(Alliance News) - Eli Lilly & Co on Thursday reported a rise in first quarter earnings and lifted its annual guidance.

In the first quarter of 2026, net income soared to USD7.40 billion from USD2.78 billion a year prior. Revenue surged 56% to USD19.80 billion from USD12.73 billion. Reported earnings per share jumped to USD8.26 from USD3.06.

"2026 is off to a strong start," Chair and Chief Executive Officer David Ricks said.

Eli Lilly shares shot up 5.1% in pre-market dealings to USD895.00 in New York on Thursday. Now with a market capitalisation of around USD800 million, the drugmaker's valuation did top USD1 trillion last year, boosted by is blockbuster GLP-1 offerings for diabetes and weight loss.

Ricks continued: "A key milestone was the US FDA approval of Foundayo-the only approved GLP-1 pill that can be taken any time of day, without food and water restrictions. Foundayo will meaningfully expand the number of people who can benefit from GLP-1s. We also delivered pipeline progress across all four therapeutic areas and continued investing in Lilly's future growth through four acquisitions."

Foundayo was approved by the US FDA at the start of this month.

The Indianapolis, US-based firm now expects annual revenue between USD82 billion and USD85 billion, its forecast raised from a USD80 billion to USD83 billion range.

It has also been a year so far for deal-making at Eli Lilly. In February, it announced the up to USD2.4 billion buy of Orna Therapeutics Inc. In March, it announced the the USD7.8 billion acquisition of Centessa Pharmaceuticals PLC, a clinical-stage company developing medicines for the treatment of excessive daytime sleepiness.

Earlier this month, it struck a deal to buy Kelonia Therapeutics Inc, to advance in vivo CAR-T cell therapies. Earlier this week, it reported the buy of Ajax Therapeutics Inc.

By Eric Cunha, Alliance News news editor

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