Eli Lilly posts $23B quarter

Eli Lilly reported $23.0 billion in second-quarter 2026 revenue on August 5, up 48% from a year earlier, as demand for Mounjaro and Zepbound continued to drive sales growth. The Indianapolis drugmaker also raised its full-year revenue forecast to $85 billion to $87 billion, from $82 billion to $85 billion previously. (investor.lilly.com) Reported earnings per share rose 26% to $7.94, while non-GAAP earnings per share rose 33% to $8.38. The quarter extended Lilly’s run as one of the biggest beneficiaries of demand for GLP-1 medicines used in diabetes and obesity. (investor.lilly.com) The company said volume, rather than pricing, was the main driver of the increase. Lilly’s filing said second-quarter results included $3.03 per share of acquired in-process research and development charges, compared with $0.14 a year earlier. (investor.lilly.com) ### Where did the $23 billion come from? Mounjaro and Zepbound were the main engines of growth in the quarter, Lilly said in its earnings release. The company said total revenue was driven primarily by volume for those products, which sit at the center of Lilly’s diabetes and obesity business. Key products revenue rose to $15.7 billion in the quarter, according to the company’s materials. (investor.lilly.com) A third-party summary of Lilly’s results said volume rose 60% while realized prices fell 13%, underscoring that unit growth rather than price increases carried the quarter. That same summary said gross margin expanded to 85.8% from 84.3% a year earlier. ### How much did Lilly lift its outlook? Lilly raised its 2026 revenue guidance to a range of $85.0 billion to $87.0 billion, according to the company’s August 5 filing. (investor.lilly.com) The prior range was $82.0 billion to $85.0 billion. Lilly also updated its full-year reported earnings per share guidance to $35.50 to $36.50 after accounting for second-quarter acquired IPR&D charges. CNBC reported that the company’s higher sales outlook followed another quarter in which Zepbound and Mounjaro demand exceeded Wall Street expectations. (investor.lilly.com) MarketBeat said analysts had expected quarterly revenue of about $20.69 billion, below Lilly’s reported $22.97 billion. ### What did Lilly say about the rest of the portfolio? Lilly said the quarter also reflected continued pipeline progress, alongside commercial growth in its obesity and diabetes franchises. (tradingkey.com) The earnings release pointed investors to supporting materials including the earnings presentation, financial workbook and Form 10-Q. The company framed the update as part of a broader 2026 plan that includes recently announced business-development activity and additional late-stage pipeline work. (investor.lilly.com) Lilly’s first-quarter release had already said the company planned an Investment Community Meeting for December 7, 2026. ### Why are investors focused on volume and not just price? (cnbc.com) Lilly said volume was the primary reason revenue climbed 48% in the quarter, a point that matters because it suggests demand growth is being sustained by more prescriptions and supply availability. Third-party coverage of the results said the company’s realized prices declined even as sales rose, reinforcing that the quarter was driven by product uptake. (investor.lilly.com) Yahoo Finance reported that Lilly’s new guidance range implies another step up in expected annual sales after the company had already raised its forecast in the first quarter. CNBC separately reported that Lilly’s weight-loss and diabetes medicines again led the beat. (investor.lilly.com) ### What comes next after this quarter? August 5 was also the date of Lilly’s second-quarter earnings call, which the company scheduled for 10:00 a.m. EDT with supporting materials posted on its investor site. Lilly’s quarterly results page lists the press release, presentation, financial workbook and Form 10-Q for the quarter. December 7, 2026 is Lilly’s next named investor event in company materials now in the market. The company said in its first-quarter release that it plans to hold an Investment Community Meeting on that date. (investor.lilly.com 1) (investor.lilly.com 2) (investor.lilly.com 3) (finance.yahoo.com)