Eli Lilly Q2 2026 earnings beat, raises full-year revenue forecast
Eli Lilly reported second-quarter revenue of $23.0 billion on Wednesday, a 48% increase from a year earlier, and lifted its full-year revenue target to a range of $85 billion to $87 billion, compared with the prior forecast of $82 billion to $85 billion.
Demand for diabetes drug Mounjaro and weight loss drug Zepbound drove the results. Mounjaro revenue rose 91% to $9.9 billion for the quarter, including $4.8 billion in U.S. sales and $5.2 billion internationally. Zepbound generated $4.9 billion in U.S. revenue, a 44% year-over-year gain, with strong prescription demand more than making up for a decline in net prices.
On an adjusted basis, Lilly earned $8.38 per share in the second quarter, handily clearing analyst expectations of $6.01; revenue of roughly $23 billion also topped the $20.73 billion consensus estimate, according to CNBC.
On a reported basis, net income came in at $7.1 billion, or $7.94 per share, a roughly 25% increase from $5.7 billion, or $6.29 per share, in the same period last year. Reported and adjusted earnings per share each included $3.03 in charges tied to acquired in-process research and development from deal activity in the quarter.
Lilly's revised full-year adjusted earnings outlook of $35.50 to $36.50 per share holds the floor steady while trimming the ceiling from the previous $35.50 to $37.00 range; the company said a $2.78 per share gain in core business performance was more than wiped out by $3.03 per share in acquisition-related charges. Lilly said it also committed an additional $4.5 billion to expand Indiana manufacturing sites.
International revenue reached $8.6 billion, an 80% increase, lifted by a 113% jump in volume even as a 36% price decline weighed on results — a drop tied largely to Mounjaro's inclusion on China's national reimbursement formulary for Type 2 diabetes. Domestic revenue reached $14.4 billion, a 33% increase over the prior-year period.
Lilly also reported its first quarterly revenue figures for Foundayo, its newly approved oral weight loss and diabetes pill. The pill brought in $98 million for the quarter, falling slightly short of the roughly $103 million that analysts had anticipated, according to CNBC.
The strong results come as Lilly has pursued a string of acquisitions. During the second quarter, the company completed deals for Orna Therapeutics, Ajax Therapeutics, Centessa Pharmaceuticals, and Kelonia Therapeutics. After the quarter closed, Lilly agreed to acquire AtaiBeckley, a clinical-stage company developing psychedelic-based treatments for mental health conditions including treatment-resistant depression, for roughly $2.8 billion upfront. Lilly also announced three additional acquisitions to build an infectious disease portfolio, the company said.
On the pipeline front, Lilly said positive Phase 3 data for retatrutide, its next-generation weight loss candidate, are now complete enough to support global regulatory filings covering obesity, obstructive sleep apnea, and knee osteoarthritis pain. The company plans to submit a biologics license application to the FDA in the first quarter of 2027, the company said.
Lilly shares were up more than 5% in Wednesday premarket activity.