Eli Lilly Expects Up to $87 Billion in 2026 Revenue. Here's Why the Stock Still Looks Undervalued.

LLY is guiding to as much as $87 billion in 2026 revenue, up from $65 billion in 2025, a jump of roughly $22 billion that rests on its weight loss franchise of Mounjaro and Zepbound.

The stock has already rewarded holders: up 400% over five years and 25% over the past six months. Yet LLY trades at 32x forward earnings, which the source characterizes as below its historical levels. That framing underpins the undervaluation argument: revenue is scaling at the high end of guidance while the multiple sits beneath where the stock has previously traded.

The pipeline adds optionality. EloraTZP and retatrutide are named candidates that could broaden LLY's weight loss lineup beyond Mounjaro and Zepbound. Interpretation: if either advances, the market may need to price additional revenue streams not captured in the 2026 range, though the source offers no timing or sales estimates for them.

The article names NVO only as part of the competitive context for the category, so LLY's growth and valuation profile is the focal point here. A 400% five-year run alongside a compressed multiple suggests earnings growth has outpaced price appreciation, which is the core of the bull case.