Story perspectives

Eli Lilly Q2 Revenue Jumps 48%, Raises 2026 Outlook

8/6/2026

Summary

Lilly Beats Forecast

Eli Lilly & Co. reported Q2 revenue of $22.97 billion, up 48% YoY, and lifted its 2026 outlook to $85-$87 billion.
Adjusted earnings per share were $8.38, surpassing the $6.01 consensus estimate.
Mounjaro generated $9.94 billion worldwide and Zepbound $4.93 billion, together contributing $14.9 billion to the quarter.
Lilly held 60.9% of the U.S. obesity-and-diabetes market, ahead of Novo Nordisk’s 38.8% share.
Foundayo sold $98 million in the quarter, just under the $103 million FactSet forecast.

Summary

Lilly Expands Access

Eli Lilly granted early access to retatrutide and targets an FDA filing in Q1 2027.
Lilly completed a global dossier for retatrutide’s obesity, sleep apnea and knee-pain uses.
Lilly executives will address upcoming Medicare coverage for GLP-1 products to broaden access.
International president Patrik Jonsson said Canada’s generic GLP-1 supply constraints will be watched.
Novo’s Emil Kongshøj Larsen said a Canadian savings-card is preserving Ozempic and Wegovy volume in insurance channels.

History

Historical Context

John Eng isolated exendin-4 from Gila-monster venom in 1992 and patented it in 1993. Amylin licensed the compound in 1996, and in 2002 Eli Lilly paid $325 million to co-develop the synthetic version, exenatide, which the FDA approved in April 2005. That approval proved GLP-1 receptors druggable and sparked the rapid expansion of GLP-1 agonists such as semaglutide and tirzepatide.

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Lilly Beats Forecast

Eli Lilly & Co. reported Q2 revenue of $22.97 billion, up 48% YoY, and lifted its 2026 outlook to $85-$87 billion.
Adjusted earnings per share were $8.38, surpassing the $6.01 consensus estimate.
Mounjaro generated $9.94 billion worldwide and Zepbound $4.93 billion, together contributing $14.9 billion to the quarter.
Lilly held 60.9% of the U.S. obesity-and-diabetes market, ahead of Novo Nordisk’s 38.8% share.
Foundayo sold $98 million in the quarter, just under the $103 million FactSet forecast.

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