礼来三季度业绩超预期并上调全年营收指引Eli Lilly Beats Q3 Estimates and Raises Full-Year Revenue Guidance

在2026年第三季度，礼来录得净利润64.5亿美元，合每股收益7.22美元，高于上年同期的55.8亿美元及每股6.21美元。该季度业绩包含了每股4.57美元的并购交易相关费用。排除无形资产价值等一次性调整后，调整后每股收益达到7.48美元。从总体营收构成来看，美国本土市场收入攀升34%至151亿美元，海外市场营收增长47%至93亿美元。

During the third quarter of 2026, Eli Lilly booked net income of $6.45 billion, or $7.22 per share, up from $5.58 billion, or $6.21 per share, in the year-earlier period. The latest quarterly result absorbed $4.57 per share in deal-related charges. Excluding one-time items associated with intangible asset valuations and other adjustments, adjusted earnings stood at $7.48 per share. Across geographic operations, revenue in the United States climbed 34% to reach $15.1 billion, while international sales expanded 47% to $9.3 billion.

基于整体销售态势，礼来将2026年全年营收指引从850亿至870亿美元上调至910亿至920亿美元。对于全年利润表现，公司预计调整后每股收益处于35至36美元之间，此前指引区间为35.50至36.50美元。公司表示，全年基础利润指引中点实际提高了4.07美元，但当季并购相关支出抵消了每股4.57美元的增幅。受整体财务指标超预期提振，礼来盘前股价上涨约4%。

Driven by overall demand, the drugmaker lifted its full-year 2026 revenue guidance to between $91 billion and $92 billion, compared with its prior forecast of $85 billion to $87 billion. For full-year profitability, Lilly now projects adjusted earnings between $35 and $36 per share, slightly adjusting from the previous target of $35.50 to $36.50 per share. The company noted that it raised its underlying profit outlook by $4.07 per share at the midpoint, an improvement offset by $4.57 per share in deal charges incurred during the quarter. Lilly shares gained approximately 4% in premarket trading.

在细分产品业绩中，降糖药Mounjaro全球季度销售额增长65%至107.2亿美元，高于StreetAccount汇总的分析师预期101.0亿美元。其中，该药在美国本土贡献了约50亿美元销售额，超越市场预期的47.9亿美元，而在海外市场的销售增幅达到93%。

Across key product lines, diabetes treatment Mounjaro recorded a 65% increase in worldwide quarterly revenue to $10.72 billion, surpassing StreetAccount consensus forecasts of $10.10 billion. The drug generated approximately $5 billion in sales within the United States, topping analyst projections of $4.79 billion, while international markets registered a 93% surge in revenue.

减重药Zepbound在上市约三年后录得53.5亿美元季度收入，同比增长49%，同样超过分析师预期的50.9亿美元全球销售额及49.9亿美元美国本土销售额。礼来指出，去年与特朗普政府达成的药品定价协议压低了在美国市场的实际净价，但处方量扩张抵消了价格下调。此外，医疗保险项目自7月起启动临时试点计划，将GLP-1类药物纳入减重报销范围，为需求增长提供了进一步支持。

Weight-loss medication Zepbound generated $5.35 billion in third-quarter revenue, reflecting a 49% increase from the prior-year period roughly three years after its market debut. That performance beat Wall Street estimates projecting $5.09 billion globally and $4.99 billion domestically. Lilly indicated that strong prescription volume effectively countered lower realized prices in the United States stemming from a pricing agreement concluded with the Trump administration in the previous year. The drugmaker also pointed to broader U.S. insurance coverage, highlighting Medicare's decision in July to begin covering GLP-1 treatments for obesity under a temporary pilot program.

在新型减重药物方面，礼来旗下口服GLP-1药物Foundayo第三季度录得1.84亿美元销售额。根据StreetAccount汇总的数据，华尔街分析师此前预估该药物本季度销售额约为2.29亿美元，实际业绩低于市场预期。

Eli Lilly's newly launched oral GLP-1 weight-loss medication, Foundayo, recorded $184 million in third-quarter revenue, according to company financial disclosures. The quarterly sales fell below Wall Street expectations, trailing consensus forecasts compiled by StreetAccount that projected approximately $229 million for the period.

Foundayo于2026年4月在美国获批上市，第三季度业绩构成了该药物上市以来的第二份季度财报。目前，Foundayo正直接面向减重药市场的口服领域竞争，其核心竞争对手为诺和诺德公司于今年1月先行推向市场的同类口服竞品。尽管口服产品起步销售低于预期，但礼来在整体肥胖与糖尿病药物领域的市场份额依然保持领先地位。

The third-quarter results represent the second earnings report to incorporate revenue from Foundayo since the therapy secured U.S. regulatory approval in April 2026. The pill is currently locked in direct head-to-head competition within the oral obesity segment against an alternative oral treatment introduced by rival drugmaker Novo Nordisk in January. Despite Foundayo's softer-than-projected quarterly performance, Lilly has preserved its market share lead over Novo across the broader obesity and diabetes therapy landscape.

在市场供需与价格动态方面，礼来产品在主要市场均呈现出销量大幅上涨与实际净价下滑并存的特征。在美国本土市场，得益于Mounjaro与Zepbound的处方增长，产品总销量攀升41%，但受到主要由Zepbound引发的价格调整影响，实际实现价格下降了7%。在海外市场，产品销售量激增76%，在抵消了实际价格下降29%的负面冲击后，依然推动国际销售额实现了显著扩张。

Across global operations, Eli Lilly's revenue expansion reflected surging sales volumes balanced against declining realized prices. In the United States, overall product volume rose 41%, propelled primarily by high demand for Mounjaro and Zepbound. That volume expansion was partially offset by a 7% decline in realized prices, driven largely by pricing dynamics for Zepbound. Outside the United States, product volume surged by 76%, which successfully absorbed a 29% drop in realized prices to sustain strong overseas revenue gains.

面对糖尿病与肥胖症业务带来的大笔现金流入，礼来正在将利润转化为密集的战略并购行动。公司近期达成了收购Merida Biosciences的协议，旨在推进针对严重自身免疫性疾病与过敏性疾病的新型疗法研发。由于这一系列并购交易在当季度计入了每股4.57美元的相关费用，公司尽管将全年基础利润指引中点提升了4.07美元，但报告期内的每股收益增幅受到了相应的账面冲减。

Capitalizing on its substantial earnings from diabetes and obesity treatments, the drugmaker is directing its profits toward strategic dealmaking. Eli Lilly recently reached an agreement to acquire Merida Biosciences, a transaction aimed at developing a new class of treatments targeting severe autoimmune and allergic conditions. These business development moves generated $4.57 per share in deal-related charges during the third quarter, which offset the $4.07 per share upward revision made to the company's underlying full-year profit outlook at the midpoint.