Eli Lilly reports a 48% increase in revenue driven by its leading diabetes and obesity medicines, with international sales soaring and new pipeline drugs showing promising results, as it raises its full-year outlook.
Eli Lilly posted another sharply higher quarter, lifted by demand for its diabetes and obesity medicines and by expanding sales overseas, then raised its full-year outlook as those products continued to outpace expectations.
Revenue rose 48% to $23.0 billion in the second quarter, with Mounjaro contributing $9.9 billion and Zepbound $4.9 billion. The company said the two incretin drugs remained the main engines of growth, while its newer medicines in oncology, immunology and neuroscience also helped widen the base of the business. Non-GAAP earnings per share came in at $8.38, though that figure included $3.03 a share in acquired in-process research and development charges tied mainly to recent deals.
Management lifted 2026 revenue guidance to $85 billion to $87 billion from a prior range of $82 billion to $85 billion. It also increased its performance margin forecast to 49% to 50.5%, citing stronger-than-expected product performance in the first half of the year. Chief Financial Officer Lucas Montarce said the company had benefited from volume growth, even as some pricing gains reflected rebate and discount adjustments that will not repeat at the same level.
The company’s obesity portfolio remained central to the story. Lilly said the Medicare GLP-1 Bridge programme, which began on July 1, has expanded coverage for obesity treatment for 20 million eligible Americans at an out-of-pocket cost of $50 a month. Executives said the programme had helped increase the number of people with access to Lilly’s obesity medicines by 35%. They also said self-pay remained a major channel, accounting for 45% of total Zepbound prescriptions and 55% of new ones in the quarter.
Internationally, the picture was just as important. Lilly said Mounjaro revenue outside the US increased 80%, with particularly strong growth in China after inclusion on the country’s National Reimbursement Drug List. The company also pointed to gains in Europe, Japan, Latin America and parts of Asia, while saying its global incretin share has climbed to about 55%. Patrik Jonsson, who heads international operations, said reimbursement abroad tends to take longer, but the company is seeing promising demand in markets such as the UAE, Mexico and Saudi Arabia.
On the pipeline side, Lilly highlighted the progress of retatrutide, its triple-acting obesity drug, after positive Phase 3 results across several TRIUMPH studies. David Ricks said the data showed weight loss “approaching bariatric surgery levels” at the highest doses. The company now expects to file in the US in the first quarter of 2027 under the biologics pathway, after completing the remaining chemistry, manufacturing and controls work. It also completed a US submission for orforglipron in type 2 diabetes and said it expects a regulatory decision later this year.
Beyond obesity, Lilly is leaning harder into a broader set of therapies. It reported strong sales for Ebglyss, Jaypirca, Kisunla and its breast cancer drug Inluriyo, which the company said has become the leading new-prescription product in the US metastatic breast cancer oral SERD market. It also said P-tau217 blood testing for Alzheimer’s disease more than doubled from a year earlier, supporting growth in Kisunla. Meanwhile, the company continued to expand its manufacturing footprint, including a new genetic medicines site in Indiana and additional investment in its US production network.
The quarter also underscored Lilly’s appetite for acquisition. The company added several new programmes through deals in vaccines, psychiatry and oncology, including work on shingles, bacterial infections and Epstein-Barr virus. Daniel Skovronsky, chief scientific and product officer, said Lilly sees business development as a long-term part of its R&D strategy, not a one-off exercise. The company ended the quarter with $1.5 billion in dividends and $1.6 billion in share repurchases.
Disclaimer: This content is for informational purposes only and is not intended to be a substitute for professional medical judgment, advice, diagnosis, or treatment.
