Eli Lilly reported third-quarter earnings on Thursday that showed its weight-loss and diabetes drugs continuing to drive blockbuster sales, even as one-time charges tied to recent acquisitions dragged down the bottom line.

According to the company's 8-K filing with the SEC, Lilly posted GAAP earnings per share of $7.22, up from $6.21 in the same quarter last year, while non-GAAP EPS came in at $7.48, versus $7.02 a year earlier. Net income for the quarter totaled $6.5 billion.

Mounjaro and Zepbound keep carrying the business

Revenue from the company's Key Products — a category led by diabetes drug Mounjaro and weight-loss drug Zepbound — reached $17.1 billion for the quarter, underscoring how central the GLP-1 drug franchise has become to Lilly's overall business as demand for weight-loss and diabetes treatments keeps climbing industry-wide.

THE DRUGS ARE SELLING. THE DEALS ARE COSTING.

That growth was partly offset by $4.2 billion in acquired in-process research and development charges, tied mainly to Lilly's recent acquisitions of AtaiBeckley and Curevo, both moves aimed at expanding the company's drug pipeline beyond its current lineup. Those charges alone reduced per-share earnings by $4.57, a reminder of how aggressively Lilly has been spending to line up its next wave of products even as its existing GLP-1 drugs print cash.

The company's full-year 2026 guidance, set back in August, calls for non-GAAP earnings per share of $35.50 to $36.50 on revenue of $85 billion to $87 billion. Lilly did not update that guidance in Thursday's release, leaving analysts to parse whether the quarter's dealmaking charges will have any lasting effect on the year-end numbers.

The results land in the middle of a crowded earnings week for the pharmaceutical and tech sectors, with investors closely watching whether GLP-1 demand — and the manufacturing capacity to meet it — can keep pace with the aggressive growth targets drugmakers have set for themselves heading into 2027.