Eli Lilly beats Q2 earnings and raises full-year revenue guidance on strong Mounjaro and Zepbound sales

Eli Lilly reported second-quarter 2026 revenue of $23.0 billion, a 48% increase from the year-ago quarter, driven primarily by volume growth in its diabetes and obesity franchises Mounjaro and Zepbound. Mounjaro alone contributed $9.9 billion in quarterly revenue, up 91% year-over-year, while Zepbound generated $4.9 billion in the U.S. market, up 44%. Non-GAAP earnings per share increased 33% to $8.38, exceeding analyst consensus estimates of $6.01. The company raised its full-year 2026 revenue guidance to $85.0 billion to $87.0 billion, from the prior range of $82 billion to $85 billion. Non-GAAP EPS guidance was updated to $35.50 to $36.50 after accounting for $3.03 per share in acquired in-process research and development charges from recent acquisitions. The company also expanded manufacturing capacity in Indiana with a commitment of an additional $4.5 billion, and continued adding to its pipeline through multiple business development transactions.

1. Q2 2026 revenue of $23.0 billion, up 48% year-over-year
2. Non-GAAP EPS of $8.38, up 33% from $6.31 in Q2 2025, beating consensus estimate of $6.01
3. Mounjaro revenue of $9.9 billion in Q2 2026, up 91% year-over-year
4. U.S. Zepbound revenue of $4.9 billion in Q2 2026, up 44% year-over-year
5. Full-year 2026 revenue guidance raised to $85.0-$87.0 billion from $82-$85 billion
6. Full-year 2026 non-GAAP EPS guidance of $35.50-$36.50 after accounting for $3.03 IPR&D charges
7. Committed additional $4.5 billion to expand Indiana manufacturing sites
8. Completed acquisitions of Orna Therapeutics, Ajax Therapeutics, Centessa Pharmaceuticals, and Kelonia Therapeutics