LLY · Earnings call · 2026Q3T · Full report

Business Development / Acquisitions

ELI LILLY & Co · 2026-10-29 · Importance 34 · Surprise 42

Management said Lilly has completed early-stage and clinical-stage deals during 2026, including clinical programs that are not at a very late stage. The company is using strong performance in its incretin and other commercial businesses to take calculated risks and plan for growth over the next decade or two. Management expects further early-stage and clinical-stage dealmaking across therapeutic areas, selecting for products, science, and teams rather than targeting a single area. Lilly said it uses a rigorous deal-by-deal process to maintain discipline.

Key facts

• Lilly completed its acquisition of AtaiBeckley, adding neuroplastogens with potential to treat depression and other serious mental health conditions.
• Lilly closed its acquisition of Merida Biosciences, whose Phase 1 MR511 program is a precision immunology therapy for Graves' disease and thyroid eye disease.
• Lilly acquired AtaiBeckley and Merida Biosciences during the quarter.
• Lilly said it completed multiple clinical-stage, not super-late-stage clinical deals during 2026.
• Lilly expects to pursue more early-stage and clinical-stage business development deals across therapeutic areas.
• Lilly said strong performance in its incretin and other commercial businesses gives it the opportunity to plan a decade or two ahead and take calculated risks in business development.
• Lilly said it is seeking products, science, and people across therapeutic areas to fuel growth in the decades ahead.