Eli Lilly Reports Blockbuster Q3 Results, Raises 2025 Outlook as Mounjaro and Zepbound Sales Surge

Global pharmaceutical giant Eli Lilly (LLY) delivered a stunning third-quarter performance, smashing Wall Street expectations and raising its full-year forecast — driven by record-breaking demand for its diabetes drug Mounjaro and weight-loss therapy Zepbound.

Cantor Fitzgerald analyst Carter Gould called it “arguably the strongest print across Q3 so far.”

💊 Mounjaro and Zepbound Power Massive Revenue Surge

Lilly’s Type 2 diabetes drug Mounjaro generated $6.52 billion in revenue — more than double its sales from the same period last year and $1 billion above already bullish estimates. Meanwhile, Zepbound, the company’s blockbuster weight-loss drug, saw sales soar 185% to $3.59 billion, comfortably beating projections of around $3.5 billion (FactSet data).

The company also reported $1.47 billion in revenue from its breast cancer drug Verzenio, marking a 7% annual rise.

📈 Earnings and Outlook Beat Street Forecasts

Eli Lilly’s adjusted earnings per share (EPS) skyrocketed 495% year-over-year to $7.02, crushing Wall Street’s expectation of $5.89. Total revenue climbed 54% to $17.6 billion, well above forecasts of $16.05 billion.

The company raised its full-year 2025 guidance, now expecting:

Adjusted profit: $23.00–$23.70 per share (up nearly $1 from prior guidance)

Revenue: $63.0–$63.5 billion (up $2.25 billion from the previous estimate)

“We’d argue the $2.25 billion top-line guidance raise was more impressive than the 3Q print itself,” said Gould. “It still leaves room for fourth-quarter upside.”

Following the announcement, Eli Lilly shares rose over 1% to $824.61 in early trading.

🧬 Analysts Remain Bullish Despite Industry Challenges

Analysts expect continued strong demand for Mounjaro and Zepbound amid the global boom in obesity and diabetes treatments. However, Medicare pricing negotiations and ongoing trade tensions under the Trump administration’s tariff policies may weigh on pharma stocks, including Lilly.

Edward Jones analyst John Boylan noted, “We await clarity on competitor negotiations with Medicare and potential outcomes from Lilly’s talks on Most Favored Nation drug pricing. These issues could remain an overhang on shares until resolved.”

While Pfizer (PFE) and AstraZeneca (AZN) have reached tariff exemption deals, other pharma giants — including Lilly — are yet to confirm their positions.

🔬 What’s Next for Eli Lilly

Looking ahead, Lilly plans to present updates on its new weight-loss candidate eloralintide at Obesity Week in early November. The experimental drug targets amylin, a hormone that regulates appetite.

The company is also conducting a head-to-head study comparing its oral GLP-1 drug orforglipron against Novo Nordisk’s semaglutide (the key ingredient in Ozempic and Wegovy). Novo is seeking approval for an oral version of semaglutide for obesity treatment.

💹 Stock Outlook

Eli Lilly stock remains above key moving averages but holds a Relative Strength Rating (RS Rating) of 33, meaning it has underperformed two-thirds of stocks over the past year. Still, analysts suggest $864.35 as a potential breakout entry point for long-term investors.