Eli Lilly LLY is a dominant player in the cardiometabolic market, backed by a strong and expanding GLP-1 portfolio. Its GLP-1 lineup includes Mounjaro and Zepbound (tirzepatide injections) for type II diabetes (T2D) and obesity, respectively, and the newly approved oral obesity therapy, Foundayo (orforglipron).
Lilly’s growth has been primarily fueled by the blockbuster success of Mounjaro and Zepbound, whose strong demand has made them the company’s primary revenue drivers. In the first half of 2026, the two drugs generated $27.7 billion in combined sales, up approximately 88% year over year and accounting for about 65% of Lilly’s total revenues. Investors will closely monitor their performance when LLY reports third-quarter results on Oct. 29, 2026.
Mounjaro and Zepbound have delivered strong growth in recent quarters, supported by robust demand, expanded manufacturing capacity and continued international market expansion, with sales expected to remain strong in the third quarter of 2026. Mounjaro continued to gain ground in the U.S. T2D market, while Zepbound captured nearly 60% of total prescriptions in the U.S. branded obesity market by the end of the second quarter. Overall, Lilly held 60.9% of the U.S. incretin-analog market by prescriptions as of June, while its share of the international market by sales reached 54.9% in April–May. The robust momentum of its GLP-1 franchise is a key driver underpinning Eli Lilly’s upbeat 2026 revenue outlook of $85-$87 billion.
Investors will closely monitor Foundayo’s commercial momentum when Lilly reports third-quarter results. Launched in April, the oral GLP-1 generated $98 million in second-quarter sales. Coverage through all three major U.S. pharmacy benefit managers expanded during the second quarter, while eligible Medicare beneficiaries gained access through the GLP-1 Bridge program on July 1, making the third quarter the first full quarter with this additional coverage channel. Foundayo’s obesity indication is also under regulatory review in more than 40 countries, with a global rollout targeted for 2027. Investors will look for updates on Foundayo’s obesity sales, the FDA’s review of Lilly’s separate application for T2D use and international expansion plans to gauge the drug’s long-term growth potential.
Beyond cardiometabolic health, Lilly’s broader portfolio, including the oncology drug Verzenio and immunology drug Taltz, also continues to deliver steady growth. The company’s newer drugs, including Omvoh and Ebglyss in immunology, Jaypirca in oncology, and Kisunla in neuroscience, are all contributing to top-line growth.
LLY’s Peers in the Obesity Space
Eli Lilly and Novo NVO presently dominate the obesity market. Mounjaro and Zepbound directly compete with NVO’s semaglutide medicines, Ozempic for T2D and Wegovy for obesity. Like Eli Lilly, Novo also generates a substantial portion of revenues from both drugs.
Novo gained approval for an oral version of its obesity drug, Wegovy, in December 2025 and launched the pill in January 2026, which gave it a first-mover advantage over Foundayo. However, Lilly may close the gap soon. Oral pills will be a more convenient alternative to the currently available once-weekly injectable obesity treatments like Zepbound and Wegovy.
The obesity space has drawn much of the spotlight over the past year because of the sizeable and still underpenetrated market opportunity. Smaller biotech firms, such as Viking Therapeutics VKTX and Structure Therapeutics GPCR, are also advancing GLP-1–based therapies to challenge the incumbents. Viking Therapeutics’ dual GIPR/GLP-1 RA, VK2735, is being developed in both oral and subcutaneous formulations for the treatment of obesity. Viking recently announced initiating the phase III SUNRISE program, comprising two late-stage studies, evaluating oral VK2735 in adults with obesity and in obese or overweight adults with T2D.
Structure Therapeutics’ phase II ACCESS program on its orally administered small molecule GLP-1 RA, aleniglipron, demonstrated significant weight loss across all doses. Based on such encouraging results, Structure Therapeutics has initiated dosing patients in its late-stage ACCOMPLISHprogram to evaluate aleniglipron for chronic weight management.
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