01:39 AM EDT, 05/01/2026 (MT Newswires) -- BMO Capital Markets revised its model for Eli Lilly (LLY.SW, LLY.F), updating its earnings assumptions for the US pharmaceutical company after a "standout"first-quarter performance.

"Following today's 1Q26 print, we have updated our model to reflect Lilly's strong commercial performance and updated FY26 guide. Given the company's continued strength and share capture in the incretin market, we increased our FY26 estimates for Mounjaro by +9% (now $35.93B vs. $32.82B prior), with our bullish expectations supported by volume growth continued strong uptake exUS. Our model previously included estimated [in-process research and development] impacts from upcoming potential deal closures for the company's acquisitions of Orna and Centessa, but we have removed these from our model for now as they are not currently reflected in the company's guidance,"according to a Thursday note.

As a result, the research firm raised its full-year 2026 revenue and non-GAAP EPS forecasts to $84.96 billion and $36.26, respectively, from $82.02 billion and $24.42.

Analysts said they see scope for investor focus to extend beyond the core incretin portfolio as the company's business development strategy helps diversify its pipeline. Additionally, the research firm expects Foundayo to "outperform through the scalability"with the anticipated international expansion in 2027.

BMO rates the stock at outperform, with a price target of $1,300.