The pharmaceutical giant also raised its full-year revenue forecast, reflecting confidence in sustained growth across its expanding GLP-1 franchise and broader product portfolio.

Shares of Eli Lilly rose approximately 4% following the earnings release.

Lilly Raises Revenue Outlook

Eli Lilly now expects full-year 2026 revenue to reach between $85 billion and $87 billion, compared with its previous guidance of $82 billion to $85 billion.

The company maintained adjusted earnings guidance of $35.50 to $36.50 per share. Management noted that underlying profit expectations improved during the quarter but were largely offset by charges related to several strategic acquisitions completed during the period.

Chief Executive Officer Dave Ricks described the company’s performance as one of its strongest periods in recent history.

Earnings Easily Beat Expectations

For the second quarter, Eli Lilly reported adjusted earnings per share of $8.38, significantly ahead of analysts’ expectations of $6.01.

Revenue climbed to $22.97 billion, exceeding Wall Street estimates of $20.73 billion.

Net income increased to $7.10 billion, or $7.94 per share, compared with $5.66 billion, or $6.29 per share, during the same period last year.

After adjusting for one-time acquisition-related charges and other items, earnings reached $8.38 per share.

GLP-1 Portfolio Continues to Lead Market

Demand for Lilly’s flagship GLP-1 medicines remained the primary driver of growth.

Worldwide sales of diabetes treatment Mounjaro jumped 91% year over year to $9.94 billion, surpassing analyst expectations. International sales more than doubled, rising 172%, supported by strong demand across markets including Brazil, China, and India.

CEO Dave Ricks said adoption exceeded both the company’s and Wall Street’s expectations, highlighting particularly strong consumer demand in emerging markets where many patients continue paying out of pocket.

Weight-loss drug Zepbound generated $4.93 billion in second-quarter revenue, representing a 46% increase from the prior year despite lower realized prices resulting from expanded discount programs.

According to company data, Eli Lilly held a 60.9% share of the U.S. obesity and diabetes drug market during the second quarter, compared with Novo Nordisk’s 38.8% market share.

Foundayo Begins Commercial Launch

The quarter also marked the first earnings report to include revenue from Foundayo, Lilly’s newly approved oral obesity treatment that received U.S. regulatory approval in April.

Foundayo generated $98 million in second-quarter sales, slightly below analyst expectations but reflecting an encouraging early commercial launch.

Ricks said physician awareness, consumer adoption, and insurance coverage continue improving rapidly, noting that prescriptions have doubled within a month while consumer awareness has also doubled.

He emphasized that the oral therapy is expanding the overall obesity treatment market rather than reducing demand for injectable products such as Zepbound.

International Growth Accelerates

Lilly’s international business delivered particularly strong performance.

Revenue outside the United States increased 80% to $8.6 billion, driven by a 113% increase in product volume. Management noted that lower realized prices reflected Mounjaro’s inclusion within China’s national health insurance program for Type 2 diabetes treatment.

Meanwhile, U.S. revenue rose 33% to $14.4 billion as prescription volumes increased substantially across the company’s diabetes and obesity portfolio.

Medicare Expansion and Strategic Acquisitions Support Growth

Lilly continues benefiting from expanding access to obesity treatments.

Management said Medicare’s new coverage for obesity medications, introduced in early July, is off to a strong start and is expected to increase patient access during the second half of 2026.

Beyond organic growth, Lilly remains active in expanding its pipeline through acquisitions. The company recently announced the purchase of a psychedelics drug developer and revealed plans earlier this year to acquire three vaccine companies, further strengthening its long-term growth strategy.

Confidential Advisory: This article is for informational purposes only and should not be considered financial, medical, or investment advice. Investors should evaluate company fundamentals, competitive dynamics, regulatory developments, and market conditions before making investment decisions.

Closing Insights

Eli Lilly continues to strengthen its leadership in the rapidly expanding obesity and diabetes treatment market through robust demand for Mounjaro and Zepbound while successfully launching its first oral GLP-1 therapy. Combined with expanding Medicare coverage, accelerating international adoption, and continued strategic acquisitions, the company’s latest results reinforce its position as one of the pharmaceutical industry’s fastest-growing innovators heading into the remainder of 2026.