Eli Lilly: Growth at Full Speed
Eli Lilly and Company (NYSE: LLY) reported very strong results for the second quarter of 2026.
Worldwide revenue reached $23.0 billion, an increase of 48% year-over-year.
Despite significant expenses for acquired in-process research and development projects, reported net income rose 25%. Management also raised the full-year revenue guidance. This reflects continued confidence in demand, the expansion of production capacity, and the company’s pharmaceutical development pipeline.
Q2 2026 at a Glance
| Key Figure | Q2 2026 | Year-over-Year Change |
|---|---|---|
| Revenue | $23.0 billion | +48 % |
| Adjusted Net Income | $7.5 billion | +32 % |
| Adjusted EPS | $8.38 | +33 % |
| Reported Gross Margin | 85,8 % | +1.5 percentage points |
Key Highlights
- Revenue growth was driven by a 60% increase in sales volume.
- Mounjaro revenue rose 91% to $9.9 billion, supported by strong demand in the U.S. and rapid international expansion.
- Zepbound revenue rose 46% to $4.9 billion, as demand for obesity therapies remained high.
- Revenue outside the U.S. rose 80% to $8.6 billion, primarily due to higher sales volumes of Mounjaro.
- Management raised the full-year revenue guidance to $85 to $87 billion.
What Defined the Quarter?
The most important growth drivers were once again Mounjaro and Zepbound. Together, the two medicines generated revenue of approximately $14.9 billion in the quarter, accounting for nearly two-thirds of Eli Lilly’s total revenue.
Mounjaro performed particularly strongly in international markets, where revenue rose 172%.
Beyond its current product portfolio, Eli Lilly further strengthened its future growth foundation. The company reported positive results from three additional Phase 3 studies of retatrutide. The clinical data package required for global regulatory submissions in obesity is now complete; filing in the U.S. is planned for the first quarter of 2027.
The company also submitted orforglipron – its oral GLP-1 therapy – for approval in the U.S. for type 2 diabetes. An effective oral medication without food or water intake requirements could significantly expand the addressable market for incretin-based therapies.
Updated 2026 Guidance
| Guidance | Updated Range | Previous Range |
|---|---|---|
| Revenue | $85–$87 billion | $82–85 billion |
| Performance Margin | 49.0–50.5% | 47.0–48.5% |
| Adjusted Earnings per Share | $35.50–$36.50 | $35.50–37.00 |
Source: Eli Lilly, Q2 2026 Financial Results.
MUMAK Assessment
Eli Lilly’s results for the second quarter confirm our positive long-term assessment of the company.
The combination of strong fundamental growth, rising international demand, improved production efficiency, and continued progress in the development pipeline provides a solid foundation.
Overall, Eli Lilly remains one of the highest-quality growth companies in the global pharmaceutical sector.
The raised revenue guidance, the strong pipeline, and the ongoing expansion of production capacity underscore the company’s attractive long-term prospects.
How the chart setup will develop in light of this news flow remains, of course, uncertain. The initial reactions were very positive, but were followed by swift profit-taking. The next few days will be decisive in any case.
MUMAK SpotLight of the Week: Apple and Amazon Quarterly Review