Eli Lilly and Company (NYSE: LLY) raised its full-year earnings and revenue guidance after posting a stronger-than-expected third quarter, powered by surging global demand for its diabetes and weight-loss treatments Mounjaro and Zepbound.

The pharmaceutical giant now expects adjusted earnings of $23.00 to $23.70 per share on revenue of $63 billion to $63.5 billion for 2025, up from its prior forecast of $21.75 to $23.00 per share and $60.75 billion to $61.25 billion in sales. Analysts surveyed by LSEG had projected $22.18 per share and $61.2 billion in sales.Third-quarter results easily topped Wall Street expectations. Lilly reported adjusted earnings of $7.02 per share, a 495% increase year over year, on revenue of $17.6 billion, up 54% from a year earlier and above the consensus $16.05 billion estimate.

Sales of Mounjaro more than doubled to $6.52 billion, beating expectations by over $1 billion, while Zepbound revenue surged 185% to $3.59 billion, surpassing FactSet estimates of $3.5 billion. Verzenio, Lilly’s breast-cancer therapy, delivered $1.47 billion in sales, up 7%.

“Arguably the strongest print across 3Q so far,” said Cantor Fitzgerald analyst Carter Gould, noting that the company’s top-line guidance raise of $2.25 billion “was more impressive than the 3Q beat itself.”

Shares of Lilly rose 2% in early Thursday trading following the announcement. The stock is up more than 6% year-to-date, supported by robust uptake of its GLP-1 portfolio and investor confidence in long-term growth prospects for the obesity and diabetes drug market, which analysts expect could exceed $150 billion annually by 2030.

Eli Lilly continues to compete closely with Novo Nordisk A/S (NYSE: NVO) in the fast-expanding GLP-1 space. Both companies face heightened policy scrutiny as the Trump administration pushes its “Most Favored Nation” initiative to align U.S. drug prices with those in other wealthy nations. Analysts said upcoming Medicare price negotiations and potential tariff exemptions could remain overhangs for large pharmaceutical stocks in the near term.

Despite the regulatory backdrop, analysts remain bullish on Lilly’s innovation pipeline. Gould expects updates at Obesity Week in November on eloralintide, the company’s experimental amylin-targeting therapy, and on orforglipron, an oral GLP-1 candidate being tested against Novo Nordisk’s semaglutide.

About Eli Lilly and Company

Eli Lilly and Company (NYSE: LLY) is a global healthcare leader headquartered in Indianapolis, Indiana, dedicated to creating and delivering innovative medicines that make life better for people around the world. Founded in 1876, Lilly develops and manufactures pharmaceuticals in areas such as diabetes, obesity, oncology, neuroscience, and immunology. The company’s R&D investments and global manufacturing footprint support its mission to transform medicine and improve patient outcomes in more than 120 countries.