Eli Lilly reports stellar fourth-quarter earnings and revenue, with blockbuster drugs Zepbound and Mounjaro driving demand. The pharmaceutical giant projects revenue between $80B and $83B for 2026, surpassing analyst estimates. Adjusted earnings are expected to be $33.50 to $35 per share, higher than expected. Novo Nordisk, on the other hand, anticipates a 13% decline in sales and profit due to falling prices and expiring exclusivity for key drugs.

Lilly’s revenue guidance projects a 25% growth this year, a stark contrast to Novo’s declining outlook. Lilly CEO expects Medicare coverage for obesity treatments to boost the market. The company anticipates benefits from Medicare coverage, global demand for Mounjaro and Zepbound, and the launch of a new obesity pill pending U.S. approval.

Mounjaro’s revenue soared to $7.41B, up 110%, while Zepbound posted $4.2B in U.S. revenue, up 122%. The company exceeded analyst expectations for both drugs. Eli Lilly’s fourth-quarter earnings per share were $7.54 adjusted, surpassing the $6.67 expected, and revenue was $19.29B, higher than the $17.96B expected, driving a 43% increase year-over-year.

Eli Lilly’s U.S. revenue rose to $12.9B in the fourth quarter, driven by a 50% increase in volume for Mounjaro and Zepbound. The company’s net income was $6.64B, or $7.39 per share, compared to $4.41B, or $4.88 per share, in the previous year. Excluding one-time items, earnings per share were $7.54.

Lilly and Novo’s deals with Trump are expected to boost prescriptions but decrease total sales due to slashed drug prices. The agreements involve discounts for Medicare and Medicaid beneficiaries and direct-to-consumer offers on the TrumpRx platform. Both companies will receive a three-year tariff exemption in return.

Read more at CNBC: Eli Lilly (LLY) earnings Q4 2025