Eli Lilly has overtaken Danish rival Novo Nordisk in the share of the GLP-1 drug market outside the United States. The key driver of revenue growth was international sales of Mounjaro, a diabetes and weight-loss treatment, which brought in 8.7 billion in the first quarter, beating expectations by more than 8.7 billion. The US weight-loss brand Zepbound added another $4.2 billion, also ahead of forecasts.
On the back of these results, Eli Lilly sharply raised its profit and revenue forecasts for 2026, and its shares rose more than 6%. Adjusted earnings for the first quarter came in at 8.55pershare,well above Wall Street′s forecast of $6.66 to $6.97. The company increased its EPS guidance of 35.50 to37 (up from 33.50 to 35.00) and revenue of 82 bn to 85 bn (up from 80 bn to 83 bn).
Eli Lilly’s success is particularly notable against the backdrop of pricing pressure in the United States. In November, both companies struck deals with the administration of US President Donald Trump to cut prices for their obesity drugs. Nevertheless, according to BMO Capital Markets analyst Evan Seigerman, “first-quarter results have definitively eased concerns, showing solid growth across all divisions.”
In early April, Eli Lilly launched Foundayo, an oral drug that competes with Novo’s Wegovy, in the United States. Despite the FDA’s request for additional safety data on the recently approved drug, it was prescribed 3,707 times in its first week — below analyst expectations of around 8,000. However, the company called the launch successful. Chief executive David Ricks said Foundayo will expand the number of patients who can benefit from GLP-1 drugs.
Barclays analysts noted that investors will need more clarity on the trajectory of Foundayo and the entire obesity drug pipeline to sustain current growth rates. They forecast the GLP-1 drug market will reach $150 billion annually over the next decade.