Eli Lilly Raises 2026 Revenue Forecast After Strong Q2

Eli Lilly and Company reported second-quarter revenue of $22.97 billion, a 48% year-over-year increase that exceeded analyst estimates of $20.73 billion. The growth was driven by surging demand for its GLP-1 medications, with the diabetes treatment Mounjaro seeing worldwide revenue rise 91% to $9.94 billion and the obesity drug Zepbound increasing 44% to $4.93 billion. Together, these treatments accounted for 64.7% of the company's quarterly revenue.

Adjusted earnings per share reached $8.38, surpassing the expected $6.01. While worldwide volume for these treatments grew by 60%, realized prices declined by 13%, indicating that affordability remains a primary constraint on market expansion. The company also reported $98 million in sales for its newly approved obesity pill, Foundayo. Despite the introduction of oral alternatives, including a new pill from rival Novo Nordisk, Eli Lilly executives noted that injectable medicines remain the preference for approximately three out of four new patients.

Following these results, the company raised its full-year 2026 revenue outlook to between $85 billion and $87 billion, up from a previous range of $82 billion to $85 billion. The financial gains have supported recent acquisitions of a psychedelics drugmaker and three vaccine makers. Looking forward, the company plans to file a Biologics License Application in the first quarter of 2027 for retatrutide, a next-generation weight-loss drug that saw patients lose over 20% of their body weight in clinical trials.