The results come as Eli Lilly works to maintain its edge over Novo Nordisk in the booming market for a class of obesity and diabetes drugs called GLP-1s.

U.S. sales of Lilly’s weight-loss treatment Zepbound nearly tripled, to $3.57 billion, in the third quarter. Meanwhile, revenue from the diabetes drug Mounjaro, which has been on the market longer, has doubled, to $6.52 billion, thanks to growth outside the U.S.

Eli Lilly shares rise as Q3 revenue jumps 54% to $17.6 billion, earnings top estimates, and analysts lift price targets on strong obesity drug momentum.

In the third quarter, Lilly earned $7.02 per share on an adjusted basis, far above the $5.69 analysts were expecting, according to LSEG. Revenue came in at $17.6 billion, topping forecasts of $16.01 billion.

Eli Lilly shares surged after strong third-quarter results and a raised annual forecast, powered by booming demand for its weight-loss drugs.

The drugmaker Eli Lilly reports its third-quarter results early Thursday, as questions loom about what kind of deal it will reach with the Trump administration over the price of its weight-loss drug.

The site will also help make treatments for heart disease, diabetes, cancer, and autoimmune disorders areas where Lilly has seen fast growth. Construction is set to start in 2026, and Lilly expects to begin producing oral drugs by late 2028.