Eli Lilly blows past estimates, hikes sales outlook as Zepbound and Mounjaro demand surge again

The Eli Lilly logo appears on the company’s office in San Diego, California, Nov. 21, 2025.

Mike Blake | Reuters

Eli Lilly is slated to report third-quarter earnings and revenue on Thursday, which will likely be fueled by its blockbuster obesity drug Zepbound and diabetes counterpart Mounjaro.

Here's what Wall Street is expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $6.26 expected
• Revenue: $22.61 billion expected

But investors will also be laser-focused on the launch of the company's obesity pill, Foundayo, which entered the market in April. Analysts forecast around $229 million in sales for the pill, StreetAccount estimates showed. 

Lilly's massive diabetes and obesity windfall – and dominance over chief rival Novo – show no signs of slowing down, even as the company grapples with lower net prices in the U.S. The pharma giant is converting these historic profits into a major dealmaking spree, striking a deal to buy a psychedelics drugmaker in July and announcing plans to purchase three vaccine makers in May.