By Swikriti • Updated Feb 4, 2026
LLY share price snapshot
Regular session close
$1,003.46 (−3.90%)
Premarket move
$1,088.00 (+8.42%)
Prices can move quickly, especially around earnings.
Eli Lilly and Company shares surged in premarket trading on Feb. 4 after the drugmaker reported strong fourth-quarter 2025 results and issued upbeat guidance for 2026, underscoring how central its obesity and diabetes medicines have become to the company’s growth story. The sharp jump followed a volatile regular session close, with traders quickly pivoting to the scale of Lilly’s revenue expansion and its forward outlook once the earnings details were digested.
The numbers show a company still accelerating. Worldwide revenue in the quarter rose to $19.3 billion, up 43% year over year, driven primarily by a 46% increase in volume. That strength was partially offset by a 5% decline tied to lower realised prices, a reminder that even the fastest-growing drug franchises can face pricing pressure as access expands and payer dynamics evolve.
Q4 2025 earnings highlights
| Metric | Q4 2025 | Q4 2024 | Change |
|---|---|---|---|
| Revenue | $19,292M | $13,533M | +43% |
| Net income (reported) | $6,636M | $4,410M | +50% |
| EPS (reported) | $7.39 | $4.88 | +51% |
| EPS (non-GAAP) | $7.54 | $5.32 | +42% |
EPS figures include acquired IPR&D charges of $0.52 per share in the quarter.
For investors, the biggest message came from the same place it has for much of the past year: demand for Lilly’s weight-loss and diabetes medicines is reshaping the company’s revenue profile. In the fourth quarter, Mounjaro delivered worldwide revenue of $7.4 billion, a 110% jump from the prior year, driven by strong uptake and expanding access. In the US, Mounjaro revenue reached $4.1 billion, up 57%, while revenue outside the US climbed to $3.3 billion, up sharply from $899 million a year earlier.
The obesity brand Zepbound showed a similarly striking trajectory, with US revenue rising 122% to $4.2 billion in the quarter. The mix of rapid volume growth and lower realised prices is a key detail in how markets interpret Lilly’s results: it shows expansion is being achieved at scale, even as pricing becomes a larger part of the debate for the category.
Selected product revenue in Q4 2025
Mounjaro
$7.4B (+110%)
Zepbound (US)
$4.2B (+122%)
Verzenio
$1.6B (+3%)
The underlying financial picture also shows how profitability is keeping pace with growth. Gross margin reached 82.5% of revenue, supported by favourable product mix and improved production costs, though partially offset by lower realised prices. Lilly continued to spend aggressively on innovation, with research and development expenses rising to $3.8 billion, reflecting ongoing investment in both early-stage platforms and late-stage trials.
The guidance for 2026 was one of the main reasons the stock jumped today. Lilly forecast full-year revenue of $80 billion to $83 billion and non-GAAP earnings per share of $33.50 to $35.00. The company also outlined a performance margin range of 46.0% to 47.5%, with a tax rate assumption of 18% to 19%, signalling confidence that scale and mix can keep supporting strong profitability as volumes rise.
Alongside the earnings figures, Lilly highlighted progress across regulatory milestones and its development pipeline. Updates included FDA approval for a KwikPen option for tirzepatide, an expanded indication for Jaypirca, and advancing submissions for orforglipron in obesity across major regions. Pipeline updates referenced late-stage results involving therapies used in combination for complex metabolic and inflammatory conditions, reinforcing the company’s broader ambition beyond today’s blockbuster brands.
The company also announced an agreement with the US government aimed at expanding access to obesity medicines for millions of Americans, a development closely watched by markets as the category grows and public scrutiny increases. For investors, access, manufacturing scale and the pace of global rollout now matter almost as much as quarterly beats — because they determine how durable the demand curve remains.
Today’s share price reaction suggests traders are prioritising the bigger picture: strong volume-led growth, expanding guidance and continued pipeline momentum. The volatility around the $1,000 level reflects how closely the market is tracking Lilly’s execution in obesity and diabetes, but the premarket jump points to a familiar conclusion when earnings land: the company’s growth engine is still running hot.
For readers who want to review the company’s full earnings release and guidance details directly, the announcement is available via Lilly’s Q4 2025 results and 2026 guidance statement.
This article is for information only and is not financial advice.
