US Stock Market Move | Q3 results beat market expectations; Eli Lilly (LLY.US) surges nearly 9% after earnings

On Thursday, Eli Lilly (LLY.US) opened higher and climbed, rising nearly 9% as of press time, with a market capitalization of $1.32 trillion, and cumulative gains of over 20% since October. On the news front, Eli Lilly reported pre-market its Q3 2026 results: revenue of $24.397 billion, up 39% year-over-year, above LSEG expectations of about $22.6 billion, with volume growth of 53% and a 15% decline in realized prices. Reported net income was $6.451 billion, with earnings per share of $7.22, up 16% year-over-year; non-GAAP earnings per share were $7.48, up 7% year-over-year, above LSEG/IBES expectations of $6.49. The two core products continued to ramp: Mounjaro global revenue was $10.723 billion, up 65% year-over-year, and Zepbound was $5.352 billion, up 49%; KeyProducts totaled $17.1 billion, with revenue in immunology, oncology, and neuroscience doubling year-over-year. US revenue rose 34% to $15.1 billion; revenue outside the US rose 47% to $9.3 billion, with volume up 76%, but prices fell 29% due to Mounjaro's inclusion in China's National Reimbursement Drug List. On guidance, full-year revenue guidance was raised from $85 billion$87 billion to $91 billion$92 billion, the performance margin was raised from 49.0%50.5% to 52.0%52.5%, and the tax rate was raised from 18%19% to 19%20%; however, the underlying earnings improvement was offset by the aforementioned acquisition R&D expenses, and full-year adjusted earnings per share guidance was lowered from $35.50$36.50 to $35.00$36.00.