The success of Eli Lilly's (LLY +1.53%) diabetes treatment, Mounjaro, has now made it the top-selling drug on the planet, according to Bloomberg. And for investors, there are plenty of reasons to believe that the massive profits from Mounjaro and its weight-loss drug, Zepbound, will continue to drive huge returns for Eli Lilly stock.
Lilly released first-quarter earnings that showed Mounjaro generated $8.66 billion in sales, up from $3.84 billion a year ago. That vaulted Mounjaro past Keytruda, the cancer therapy manufactured by Merck, which has been the world's top-selling drug since the first quarter of 2023. Keytruda generated $7.9 billion in sales.
NYSE: LLY
Key Data Points
Lilly said U.S. revenue for Mounjaro was $4.2 billion, up 59% from a year ago, and international revenue was $4.4 billion, up from $1.2 billion in Q1 2025. The company said the international growth was driven by the addition of Mounjaro to China's National Reimbursement Drug List (NRDL), which made it available to the Chinese market.
With Mounjaro growing quickly in the U.S. and now available in more than 55 countries, and coupled with the U.S. launch of another obesity treatment, Foundayo, Lilly's dominance in diabetes and anti-obesity medications appears set to continue throughout the year.
Let's dig into Lilly's earnings and the outlook for 2026.
Image source: Getty Images.
Lilly by the numbers
Overall, Lilly's revenue jumped by 56% to $19.79 billion in the first quarter from a year ago. Net income was $7.39 billion, up 168%, and earnings per share of $8.26 were up 170% from the first quarter of 2025.
Most of Lilly's revenue comes from the weight-loss drug Zepbound and from Mounjaro, which is approved by U.S. regulators for treating Type 2 diabetes but has been prescribed off-label for weight loss.
|
Product |
Q1 2026 Sales |
Q1 2025 Sales |
|---|---|---|
|
Mounjaro |
$8.882 billion |
$3.842 billion |
|
Zepbound |
$4.160 billion |
$2.312 billion |
|
Jayprica |
$165 million |
$92 million |
|
Ebglyss |
$145 million |
$60 million |
|
Kisunla |
$124 million |
$22 million |
|
Omvoh |
$80 million |
$37 million |
|
Inluriyo |
$35 million |
--- |
|
Total Revenue |
$19.799 billion |
$12.729 billion |
Source: Eli Lilly
An estimated 40.3% of adults in the U.S. are considered obese, while the most recent data from the World Health Organization indicates that 16% of the global population is obese.
That's why management has such high hopes for Foundayo, the anti-obesity pill that went on sale in the U.S. in April. More than 20,000 patients have taken the pill so far, and it's been prescribed by more than 8,000 physicians. "While the U.S. approval is an important first step, there are over 1 billion people around the world with obesity and related conditions who can be helped by taking an incretin like Foundayo," CEO Dave Ricks told analysts on the company's earnings call.
Will Mounjaro and Lilly continue their momentum?
It appears so. More countries are approving Mounjaro, and it's getting increased acceptance in U.S. markets, where the obesity rate is much higher. When you take into account the fast-growing sales of Zepbound and the potential of Lilly's new treatment in a pill form with Foundayo, Lilly's future is bright. The company is expected to see revenue of $84.4 billion this year, rising to nearly $100 billion by 2027.
That makes Eli Lilly stock a no-brainer stock to buy.
