The Quarter in Brief
Eli Lilly reported its third quarter of 2026, the three months to September 30, before the market opened on October 29. Revenue was $24.40 billion, up 39% from $17.60 billion a year earlier. Reported earnings per share were $7.22, up 16% from $6.21. Non-GAAP earnings per share, the company's measure that leaves out the amortization of intangible assets, impairment and restructuring charges and gains on equity investments, were $7.48, up 7% from $7.02.
Revenue was about $2 billion above the roughly $22.4 billion analysts had expected, according to Investing.com. Published estimates for earnings per share were too far apart to make a fair comparison, because analysts allowed differently for the quarter's acquisition charges. Those charges are what set the quarter apart: Lilly expensed $4.18 billion of acquired in-process research and development, mainly for buying AtaiBeckley and Curevo, which cost $4.57 a share and kept profit growth well below sales growth. Lilly raised its revenue outlook for 2026 by $5.5 billion at the midpoint.