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

Big Pharma Giants Continue to Top Wall Street Expectations After 2026 Price Hikes on Brand Name Products

Several Big Pharma companies, including Gilead, Eli Lilly, Bristol Myers Squibb and Merck, reported third-quarter earnings that beat Wall Street analysts’ expectations in recent days, driven by strong sales of blockbuster brand name drugs. All four companies have increased prices so far this year, collectively hiking prices on 68 brand name drugs so far in 2026.

Get the full recap of Gilead, Eli Lilly, Bristol Myers Squibb and Merck’s third quarter earnings below:

Gilead

• Gilead reported third quarter earnings that beat Wall Street analysts’ estimates.
• The company generated $8.3 billion in revenue in the quarter.
• Sales of the Big Pharma giant’s HIV treatment Biktarvy rose 10 percent to $4.1 billion, beating expectations of $3.86 billion.
• The company also raised its earnings and sales guidance for the year to $31 billion to $31.3 billion.

Eli Lilly

• Eli Lilly posted strong third quarter earnings, topping analyst expectations.
• Sales of GLP-1 drug Mounjaro and obesity drug Zepbound drove revenue up 39 percent to $24.4 billion in the third quarter.
• The company’s GLP-1 drug Mounjaro gained 65 percent year over year to $10.72 billion, while obesity drug Zepbound rose 49 percent to $5.35 billion.
• The company raised its full-year revenue expectancy to $91 billion to $92 billion.

Bristol Myers Squibb

• Bristol Myers Squibb reported third quarter earnings that topped Wall Street expectations.
• The company’s revenue came in at $13.1 billion.
• Sales of cancer immunotherapy Qvantig more than tripled year-over-year to $334 million.
• Bristol Myers Squibb raised its full-year revenue forecast from $49.75 billion to $50.25 billion.

Merck

• Merck posted third quarter earnings that exceeded analyst expectations.
• The company generated $18.1 billion in third quarter revenue.
• Sales of blockbuster cancer treatment Keytruda rose six percent year-over-year to $8.6 billion.
• The Big Pharma company raised its full year revenue forecast to $66.8 billion to $67.3 billion, up from $66.3 billion to $67.3 billion.

These strong third quarter earnings come after each company engaged in price hikes across their portfolios this year.

Gilead

• So far in 2026, Gilead has hiked prices on 17 prescription drugs.
• Gilead hiked prices on 11 prescription drugs in 2025 at an average rate of 5.9 percent.  
• Gilead increased prices on at least 11 prescription drugs in 2024, including HIV treatment Biktarvy by 4.9 percent.
• Gilead raised prices on at least 11 prescription drugs in 2023, including HIV drug Biktarvy by 5.9 percent.

Eli Lilly

• In 2026, Eli Lilly has hiked the price of 12 prescription drugs, including GLP-1 drug Mounjaro by three percent.
• Eli Lilly increased prices on 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 prices on 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.

Bristol Myers Squibb

• Bristol Myers Squibb rang in 2026 with price hikes on 16 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 each.
• The Big Pharma giant increased the price of 18 prescription drugs in 2024, including a six percent increase on blood thinner treatment Eliquis.
• Throughout 2023, the pharmaceutical giant raised the price of 18 prescription drugs, including blockbuster blood thinner Eliquis by six percent.
• In 2022, Bristol Myers Squibb hiked prices on 14 prescription drugs, including two key cancer drugs, Opdivo and Yervoy, as well as blockbuster blood thinner drug Eliquis.

Merck

• So far this year, Merck hiked the price of 20 prescription drugs in its portfolio by an average of 2.5 percent.
• In 2025 Merck increased the prices on 30 of their prescription drugs.
• Merck hiked prices on 35 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 35 prescription drugs in 2023, including blockbuster diabetes medicines Januvia and Janumet by 4.9 percent each.
• In 2022, Merck raised prices on 33 prescription drugs. 

Stay tuned as we continue to monitor third quarter earnings calls from brand name drug companies.

Read more on third quarter earnings from Novartis and GSK HERE.

Read more on third quarter earnings from Roche HERE.

Read more on third quarter earnings from Johnson & Johnson HERE.

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