BIG PHARMA EARNINGS WATCH: ELI LILLY, AMGEN, BRISTOL MYERS SQUIBB & MERCK

Big Pharma Companies Once Again Beat Earnings Expectations Following Price Increases

This past week, Eli Lilly, Amgen, Bristol Myers Squibb and Merck all reported first quarter earnings that topped Wall Street expectations, following price increases to start the year. Eli Lilly once again smashed earnings, reporting a 56 percent increase in revenue year-over-year. The company also increased its revenue expectations for the full year to between $82 billion and $85 billion.

Eli Lilly

• Eli Lilly reported strong Q1 earnings that “blew past Wall Street expectations.”
• The pharmaceutical company reported $19.8 billion in sales for the first quarter.
• The Big Pharma giant’s GLP-1 drug Mounjaro delivered sales of $8.66 billion, as it overtakes Merck’s blockbuster cancer drug Keytruda as the world’s top-selling drug.
• The company raised its 2026 revenue expectancy to between $82 billion and $85 billion.

Amgen

• Amgen posted first quarter earnings that beat expectations.
• The company brought in $8.62 billion in revenue for Q1.
• The Big Pharma giant raised its outlook for 2026 to between $37.1 billion to $38.5 billion.

Bristol Myers Squibb

• Bristol Myers Squibb posted first quarter earnings that beat Wall Street analysts’ expectations.
• The company brought in $11.49 billion in revenue for Q1, higher than the forecasted $10.93 billion.  
• Cancer drug Opdivo was the top earner for the company, bringing in $2.14 billion in worldwide sales.
• The company’s heart drug Camzyos posted 97 percent year-over-year growth, generating $314 million and beating analysts’ $278 million estimate.

Merck

• Merck also reported first quarter earnings that surpassed analysts’ expectations.
• The company reported sales of $16.29 billion.
• Merck raked in $16.29 billion in revenue for the quarter, up five percent from the same period a year earlier.
• Sales of blockbuster cancer drug Keytruda toped $8.03 billion for the quarter.

The strong earnings from these Big Pharma giants follow a well-worn playbook of increasing prices on their blockbuster products.

Eli Lilly

• In 2026, Eli Lilly hiked the price of 12 prescription drugs, including GLP-1 drug Mounjaro by three percent.
• Eli Lilly increased the price of 13 prescription drugs in 2025, including blockbuster GLP-1 drug Zepbound, by 2.5 percent. 
• Eli Lilly hiked prices on eight prescription drugs in 2024, including oncology drug Verzenio by six percent, as well as blockbuster diabetes drugs Trulicity and Mounjaro by five percent and 4.5 percent, respectively.
• In 2023, Eli Lilly raised the price of 12 prescription drugs, including blockbuster diabetes drugs Trulicity and Mounjaro, both by five percent. Eli Lilly also hiked the price of its best-selling oncology drug, Verzenio, by 5.5 percent.

Amgen

• So far in 2026, Amgen has increased the price of 21 prescription drugs, including a five percent increase on autoimmune drug Enbrel.
• In 2025, Amgen hiked prices for 23 prescription drugs by an average of five percent.
• In 2024, Amgen raised prices on 32 prescription drugs, including a 4.9 percent increase on osteoporosis treatment Prolia, as well as four percent price increases on autoimmune drugs Enbrel and Otezla.
• In 2023, Amgen raised prices on more than 20 prescription drugs, including autoimmune drug Otezla by 5.9 percent.

Bristol Myers Squibb

• Bristol Myers Squibb rang in 2026 with price hikes on nine prescription drugs.
• In 2025, Bristol Myers Squibb hiked prices of 17 prescription drugs, including blood thinner drug Eliquis and cancer drug Opdivo by two percent.
• The Big Pharma giant increased the price of 18 prescription drugs in 2024, including a six percent increase on Eliquis.
• Throughout 2023, the pharmaceutical giant raised the price of 19 prescription drugs, including blockbuster blood thinner Eliquis by six percent.
• In 2022 Bristol Myers Squibb hiked the price on 14 prescription drugs, including two key cancer drugs, Opdivo and Yervoy, as well as blockbuster blood thinner drug Eliquis.

Merck

• This year, Merck hiked the price of 20 prescription drugs in its portfolio by an average of 2.5 percent.
• Throughout 2025, Merck increased the price of 31 of their prescription drugs.
• Merck hiked prices on 33 prescription products in its portfolio in 2024, including price hikes on 20 drugs outpacing the rate of inflation.
• Merck raised the price of more than 30 prescription drugs in 2023, including blockbuster diabetes medicines Januvia and Janumet by 4.9 percent each.
• In 2022, Merck raised prices on 32 prescription drugs. 

Read more on AbbVie, GSK & AstraZeneca’s first quarter earnings HERE.

Read more on Sanofi’s first quarter earnings HERE.

Read more on expectation-beating first quarter earnings from Johnson & Johnson HERE.

And stay tuned as we continue to monitor first quarter earnings calls from brand name drug companies this week.

Learn more about solutions to lower prescription drug prices and hold Big Pharma accountable HERE.