LLY · 10-Q · 2026Q1 · Full report

Market Demand Trends

ELI LILLY & Co · 2026-04-30 · Importance 69 · Surprise 64

Consolidated revenue rose to $19.8 billion for the three months ended March 31, 2026, driven primarily by increased volume but partially offset by lower realized prices. Volume growth was concentrated in Mounjaro and Zepbound in the U.S., and Mounjaro outside the U.S.; lower realized prices reflected product-specific price concessions and reimbursement dynamics. The company discloses one‑time favorable adjustments to rebate and discount estimates that partially offset lower realized prices in the quarter. Management notes that volume fluctuations in incretins can have a disproportionate impact on quarterly results.