Eli Lilly and Company LLY reported second-quarter 2026 adjusted earnings per share (“EPS”) of $8.38, which comprehensively beat the Zacks Consensus Estimate of $6.01 per share. Earnings rose 33% year over year.
Revenues of $22.97 billion rose 48% year over year, driven by robust volume growth of Lilly’s popular GLP-1 drugs, Mounjaro for type II diabetes and Zepbound for obesity. Lilly’s other new products also contributed significantly to sales growth. Total revenues beat the Zacks Consensus Estimate of $20.26 billion.
While U.S. revenues rose 33% to $14.4 billion, ex-U.S. revenues increased 80% to $8.6 billion.
In the reported quarter, net realized prices declined 13%, while volumes rose 60%.
LLY’s Mounjaro and Zepbound Sales Outperform
Mounjaro recorded sales of $9.94 billion during the quarter, up 91% year over year. The reported sales figure beat the Zacks Consensus Estimate of $8.94 billion.
U.S. Mounjaro revenues increased 45% to $4.8 billion on strong demand, partly offset by lower realized prices. International revenues jumped 172% to $5.2 billion, as volume growth was offset by lower realized prices as the drug was added to China's National Reimbursed Drug List.
Zepbound recorded second-quarter sales of $4.93 billion, up 46% from the year-ago period. The reported figure beat the Zacks Consensus Estimate of $4.72 billion.
The obesity drug’s performance was driven by strong demand in the United States. However, growth was partly offset by lower realized prices, including previously announced reductions in cash-pay prices. Adjustments to rebate and discount estimates provided some support.
Lilly’s newly launched once-daily oral GLP-1 pill, Foundayo (orforglipron), generated $98 million in second-quarter sales following its April launch.
Lilly expects to launch Foundayo in most international markets during 2027. For the type II diabetes indication, Lilly has filed regulatory applications in several countries including the United States.
Rival Novo Nordisk NVO had gained approval for an oral version of its obesity drug, Wegovy, in December 2025 and launched the pill in January 2026. Novo Nordisk announced sales of around $500 million (DKK 3.22 billion) from the Wegovy oral pill in its second-quarter results announced on Aug 4. Total prescriptions for Wegovy pill reached around 2.9 million in the second quarter.
LLY's Newer Drugs Add Momentum
Among the newer drugs, Jaypirca recorded $192.0 million in sales, up 56% year over year. Omvoh recorded $102 million in sales, up 36% year over year, while Ebglyss sales were $201 million, up 131% year over year.
Sales of the new Alzheimer’s drug Kisunla were $167.0 million in the second quarter compared with $124.0 million in the previous quarter.
New breast cancer drug, Inluriyo (imlunestrant), recorded sales of $75 million in the second quarter, compared with $35 million in the previous quarter.
LLY’s Key Drugs Deliver Mixed Results
Trulicity generated revenues worth $1.22 billion million, up 12% year over year. Sales of Trulicity significantly beat the Zacks Consensus Estimate of $852 million.
Jardiance sales surged 79% to $1.23 billion and significantly beat the Zacks Consensus Estimate of $699 million. International revenues included a $250 million sales-based milestone associated with Lilly’s collaboration with Boehringer Ingelheim.
Taltz brought in sales of $856 million, up 1% year over year. The reported figure narrowly beat the Zacks Consensus Estimate of $846 million.
Verzenio generated revenues of $1.47 billion, down 1% year over year. Sales missed the Zacks Consensus Estimate of $1.56 billion.
Emgality generated revenues of $191.0 million in the quarter, down 5% year over year. Olumiant generated second-quarter revenues of $258 million, up 5% year over year.
LLY Raises Its 2026 Revenue Outlook
Lilly raised its full-year 2026 revenue guidance to a range of $85 billion to $87 billion from the previous projection of $82 billion to $85 billion. The increase reflects continued strong revenue performance in the first half of 2026, which also benefited from sales-based milestones and adjustments for rebates and discounts.
The company now expects adjusted earnings between $35.50 and $36.50 per share, compared with the prior expectation of $35.50 to $37.00 per share. Strong underlying business growth added $2.78 to the midpoint of Lilly’s previous expectation, but this benefit was more than offset by $3.03 per share of acquired in-process research and development charges associated with the several acquisitions that the company has done this year.
Lilly has been on an aggressive M&A spree in 2026, acquiring and partnering with biotech companies across oncology, neuroscience, cardiovascular disease, gene editing and vaccines to diversify its long-term growth drivers beyond GLP-1 therapies. The company has announced more than $20 billion in biotech deals this year. In its most recent deal, last month, Lilly announced a definitive agreement to acquire New York-based clinical-stage biotech AtaiBeckley ATAI for $2.8B upfront to strengthen its neuroscience pipeline in the rapidly evolving psychiatric disease space.
Our Take on LLY’s Q2 Results
Lilly delivered another impressive quarter as earnings and revenues comfortably exceeded estimates. Mounjaro and Zepbound remained the primary growth engines, with both drugs beating their respective consensus estimates. Newer medicines also made meaningful contributions across immunology, oncology and neuroscience. Lilly’s key new products (Ebglyss, Foundayo, Inluriyo, Jaypirca, Kisunla, Mounjaro, Omvoh, and Zepbound) contributed $15.7 billion to revenues in the second quarter. Lower realized prices remained a headwind, but strong volume growth more than offset that pressure in the second quarter.
The company also raised its sales expectations for the second time this year.
In response to the better-than-expected quarterly earnings and the increased revenue outlook for 2026, Lilly’s shares rose around 5% in pre-market trading.
Lilly’s stock has risen 3.8% so far this year compared with an increase of 8.2% for the industry.
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Lilly has become a dominant player in the popular GLP-1 drug space, backed by robust demand for Mounjaro and Zepbound. These therapies account for more than 60% of the company’s total revenues, with sales expected to remain strong throughout 2026. While newer therapies such as Ebglyss, Jaypirca, Inluriyo, Kisunla and Omvoh are expected to support growth, mature products like Trulicity, Taltz and Verzenio are likely to remain flat or decline.
Foundayo, which offers the benefits of GLP-1 therapy in a pill form, can prove to be a commercial game-changer for Lilly.
To maintain leadership in the GLP-1 market, Lilly is developing several next-generation, more powerful and more convenient GLP-1–based treatments like triple-acting incretin, retatrutide. Lilly completed the clinical data package needed to support global regulatory submissions for retatrutide in obesity, obstructive sleep apnea and knee osteoarthritis pain. The company plans to submit the treatment to the FDA in the first quarter of 2027. If approved, retatrutide could become another multibillion-dollar product.
LLY’s Zacks Rank & A Stock to Consider
Eli Lilly currently has a Zacks Rank #3 (Hold).
Eli Lilly and Company Price and Consensus
Eli Lilly and Company price-consensus-chart | Eli Lilly and Company Quote
A better-ranked large drugmaker is J&J JNJ, which has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
J&J’s shares have risen 23.2% so far this year. The Zacks Consensus Estimate for 2026 earnings has risen from $11.58 per share to $11.66 per share over the past 30 days, while that for 2027 earnings has gone up from $12.65 per share to $12.81 over the same time frame
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