Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base8Base 8GAAP revenue YoY +55.5% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0
Transcript 0GAAP revenue is clean, no distortion. 56% growth driven by volume expansion in Mounjaro, Zepbound, and immunology/oncology/neuroscience portfolio.
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EPS+1EPS +1GAAP EPS YoY +169.93% vs revenue YoY +55.55%, spread +114.38 percentage points, decisively outside +5 percentage points, so +1. Vendor OI cross-check (oi_yoy +63.63%, operating income spread +8.08 percentage points) is INADMISSIBLE and dropped: LLY files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts line 64), so operating_income is a vendor reconstruction, not a reported figure. The +1 rests only on filed figures and is robust to the prior-year base: (1) filed net income +168.04% vs rev +55.55% (diluted shares roughly flat 900.6M to 895.9M, so the EPS jump is operating, not a buyback artifact); (2) the GAAP EPS growth is amplified by a larger prior-year acquired-IPR&D charge, but the sign survives normalizing for it: management-stated non-GAAP EPS $8.55 (incl. $0.52 acquired-IPR&D) vs $3.34 (incl. $1.72) = +156%, and ex-IPR&D $9.07 vs $5.06 = +79% vs rev +56% = +23 percentage points, still decisively outside +5 percentage points; (3) management-stated non-GAAP performance margin (LLY operating-profit margin) was 50%, up approximately 7 percentage points YoY (CFO Lucas Montarce), independent confirmation of operating-margin expansion. Override stays false: the mechanical GAAP-only answer is already +1 and robust; the management performance-margin figure corroborates, it does not drive.
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Guidance+2Guidance +2FY2026 non-GAAP EPS guidance raised from $33.50-$35.00 (mid $34.25) to $35.50-$37.00 (mid $36.25). Change: (36.25 - 34.25) / 34.25 = +5.84% → raise ≥3%. Revenue also raised $2B (mid $81.5B to $83.5B, +2.45%). Used larger % (EPS).
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Final10
How this score was built
Base8Base 8GAAP revenue YoY +55.5% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. 56% growth driven by volume expansion in Mounjaro, Zepbound, and immunology/oncology/neuroscience portfolio.+EPS+1EPS +1GAAP EPS YoY +169.93% vs revenue YoY +55.55%, spread +114.38 percentage points, decisively outside +5 percentage points, so +1. Vendor OI cross-check (oi_yoy +63.63%, operating income spread +8.08 percentage points) is INADMISSIBLE and dropped: LLY files no us-gaap OperatingIncomeLoss concept (no-oi-subtotal.ts line 64), so operating_income is a vendor reconstruction, not a reported figure. The +1 rests only on filed figures and is robust to the prior-year base: (1) filed net income +168.04% vs rev +55.55% (diluted shares roughly flat 900.6M to 895.9M, so the EPS jump is operating, not a buyback artifact); (2) the GAAP EPS growth is amplified by a larger prior-year acquired-IPR&D charge, but the sign survives normalizing for it: management-stated non-GAAP EPS $8.55 (incl. $0.52 acquired-IPR&D) vs $3.34 (incl. $1.72) = +156%, and ex-IPR&D $9.07 vs $5.06 = +79% vs rev +56% = +23 percentage points, still decisively outside +5 percentage points; (3) management-stated non-GAAP performance margin (LLY operating-profit margin) was 50%, up approximately 7 percentage points YoY (CFO Lucas Montarce), independent confirmation of operating-margin expansion. Override stays false: the mechanical GAAP-only answer is already +1 and robust; the management performance-margin figure corroborates, it does not drive.+Guidance+2Guidance +2FY2026 non-GAAP EPS guidance raised from $33.50-$35.00 (mid $34.25) to $35.50-$37.00 (mid $36.25). Change: (36.25 - 34.25) / 34.25 = +5.84% → raise ≥3%. Revenue also raised $2B (mid $81.5B to $83.5B, +2.45%). Used larger % (EPS).=Final10
Macro Signals
↑Consumer Spending↑Enterprise Spending
Revenue surged 56% year-over-year with non-GAAP EPS of $8.55 as the GLP-1 portfolio drove massive growth and Foundayo, the oral GLP-1, launched to a strong start. Non-GAAP performance margin reached 50%, up approximately 7 percentage points from Q1 2025, reflecting accelerating operating leverage. Management raised FY2026 guidance by $2 billion to $82-$85 billion in revenue and EPS to $35.50-$37, a 5.8% midpoint increase.
Key Themes7
positive📊 company
GLP-1 Revenue Surge Drives 56% Total Growth
Revenue grew 56% compared to Q1 2025. Mounjaro and Zepbound global revenue was $12.8 billion combined, contributing $6.7 billion of growth. Key products grew by more than $7 billion.
Revenue GrowthDemand
positive📊 company
Foundayo Oral GLP-1 Launch Off To Strong Start
Foundayo approved by U.S. FDA for obesity. Over 20,000 patients treated to date with 80% new to class. Over 8,000 prescribers, 1/3 of which had not previously written an oral GLP-1. Commercial access confirmed at 2 of 3 largest PBMs.
Product LaunchDemand
positive📊 company
Robust Pipeline Execution Across Therapeutic Areas
Five positive Phase III trials reported including retatrutide in type 2 diabetes and pirtobrutinib in CLL. 42 active Phase III programs. Six new Phase III programs initiated for eloralintide, sofetobartin, mypatecan, and brenepatide.
Innovation & R&DProduct Launch
positive📊 company
International Expansion Accelerates
Europe revenue grew 37% in constant currency. Japan revenue grew 42% in constant currency. Rest of World revenue more than doubled. Mounjaro fully launched in more than 55 countries with market share above 53% outside the U.S.
Geographic ExpansionRevenue Growth
mixed📊 company
U.S. Pricing Headwinds Persist
U.S. price declined by 7% in Q1, or 10% excluding onetime adjustments to rebate estimates. Full year price expected to be a headwind in the low to mid-teens. Direct to patient prices for Zepbound contributed to the decline.
PricingCost Pressure
positive🏢 sector
Medicare Bridge Program Extends Access
CMS extended Medicare GLP-1 bridge program starting no later than July 1, 2026, running through December 2027. Out-of-pocket costs capped at $50 per month for seniors. Part D plans did not opt in at required rates.
Regulation PolicyDemand
positive📊 company
Aggressive Business Development Strategy
Announced 4 acquisitions: Orna Therapeutics for in vivo CAR T in autoimmune diseases, Syntessa Pharmaceuticals for sleep disorders, Colonia Therapeutics for multiple myeloma, and Ajax Therapeutics for JAK inhibitors in blood cancers.
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“Non-GAAP earnings per share was $8.55”
Revenue
“Revenue grew 56% compared to Q1 2025”
Guidance
“We have increased the top and the bottom end of the revenue range by $2 billion and now expect full year revenue to be between $82 million and $85 billion”
Key metric
“Our non-GAAP performance margin was 50% and an increase of approximately 7 percentage points from Q1 2025”
Mentions13
What LLY and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have called out increasing ad spend from Eli Lilly and their Zepbound OSA brand campaigns—dontsleeponosa.com—and the broader population for the pills.”
Eli Lilly is increasing marketing spend on Zepbound OSA campaigns, driving patient awareness that funnels new patients toward ResMed's sleep apnea diagnostics and CPAP.
“As highlighted by Eli Lilly's own clinical trials in this space, these two therapies are better together.”
ResMed cites Eli Lilly's GLP-1 clinical work to argue GLP-1 and CPAP therapies are complementary, framing Lilly's GLP-1 growth as a demand tailwind rather than a threat.
“imagine if you invented a GLP that was as good as the currently best-in-class agent, let's say, tirzepatide, and acted very much the same, but also lowered your bad cholesterol by more than 50%”
Regeneron benchmarks its GLP/GIP plus Praluent obesity combination against Eli Lilly's tirzepatide as the best-in-class standard it aims to match on weight loss while adding lipid lowering.
“we're not coming very late into the market because remember, Lilly really introduced their asset in -- at the beginning of last year.”
Pfizer references Lilly as the incumbent in the China/international obesity (GLP-1) market as Pfizer launches ecnoglutide, noting it is not far behind Lilly's entry.
Companies LLY discussed
7 mentions
CSLnot trackedFY2026 Q1Partner
“We also announced a licensing agreement with CSL for clazakizumab for certain indications, and that molecule will be reflected in our pipeline chart once Lilly trials have begun.”
Lilly licensed clazakizumab from CSL for certain indications, a read-through on CSL's out-licensing of the asset.
Ventix Biosciencesnot trackedFY2026 Q1Acquisition
“We also recently completed our acquisition of Ventix Biosciences, which brings a pipeline of small molecule therapeutics, including NLRP3 inhibitors designed to treat inflammation across a broad range of diseases.”
Lilly completed its acquisition of Ventix Biosciences for its NLRP3-inhibitor anti-inflammatory pipeline.
Syntessa Pharmaceuticalsnot tracked
FY2026 Q1
Acquisition
“Syntessa Pharmaceuticals, a company developing a new class of medicines for the treatment of excessive daytime sleepiness and other neurologic conditions.”
Lilly announced an agreement to acquire Syntessa Pharmaceuticals, expanding its neuroscience/sleep-wake portfolio.
Colonia Therapeuticsnot trackedFY2026 Q1Acquisition
“Colonia Therapeutics, a company developing an in vivo platform to treat multiple myeloma in other cancers”
Lilly announced the acquisition of Colonia Therapeutics for its in vivo CAR T platform targeting multiple myeloma.
Ajax Therapeuticsnot trackedFY2026 Q1Acquisition
“and Ajax Therapeutics, a company developing next-generation JAK inhibitors for people with blood cancers.”
Lilly announced an agreement to acquire Ajax Therapeutics, developer of next-generation JAK inhibitors for blood cancers.
Orna Therapeuticsnot trackedFY2026 Q1Acquisition
“Orna Therapeutics, a company with an in vivo CAR T pipeline to treat autoimmune diseases.”
Lilly announced an agreement to acquire Orna Therapeutics for its in vivo CAR T autoimmune pipeline.
Novo-Nordisknot trackedFY2026 Q1Competitor
“we'll continue to publish data, as I'm sure Novo-Nordisk will that demonstrate that pretty much all of these drugs in this category have had profound effects and are probably cost effective at their current prices.”
Eli Lilly's CEO references Novo-Nordisk as a fellow obesity-drug maker also publishing outcomes data, its main competitor in the incretin category.
Revenue surged 56% year-over-year with non-GAAP EPS of $8.55 as the GLP-1 portfolio drove massive growth and Foundayo, the oral GLP-1, launched to a strong start
Amgen grew product sales 4% in Q1 as growth drivers including Repatha, EVENITY, TEZSPIRE, and BLINCYTO offset ongoing loss-of-exclusivity headwinds, with Repatha momentum accelerating on the VESALIUS primary prevention data
Bristol-Myers Squibb started FY2026 with revenue up 2.6% as growth portfolio momentum continued while Eliquis volume strength was offset by the pricing reset
Product sales grew 5% to $6.9 billion with non-GAAP EPS of $2.03 up 12% as the HIV treatment franchise sustained market leadership and YES2GO PrEP launch exceeded expectations
Johnson & Johnson posted Q1 2026 worldwide sales of $24.1 billion, up 6.4%, though adjusted EPS of $2.70 declined 2.5% versus Q1 2025 (adjusted net earnings of $6.6 billion declined 1.4%) due to front-loaded launch investments for ICOTYDE and margin pressure
Merck delivered total revenue of $16.3 billion, up 5% (3% ex-FX), led by the KEYTRUDA family at $8 billion (+8%, including roughly $250 million of favorable U.S