Eli Lilly and Company

Ladies and gentlemen, thank you for standing by and welcome to the Eli Lilly third quarter 2026 earnings conference call. At this time, all participants are on a listen only mode. Later, we will be conducting question and answer session and instructions will be given at that time. Should you require operator assistance during the call, please press star then zero and an operator will assist you offline. I would now like to turn the conference over to your host, Mike Czapar, Senior Vice President of Investor Relations. Please go ahead.

Good morning. Thank you for joining us for Eli Lilly and Company's Q3 2026 earnings call. I'm Mike Czapar, Senior Vice President of Investor Relations. Joining me on today's call are Dave Ricks, Lilly's Chair and CEO, Lucas Montarce, Chief Financial Officer, Dr. Dan Skovronsky, Chief Scientific and Product Officer, Adrian Brown, President of Lilly Immunology, Dr. Carol Ho, President of Lilly Neuroscience, Ilya Yuffa, President of Lilly USA and Global Customer Capabilities, Jake Van Naarden, President of Lilly Oncology and Head of Business Development, Patrick Johnson, President of Lilly International, and Ken Custer, President of Lilly Cardiometabolic Health. During this call, we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to several factors, including those listed on slide 4. Additional information concerning factors that could cause actual results to differ is contained in our latest Form 10-K of subsequent filings with the SEC. The information we provide about our projects and pipeline is for the benefit of the investment community. It is not intended to be promotional or otherwise influence prescribing decisions. Our commentary will focus on our non-GAAP financial measures. Now, I'll turn the call over to Dave.

Thank you, Mike. Q3 was another quarter of solid execution. We delivered strong financial results, raised our full-year financial guidance, advanced our pipeline, and expanded our manufacturing footprint. Revenue grew nearly $7 billion compared to Q3 2025, and our key product revenue increased by over $6 billion. Within key products, revenue from our oncology, immunology, and neuroscience portfolio doubled versus last year. We continued the global rollout of Foundeo, launching in the UK, Mexico, and Saudi Arabia for people with obesity, and in Mexico for people with type 2 diabetes. We achieved several key regulatory and pipeline milestones since our last call, including the U.S. approval of our new weekly insulin and new indications for Enlurio, J. Perka, and Manjaro. As part of the Medicare GLP-1 Bridge Program, we expanded access to obesity medicines in the U.S. for approximately 20 million seniors. Since the July 1 launch, more than half a million people have filled a prescription for Lilly medicine through this program. We've heard positive feedback from patients and physicians about the initial implementation. Within the GLP-1 Bridge Program, the Lilly portfolio is performing well. Among new Bridge patients, 7 out of 10 starting on a Lilly obesity medicine. We're encouraged to see the strong uptake of the BRAVE program and believe it has the potential to both improve outcomes for seniors and save costs for Medicare. A recently published paper from the University of Southern California's Schaefer Center for Health Policy and Economics estimated the expansion of anti-obesity medications in Medicare could deliver over $20 billion of cumulative savings over 10 years. This is an encouraging indicator of the magnitude of savings the GLP-1 bridge program could generate. We added to our pipeline through business development this quarter, acquiring Atai Beckley and Merida Biosciences. We also progressed our manufacturing build-out to support our long-term growth outlook. We broke ground on two new manufacturing facilities, a $6.5 billion facility in Houston, Texas, and a $5 billion facility in Richmond, Virginia. $1.5 billion in dividends in the third quarter and executed $400 million in share purchases. We launched the Lilly Change the Course Commitment. Through this new initiative, we set a new goal. It reaches many people in resource-limited settings who have obesity and related diseases as in high-income countries prior to 2040. Lastly, we announced Patrick Johnson, president of Lilly International, will retire at the end of 2026. Ilya Yuffa will expand his responsibilities to include Lilly International as part of a newly created role called President of Lilly Global Markets. I want to thank Patrick for his many contributions over a successful 36-year career at Lilly. And now I'll turn the call over to Lucas to review our Q3 results.