TLDR
- Eli Lilly reports Q1 2026 earnings Thursday before market open
- Analysts expect revenue growth of 36.8% year on year
- Last quarter, LLY posted $19.29 billion in revenue, up 42.6% year on year
- Analyst estimates have trended upward over the past 30 days
- LLY is down 1.5% over the past month while pharma peers are up 10.8% on average
Eli Lilly reports Q1 2026 results this Thursday before the opening bell. All eyes will be on whether the drugmaker can keep its impressive growth streak going.
Last quarter, Lilly posted revenues of $19.29 billion, a 42.6% jump year on year. That beat analyst expectations and came with full-year guidance that also topped what Wall Street had penciled in.
This time around, analysts are forecasting revenue growth of 36.8% year on year. That’s a step down from the 45.2% growth recorded in the same quarter a year ago, but still a strong clip by any measure.
It’s worth noting that Lilly has missed Wall Street’s revenue estimates more than once over the past two years. So while estimates are rising, a beat is far from guaranteed.
Analyst sentiment has been shifting in a positive direction. Revenue estimates have seen a majority of upward revisions over the last 30 days, suggesting growing confidence heading into the print.
Lilly is the first major pharma name to report this earnings season. That means there’s no read-through from peers to lean on yet.
Pharma Sentiment Running Hot â But Not for LLY
The broader pharma segment has had a decent run lately. Peer stocks are up 10.8% on average over the past month.
Lilly hasn’t joined that rally. LLY is down 1.5% over the same period, making Thursday’s report a potential catalyst either way.
Investor sentiment across the sector has been broadly positive, which sets a reasonable backdrop for Lilly heading into the report.
What the Numbers Need to Show
Revenue growth of 36.8% is the bar analysts have set. Anything above that will likely be well received.
Full-year guidance will be just as important as the top-line number. Last quarter’s raised outlook was a key reason the stock got a positive reception.
Profitability metrics will also be in focus. Lilly’s heavy investment in manufacturing and capacity expansion means margins remain a talking point for investors.
The company has been scaling up production of its GLP-1 drugs, which have been central to its revenue surge over the past several quarters.
Any commentary on supply and demand dynamics for those drugs will be closely watched.
On the downside, tariff concerns have added a layer of uncertainty across the pharma sector. Whether Lilly addresses that on Thursday’s call will be worth noting.
The stock is currently down 1.5% over the past month while the broader pharma group has outperformed. That relative weakness could reverse quickly depending on the results.
Earnings are due before market open Thursday. Revenue consensus sits at growth of 36.8% year on year, with analyst estimates having trended higher in the lead-up.
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