Eli Lilly (LLY) · Pharmaceuticals
Eli Lilly Q2 2026 earnings: summary, key numbers & outlook
Results filed 5 Aug 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Revenue in Q2 2026 increased 48% to $23.0 billion driven primarily by Mounjaro and Zepbound volume, and EPS increased by 26% to $7.94 on a reported basis and increased by 33% to $8.38 on a non-GAAP basis.
Lilly's second-quarter revenue rose 48% to $23.0 billion, driven by a 60% increase in volume, partly offset by a 13% decrease in realized prices. Mounjaro revenue grew 91% to $9.9 billion and Zepbound's U.S. revenue grew 44% to $4.9 billion. Reported EPS was $7.94, which included $3.03 of acquired IPR&D charges from acquisitions such as Orna Therapeutics and Ajax Therapeutics.
Lilly raised its 2026 revenue guidance to $85.0 billion to $87.0 billion and expects non-GAAP EPS of $35.50 to $36.50. The underlying EPS increase of $2.78 at the midpoint was more than offset by $3.03 of IPR&D charges from Q2 deals. The main tension is falling realized prices, which declined 13%, against rising volume, plus the cost of continued business development.
Key numbers
- Revenue · GAAP
- $23.0B
- Net income (reported) · GAAP
- $7.1B
- Diluted EPS (reported) · GAAP
- $7.94
- EPS (non-GAAP) · non-GAAP
- $8.38
- Gross margin as a percent of revenue · GAAP
- 85.8%
- Gross margin as a percent of revenue (non-GAAP) · non-GAAP
- 86.3%
- Operating income · GAAP
- $9.0B
up 48% from a year ago
up 25% from a year ago
up 26% from a year ago
up 33% from a year ago
up 1.5 percentage points versus the same quarter last year
up 1.3 percentage points versus the same quarter last year
up 31% from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Mounjaro | $9.9B | up 91% from a year ago |
| Zepbound | $4.9B | up 46% from a year ago |
| Ebglyss | $201.0M | up 131% from a year ago |
| Jaypirca | $192.0M | up 56% from a year ago |
| Kisunla | $167.0M | |
| Foundayo | $98.0M | |
| U.S. revenue | $14.4 billion | up 33% |
| Revenue outside the U.S. | $8.6 billion | up 80% |
Where each number comes from
- Revenue: “Financial Results $ in millions, except per share data | Second-Quarter 2026 | 2025 | % Change Revenue | $22,974 | $15,558 | 48%”
- Net income (reported): “Net income – Reported | 7,095 | 5,661 | 25% Earnings per share – Reported(1) | 7.94 | 6.29 | 26% Net income – Non-GAAP | 7,493 | 5,680 | 32%”
- Diluted EPS (reported): “Q2 2026 EPS increased by 26% to $7.94 on a reported basis and increased by 33% to $8.38 on a non-GAAP basis.”
- EPS (non-GAAP): “Q2 2026 EPS increased by 26% to $7.94 on a reported basis and increased by 33% to $8.38 on a non-GAAP basis.”
- Gross margin as a percent of revenue: “Gross margin as a percent of revenue was 85.8%, an increase of 1.5 percentage points versus the same quarter last year.”
- Gross margin as a percent of revenue (non-GAAP): “Gross margin as a percent of revenue was 86.3%, an increase of 1.3 percentage points versus the same quarter last year.”
- Operating income: “Asset impairment, restructuring and other special charges | 703 | — | NM | 982 | 35 | NM Operating income | 8,978 | 6,867 | 31% | 17,893 | 10,562 | 69%”
- Mounjaro: “Selected Products | 2026 | 2025 | % Change | 2026 | 2025 | % Change Mounjaro | $9,943 | $5,199 | 91% | $18,605 | $9,041 | 106%”
- Zepbound: “Zepbound(1) | 4,928 | 3,381 | 46% | 9,088 | 5,693 | 60% Jaypirca | 192 | 123 | 56% | 357 | 215 | 66%”
- Ebglyss: “Ebglyss | 201 | 87 | 131% | 346 | 147 | 135% Kisunla | 167 | 49 | NM | 291 | 70 | NM Omvoh | 102 | 75 | 36%”
- Jaypirca: “Zepbound(1) | 4,928 | 3,381 | 46% | 9,088 | 5,693 | 60% Jaypirca | 192 | 123 | 56% | 357 | 215 | 66%”
- Kisunla: “Ebglyss | 201 | 87 | 131% | 346 | 147 | 135% Kisunla | 167 | 49 | NM | 291 | 70 | NM Omvoh | 102 | 75 | 36%”
- Foundayo: “Inluriyo | 75 | — | NM | 110 | — | NM Foundayo | 98 | — | NM | 98 | — | NM Total Revenue | 22,974”
- U.S. revenue: “Revenue in the U.S. increased 33% to $14.4 billion, driven by a 37% increase in volume, partially offset by a 3% decrease in realized prices.”
- Revenue outside the U.S.: “Revenue outside the U.S. increased 80% to $8.6 billion, driven by a 113% increase in volume, partially offset by a 36% decrease in realized prices.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $23.0B | +47.7% | +16.0% |
| Net income | $7.1B | +25.3% | −4.1% |
| Diluted EPS | $7.94 | +26.2% | −3.9% |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue | full-year 2026 | $85 to $87 billion |
| Performance margin | full-year 2026 | 49.0% to 50.5% |
| Tax rate | full-year 2026 | 18% to 19% |
| Non-GAAP earnings per share | full-year 2026 | $35.50 to $36.50 |
Key takeaways
Volume growth drove 48% revenue increase
Revenue rose to $23.0 billion on a 60% increase in volume, partially offset by a 13% decrease in realized prices. Mounjaro and Zepbound led the growth.
IPR&D charges weighed on Q2 earnings
Q2 2026 reported and non-GAAP EPS included $3.03 of acquired IPR&D charges compared to $0.14 in Q2 2025. The charges primarily related to the acquisitions of Orna Therapeutics, Inc. and Ajax Therapeutics, Inc.
Full-year revenue guidance raised to $85-87 billion
The prior range was $82 to $85 billion. Performance margin guidance also rose to 49.0% to 50.5% from 47.0% to 48.5%.
EPS guidance narrowed after $3.03 charge
Underlying non-GAAP EPS guidance rose by $2.78 at the midpoint, but $3.03 of Q2 IPR&D charges produced an updated range of $35.50 to $36.50.
Retatrutide data package complete for filings
Three additional Phase 3 obesity trials were positive, and Lilly plans to submit a Biologics License Application to the U.S. FDA in the first quarter of 2027.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $13.5B * |
| Q1 2025 | $12.7B |
| Q2 2025 | $15.6B |
| Q3 2025 | $17.6B |
| Q4 2025 | $19.3B * |
| Q1 2026 | $19.8B |
| Q2 2026 | $23.0B |
| Q3 2026 | $24.4B |
Data
| Q1 2025 | $3.06 |
| Q2 2025 | $6.29 |
| Q3 2025 | $6.21 |
| Q1 2026 | $8.26 |
| Q2 2026 | $7.94 |
| Q3 2026 | $7.22 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Questions
How did Eli Lilly perform in Q2 2026?
Revenue increased 48% to $23.0 billion, driven by a 60% increase in volume and partly offset by a 13% decrease in realized prices. Reported EPS was $7.94 and non-GAAP EPS was $8.38.
What is Lilly's updated 2026 guidance?
Lilly raised full-year revenue guidance to $85 to $87 billion from $82 to $85 billion. Non-GAAP EPS guidance is now $35.50 to $36.50, down at the top end from $35.50 to $37.00 because of $3.03 of Q2 IPR&D charges.
Which products drove growth?
Mounjaro revenue rose 91% to $9,943 million and Zepbound rose 46% to $4,928 million. Newer products such as Foundayo, which was added to Key Products in Q2 2026, contributed $98 million.
Why did EPS growth look lower than underlying growth?
Q2 2026 EPS included $3.03 of acquired IPR&D charges versus $0.14 a year earlier. The effective tax rate also rose to 23.3% from 16.5%, driven by non-deductible IPR&D charges.
What are the key pipeline milestones?
Lilly completed the clinical data package for retatrutide and plans a U.S. FDA Biologics License Application submission in the first quarter of 2027. It also submitted orforglipron for type 2 diabetes in the U.S.
Documents
SEC filing