. The FDA is expected to make a decision on that drug in the second quarter, and Lilly expects Medicare to provide access to obesity medications, with a $50 copay, by July 1.

Medicare has not traditionally covered medications for weight loss, meaning that anyone covered by Medicare who wanted to take a GLP-1 to manage their weight had to pay out of pocket.

Lilly CEO David Ricks said the company is "excited to launch orforglipron soon, with the entry price being similar to oral sema[glutide]," which is the active ingredient in Novo's Wegovy pill and injection.

The company beat expectations for the quarter across the board. It had net income of $6.6 billion, beating the FactSet consensus of $6.1 billion.

Adjusted EPS came in at $7.54. The FactSet estimate was $6.94.

Late last year, Lilly was the first pharmaceutical stock to reach a $1 trillion valuation. Its stock is up about 21% over the last year, while the S&P 500 SPX has gained 15%.

-Jaimy Lee

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02-04-26 1624ET