Eli Lilly's second-quarter revenue rose 48% year over year as Mounjaro and Zepbound demand kept climbing, and the company raised its full-year revenue and earnings guidance. Chair and CEO Dave Ricks pointed to growth across products and geographies, new pipeline data, and a wave of acquisitions.
Eli Lilly and Company reported 48% revenue growth in the second quarter of 2026, driven mainly by continued demand for its cardiometabolic medicines Mounjaro and Zepbound, and raised its full-year revenue and earnings guidance.
Chair and CEO Dave Ricks said the company delivered growth across key products and major geographies, advanced its pipeline, and added assets through business development. According to Ricks: "We delivered strong business results, received regulatory approval for new indications". Lilly said its key products increased by nearly $6.8 billion during the quarter, while its oncology, immunology and neuroscience medicines collectively grew 121% from the prior-year period.
Guidance climbs on obesity-drug demand
Mounjaro and Zepbound combined for $14.9 billion in revenue, contributing $6.3 billion of the year-over-year growth. U.S. obesity prescriptions rose 78% year over year, and Lilly medicines accounted for about six out of ten total obesity prescriptions and about seven out of ten injectable prescriptions, the company said.
As a result, Lilly raised its full-year 2026 revenue outlook to $85 billion to $87 billion, lifting the low end by $3 billion and the high end by $2 billion, and now expects non-GAAP earnings per share of $35.50 to $36.50. Non-GAAP earnings per share for the quarter reached $8.38, up from $6.31 a year earlier, though the figure included $3.03 in acquired in-process research and development charges.
Medicare program widens access
The company also pointed to its July 1 launch of the Medicare GLP-1 Bridge Program, which it said gives 20 million eligible Americans coverage for GLP-1 obesity medicines at $50 per month out of pocket and expanded U.S. coverage for Lilly's obesity medicines by 35%. Self-pay still accounted for about 45% of total Zepbound prescriptions and about 55% of new prescriptions in the quarter.
International sales outpace the U.S.
U.S. revenue increased 33%, primarily on volume growth for Zepbound and Mounjaro. Meanwhile, revenue outside the U.S. climbed further: Europe revenue rose 55% in constant currency, aided by Mounjaro volume growth and a $250 million Jardiance milestone payment, while revenue grew 30% in Japan, 93% in China and 136% in the rest of the world on a constant-currency basis.
Pipeline advances with retatrutide
Lilly reported positive Phase III results for its experimental medicine retatrutide across the TRIUMPH program and plans to submit the medicine for U.S. approval in the first quarter of 2027 through the biologics license application pathway, though the company remains in active litigation and discussions with the FDA on that classification.
The company also expanded its pipeline through acquisitions in infectious disease, mental health and neuroscience, and it opened its first dedicated genetic medicine manufacturing facility in Lebanon, Indiana. During the quarter, Lilly distributed $1.5 billion in dividends and repurchased $1.6 billion of shares.
Source: MarketBeat
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