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Eli Lilly on Thursday reported first-quarter earnings and revenue that blew past estimates and hiked its full-year sales outlook by $2 billion, as demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro spiked again.

The pharmaceutical giant now expects 2026 revenue to come in between $82 billion and $85 billion, up from a previous guidance of $80 billion to $83 billion.

Lilly also expects its full-year adjusted profit to be between $35.50 to $37 per share. That compares to a previous outlook of $33.50 to $35 per share. 

Resilient demand for Zepbound and Mounjaro has helped fuel several strong quarters for Lilly despite lower prices for the medications in the U.S.

Mounjaro’s worldwide revenue rose 125% to $8.66 billion for the quarter, including U.S. sales of $4.2 billion. That surpassed the $7.26 billion in worldwide sales that analysts were expecting for the quarter, according to StreetAccount.

Zepbound, which entered the market roughly three years ago, posted $4.16 billion in U.S. revenue for the first quarter. That’s up 80% from the year-earlier period, as demand for the drug also rose while realized prices dropped. Analysts were expecting $4.04 billion in U.S. sales for Zepbound, according to StreetAccount.

Lilly is working to maintain its dominance in the booming market for GLP-1 drugs, with the company holding 60.1% share of the U.S. obesity and diabetes drug market in the first quarter, according to an earnings presentation. Novo’s market share in the quarter was 39.4%.

Here’s what Eli Lilly reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $8.55 adjusted vs. $6.66 expected
• Revenue: $19.80 billion vs. $17.62 billion expected

Shares of Lilly rose more than 5% in premarket trading Thursday.

The company posted fourth-quarter revenue of $19.80 billion, up 56% from the same period a year ago. 

Revenue in the U.S. climbed 43% to $12.1 billion. Eli Lilly said that was driven by a 49% increase in volume — or the number of prescriptions or units sold — for its products, primarily for Mounjaro and Zepbound. That was partially offset by lower realized prices of Zepbound and another medication for psoriatic arthritis and other conditions, the company said.

The pharmaceutical giant booked net income of $7.40 billion, or $8.26 per share, for the first quarter. That compares with net income of $2.76 billion, or $3.06 per share, a year earlier. 

Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $8.55 per share for the first quarter.

The company’s newly approved GLP-1 pill for obesity, Foundayo, launched in the second quarter, so its sales are not included in Thursday’s report.

Still, the pill’s rollout is likely to dominate the discussion during Lilly’s first-quarter earnings call. Executives will likely face questions about whether Foundayo can reach the same level of momentum as the rival Wegovy pill from Novo Nordisk, which benefited from a three-month head start in the U.S.

It’s too soon to assess the performance of Lilly’s pill. But early prescription data suggest its initial rollout has been “modest,” according to a note last week from Leerink Partners analyst David Risinger. 

In February, Lilly said it expects to benefit from Foundayo’s launch, Medicare coverage of obesity drugs coming online later this year and continued worldwide demand for Mounjaro and Zepbound. But the company also expects to face pricing pressure, driven by a drug pricing deal with President Donald Trump and lower cash-pay prices for Zepbound, among other factors. 

Still, Lilly CEO Dave Ricks said in an interview in late April that he expects lower prices to accelerate prescription volumes in the U.S. He also estimated that global GLP-1 use will rise from approximately 20 million patients at the end of last year to 30 million at the end of 2026.

Coca-Cola on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations, fueled by higher demand for its beverages.

For the full year, Coke is now projecting comparable earnings per share growth of 8% to 9%, up from its prior forecast of 7% to 8%, thanks to lower effective tax rates.

And despite uncertainty over the U.S.-Iran war and its ramifications for the broader economy, the company reiterated its previous outlook of organic revenue growth of 4% to 5%.

“During the quarter, the external environment differed greatly across our markets,” CEO Henrique Braun said on the company’s conference call. “While many consumers remained resilient, others are under pressure due to persistent inflation, greater macroeconomic uncertainty and volatilities driven by the conflict in the Middle East.”

Shares of the company rose 5% in morning trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

• Earnings per share: 86 cents adjusted vs. 81 cents expected
• Revenue: $12.47 billion adjusted vs. $12.24 billion expected

Coke reported first-quarter net income attributable to shareholders of $3.92 billion, or 91 cents per share, up from $3.33 billion, or 77 cents per share, a year earlier.

Excluding impairment charges and other items, the beverage giant earned 86 cents per share.

The company’s adjusted net sales climbed 12% to $12.47 billion. Coke’s organic revenue, which strips out acquisitions, divestitures and currency, rose 10% in the quarter.

The company’s unit case volume increased 3% globally. The metric excludes pricing to reflect demand more accurately.

In the past few quarters, Coke executives have reported weaker demand from lower-income consumers. However, premium brands like Fairlife and Smartwater have stayed strong in the current K-shaped economy, boosted by high-income shoppers who aren’t feeling the same pinch as low-income consumers.

Coke has also been trying to offer more affordable options for budget-conscious shoppers, Braun said on Tuesday’s call.

All of Coke’s operating segments reported volume growth for the quarter, including its home market. The company’s volume in North America increased 4%.

Across the portfolio, Coke’s water, sports, coffee and tea segment reported the strongest global growth. The division saw volume rise 5%, fueled by stronger demand for its tea and bottled water.

The sparkling soft drinks division reported that volume increased 2%, fueled by a 13% jump for Coca-Cola Zero Sugar.

The laggard of the portfolio this quarter was Coke’s juice, value-added dairy and plant-based beverage segment, which reported a volume decline of 1%. Growth in Fairlife and Santa Clara, a Mexican dairy brand, was not enough to offset the sale of the company’s finished product operations in Nigeria last year.

Looking ahead to the rest of the year, Coke executives expressed confidence that they would be able to weather the uncertainty caused by the war between the U.S. and Iran.

“Notwithstanding volatility in certain commodities, like tea and coffee, we believe the overall impact on our cost basket is manageable at this time,” CFO John Murphy said, adding that the outlook may change as the geopolitical situation progresses.

The company has less exposure to higher aluminum and plastic prices than its bottling partners. However, sales in the Middle East did weaken in March after the conflict began, executives said.

JetBlue Airways is moving forward with its flight plans at Fort Lauderdale–Hollywood International Airport, its president said, regardless of whether the airport’s No. 1 carrier, Spirit Airlines, gets a government bailout.

JetBlue, United Airlines, Frontier Airlines, Breeze Airways and others added flights last year at Fort Lauderdale, Florida, which is Spirit’s home hub as well as at other major airports where Spirit has a large presence. Those moves came shortly after Spirit filed for Chapter 11 bankruptcy protection for the second time in less than a year.

As a possible liquidation looms, budget carrier Spirit is in talks with the Trump administration for a potential bailout that could include a $500 million loan that could also give the government an up to 90% stake, people familiar with the matter have said, requesting anonymity to talk about the deal before it’s public. The airline’s lenders are assessing a deal this week.

Spirit has cut its capacity in recent years to save on costs. In February, it still had the most market share at Fort Lauderdale with nearly 25%, down from more than 28% a year earlier, while JetBlue’s share grew to more than 20%, up from 18.5% a year earlier, according to the latest available statistics from the airport.

“We have now added significant capacity” there, JetBlue’s president, Marty St. George, said on an earnings call Tuesday. “We’ve doubled the size of our next biggest competitor.

“We did not go into this with any expectation of Spirit going away,” he added. “What we have done is we’ve taken advantage of gate availability that they’ve created with some of their pulldowns.”

He added that JetBlue was happy with its unit revenue there, even with the capacity additions. “I think what it shows is that the JetBlue value proposition resonates in South Florida,” he said.

The industry is grappling with a surge in fuel prices, but JetBlue and other carriers have so far reported that customers continue to book flights.

The Association of Value Airlines, of which JetBlue isn’t a member, on Monday said it is seeking $2.5 billion from the Trump administration to help offset the jump in fuel, airlines’ second-biggest expense after labor.

JetBlue CEO Joanna Geraghty said the airline is open to “anything and everything, assuming the terms would make sense for JetBlue,” but added the airline is focused on its JetForward strategy to return to profitability, including adding new products like domestic first-class seats.

She said that the carrier is watching the situation and seeing what “shakes out with Spirit and value carriers and whether anything comes their way,” she said.

The Federal Communications Commission is seeking an early review of Disney’s broadcast station licenses following concerns around the company’s diversity, equity and inclusion efforts, according to a letter from FCC Chairman Brendan Carr Tuesday.

The letter orders the company to file for early renewal for ABC-owned television stations and notes the action is related to an investigation into Disney’s DEI efforts, which began last year.

ABC-owned station licenses were originally up for renewal between 2028 and 2031.

Disney confirmed on Tuesday that it received the FCC’s order initiating an accelerated review of its licenses. The FCC said in the letter that Disney now has 30 days — or until May 28 — to file for the renewals.

“ABC and its stations have a long record of operating in full compliance with FCC rules and serving their local communities with trusted news, emergency information, and public‑interest programming,” Disney said in a statement. “We are confident that record demonstrates our continued qualifications as licensees under the Communications Act and the First Amendment and are prepared to show that through the appropriate legal channels. Our focus remains, as always, on serving viewers in the local communities where our stations operate.” 

The FCC’s move to require early renewals from Disney comes as ABC faces renewed backlash from President Donald Trump this week following comments made by comedian Jimmy Kimmel in an opening monologue for his late night TV show that airs on ABC’s network.

Trump revived his push for ABC to take Kimmel off the air after the host of “Jimmy Kimmel Live!” referred to First Lady Melania Trump as an “expectant widow” during the show last week, days ahead of an alleged assassination attempt at the White House Correspondents’ Dinner.

However, the FCC, the federal entity that regulates the media and telecommunications industry, began investigating Disney’s stations last March for possible violations of the Communications Act of 1934 and the FCC’s rules regarding its prohibition on unlawful discrimination.

Since beginning its investigation, the FCC said that “Disney’s ABC has purported to respond” to two inquiries. Still, the agency said that it has determined further action was “appropriate.”

The order lists eight stations subject to the early renewal — three in California, as well as others in Illinois, New York, Texas, North Carolina and Pennsylvania — all of which are owned and operated by Disney. The call for early renewal does not affect Disney’s affiliates, which are operated by broadcast station owners like Nexstar Media Group.

Disney is not the only media company subject to an investigation surrounding its DEI efforts.

Under Carr, who was appointed by Trump, the FCC also began investigations last year into Comcast, the owner of NBCUniversal, as well as Paramount, prior to its merger with Skydance.

Following reports earlier Tuesday of the FCC’s intention to review ABC’s licenses early, FCC Commissioner Anna Gomez called the move “unprecedented, unlawful, and going nowhere,” in a post on X, adding that “this political stunt won’t stick. Companies should challenge it head-on. The First Amendment is on their side.”

First Amendment experts began to weigh in on the FCC’s latest move on Tuesday, raising similar points as to when “Jimmy Kimmel Live!” was temporarily suspended in September following comments the host made after the killing of conservative activist Charlie Kirk.

At the time, Carr had suggested broadcast station licenses could be revoked in response.

“The FCC has no authority to cancel broadcasters’ licenses because of their perceived political views. But this isn’t just about the rights of Disney and ABC,” said Jameel Jaffer, executive director at the Knight First Amendment Institute at Columbia University in an emailed statement.

“President Trump is trying to consolidate control over what Americans see and hear on the radio, television, and social media. If he gets his way, we’ll have only government-aligned media organizations that broadcast only government-approved news and commentary. It would be difficult to imagine an outcome more corrosive to democracy or more offensive to the First Amendment,” Jaffer said.