Eli Lilly reported a blowout Q2, driven by incretin franchise growth, and raised full-year guidance. Management highlighted the success of the Medicare GLP-1 Bridge Program and Foundeo launch progress, while also detailing pipeline advancements and strategic acquisitions in vaccines and neuroscience. Q2 revenue grew 48% YoY to $21.25B, with EPS of $8.38, both beating expectations, driven by Zepbound and Mounjaro.
Eli Lilly reported a blowout Q2, driven by incretin franchise growth, and raised full-year guidance. Management highlighted the success of the Medicare GLP-1 Bridge Program and Foundeo launch progress, while also detailing pipeline advancements and strategic acquisitions in vaccines and neuroscience. Q2 revenue grew 48% YoY to $21.25B, with EPS of $8.38, both beating expectations, driven by Zepbound and Mounjaro.
Demand signals are strong: Q2 revenue grew 48%, with Monjaro and Zepbound combining for $14.9B, Foundeo early uptake in UAE 'encouraging', and total prescriptions in the US incretin obesity market up 78% year-over-year. Management noted a recent inflection in Foundeo and…
Q2 revenue grew 48% YoY to $21.25B, with EPS of $8.38, both beating expectations, driven by Zepbound and Mounjaro.
The company raised FY2026 revenue guidance to $85-87B, EPS to $35.50-36.50, and operating margin to 49-50.5%.
The US launch of oral Foundeo is showing signs of an inflection, with weekly prescriptions doubling in late July and 36,000 prescribers.
Demand signals are strong: Q2 revenue grew 48%, with Monjaro and Zepbound combining for $14.9B, Foundeo early uptake in UAE 'encouraging', and total prescriptions in the US incretin obesity market up 78% year-over-year. Management noted a recent inflection in Foundeo and incremental access expansion via Medicare Bridge.
Management highlighted continued manufacturing investment, including opening a dedicated genetic medicine facility and producing the first commercial batch at a new site, to support pipeline growth. They also discussed potential global rollout and supply readiness for new products.
Management struck a confident, optimistic tone, repeatedly citing 'strong momentum', raising guidance, and highlighting broad pipeline progress and launch success.
Addresses prior capacity constraints, enabling global rollout of Foundeo and expected market share gains.
“There will be no gating of launches either.”
“We're seeing a significant preference towards injectable, probably around 80% of people that are getting treatment are injectable, but we're seeing new patients for both.”
“... including the U.S. FDA approval of Eblis for maintenance dosing once every eight weeks in atopic dermatitis, The EU approval for J-PERCA in CLL across all lines of therapy.”
“There were a few one-offs that we call it out in the calls as well, period adjustments that we have on our estimates for rebates and discounts in the U.S., including this quarter. Those, of course, we don't expect that will continue into t…”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $35.50–$36.50 | $36.00 | RAISED |
| Op margin | FY2026 | 49%–50.5% | 49.75% | RAISED |
| Revenue | FY2026 | $85B–$87B | $86B | RAISED |
Lilly management acknowledges Novo's oral GLP-1 launch in ex-US markets but claims its combined incretin portfolio share held steady, downplaying the competitive threat.
“...when we look at the Lelius combined, incretin share held steady even if we had a second oral entering the market.”