The strong beat and guidance raise reinforce Lilly's growth trajectory from its GLP-1 franchise. Traders should watch for retatrutide regulatory submission updates and manufacturing expansion progress as key catalysts through year-end.
Price Chart
Executive Summary
Lilly reported Q2 2026 revenue of $22.97B (up 48% YoY, 11% above consensus) and non-GAAP EPS of $8.38 (up 33%, 27% above consensus), driven by Mounjaro ($9.9B, +91%) and Zepbound ($4.9B, +46%). The company raised full-year revenue guidance from $82-85B to $85-87B and underlying EPS guidance by $2.78 (offset by $3.03 in IPRD charges), signaling strong demand for its incretin portfolio. Pipeline progress includes complete Phase 3 data for retatrutide supporting global registration for obesity and related conditions, with BLA submission planned for Q1 2027.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $22.97B, up 48% YoY (consensus $20.69B, beat 11%)
- Non-GAAP EPS $8.38, up 33% YoY (consensus $6.58, beat 27%)
- Full-year revenue guidance raised to $85-87B from $82-85B
- Underlying non-GAAP EPS guidance raised by $2.78 at midpoint, offset by $3.03 IPRD charges
- Mounjaro revenue $9.94B (+91% YoY), Zepbound $4.93B (+46% YoY)
- Complete Phase 3 retatrutide data package for obesity/OSA/knee osteoarthritis pain; BLA submission planned Q1 2027
- Committed additional $4.5B to Indiana manufacturing expansion
- Completed acquisitions of Orna, Ajax, Centessa, and Kelonia during Q2
Financial Impact
EPS beat by $1.80 (27%) on consensus of $6.58; revenue beat by $2.28B (11%) on consensus of $20.69B
Risk Factors
- Pricing pressure from NRDL in China and cash-pay price reductions in the U.S.
- Acquired IPRD charges of $3.03/share weigh on GAAP EPS; potential for further deal-related dilution
- Competitive landscape for GLP-1 drugs (Novo Nordisk, Pfizer, others) may intensify
- Integration risk from multiple acquisitions (Orna, Ajax, Centessa, Kelonia)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000059478-26-000077 |
| Document: lly-20260805.htm | 0000059478-26-000077 |
| Document: 0000059478-26-000077-index-headers.html | 0000059478-26-000077 |
| Document: 0000059478-26-000077-index.html | 0000059478-26-000077 |
| Document: 0000059478-26-000077.txt | 0000059478-26-000077 |
| 8-K Data (Synthetic) | 0000059478-26-000077 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 5w ago | Press Release | $1,115.70 $1,179.27 | ▲ +5.70% | ▲ +3.83% | $1,257.03 (+12.67%) |
Sep 8, 2026 5w ago | Court Ruling | $1,123.91 $1,157.49 | ▲ +2.99% | ▲ +1.02% | $1,257.03 (+11.84%) |
Aug 18, 2026 8w ago | Insider Cluster | $1,225.73 $1,137.82 | ▼ −7.17% | ▼ −5.86% | $1,257.03 (+2.55%) |
Aug 11, 2026 9w ago | Insider Cluster | $1,215.02 $1,124.21 | ▼ −7.47% | ▼ −6.42% | $1,257.03 (+3.46%) |
Aug 7, 2026 10w ago | Court Ruling | $1,185.71 $1,149.36 | ▼ −3.07% | ▼ −2.67% | $1,257.03 (+6.01%) |
Aug 5, 2026 10w ago | 8-K | $1,169.86 $1,160.08 | ▼ −0.84% | ▼ −0.23% | $1,257.03 (+7.45%) |
Aug 4, 2026 10w ago | Court Ruling | $1,115.68 $1,160.00 | ▲ +3.97% | ▲ +5.21% | $1,257.03 (+12.67%) |
Jul 31, 2026 11w ago | Court Ruling | $1,148.84 $1,174.61 | ▼ −2.24% | ▲ +0.74% | $1,257.03 (−9.42%) |
Jul 30, 2026 11w ago | Court Ruling | $1,154.97 $1,176.10 | ▲ +1.83% | ▼ −2.14% | $1,257.03 (+8.84%) |
Jul 22, 2026 12w ago | Press Release | $1,163.01 $1,280.34 | ▲ +10.09% | ▲ +7.19% | $1,257.03 (+8.08%) |
US Market Status
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