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Eli Lilly

Eli Lilly (LLY) Q2 2026 Earnings

Reported Aug 5, 2026 at 7:05 AM ET · SEC Source

Q2 26 EPS

$8.38

BEAT +27.27%

Est. $6.58

Q2 26 Revenue

$22.97B

BEAT +11.06%

Est. $20.69B

vs S&P Since Q2 26

+8.0%

BEATING MARKET

LLY +8.4% vs S&P +0.4%

Market Reaction

Did LLY Beat Earnings? Q2 2026 Results

Eli Lilly delivered a blowout second quarter of 2026, with revenue climbing 47.7% year over year to $22.97 billion and earnings per share of $8.38 beating the $6.58 consensus estimate by 27.27%, extending the drugmaker's streak of consecutive EPS bea… Read more Eli Lilly delivered a blowout second quarter of 2026, with revenue climbing 47.7% year over year to $22.97 billion and earnings per share of $8.38 beating the $6.58 consensus estimate by 27.27%, extending the drugmaker's streak of consecutive EPS beats to four quarters. The engine behind those results was unmistakably Lilly's incretin franchise, with Mounjaro and Zepbound together generating nearly $14.87 billion as Mounjaro alone nearly doubled to $9.94 billion, fueled in part by a 172% surge in international sales following its addition to China's national reimbursement list. Gross margin expanded to 85.8%, though a wave of acquisitions, including Orna Therapeutics and Kelonia Therapeutics among others, triggered $2.78 billion in IPR&D charges that weighed on reported earnings and pushed the effective tax rate to 23.3%. With competitor Novo Nordisk facing its own headwinds in the GLP-1 space, Lilly's momentum looks durable; the company raised full-year revenue guidance to $85.00 to $87.00 billion and committed an additional $4.50 billion to expand its Indiana manufacturing base.

Key Takeaways

  • • 60% increase in volume driving 48% revenue growth, partially offset by 13% decrease in realized prices
  • • Mounjaro U.S. revenue up 45% and international revenue up 172% on strong demand
  • • Zepbound U.S. revenue up 44% driven by strong demand
  • • Gross margin improvement to 85.8% from improved cost of production and favorable product mix
  • • Key Products in Immunology, Oncology, and Neuroscience grew 121% year-over-year

LLY Forward Guidance & Outlook

Lilly raised full-year 2026 revenue guidance to $85.0–$87.0 billion, up from the prior range of $82.0–$85.0 billion. Performance margin guidance was raised to 49.0%–50.5% from 47.0%–48.5%. Non-GAAP EPS guidance was updated to $35.50–$36.50 (prior: $35.50–$37.00), reflecting a $2.78 midpoint increase from underlying business strength more than offset by $3.03 of acquired IPR&D charges from Q2 business development. The non-GAAP tax rate guidance remains at 18%–19%. Guidance does not include acquired IPR&D incurred after June 30, 2026, and assumes approximately 894 million shares outstanding.

24/7 Wall St

LLY YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

LLY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

LLY Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Lilly's momentum continues, as we delivered 48% revenue growth and raised our full-year guidance. At the same time, Lilly is building for the future. With our next-generation weight-loss medicine retatrutide and its complete clinical data package in hand, new manufacturing capacity coming online, and exciting new assets entering our pipeline through business development, Lilly's future, after 150 years, has never been brighter.”

— David A. Ricks, Q2 2026 Earnings Press Release

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