Eli Lilly reports 48% revenue growth and raises 2026 guidance to $85-87 billion

Eli Lilly reported second-quarter 2026 revenue of $23.0 billion on August 5, a 48% increase over the same quarter last year, and raised its full-year revenue guidance to $85 billion to $87 billion from a prior range of $82 billion to $85 billion ^[1][2]. The growth came from a 60% jump in volume, partly offset by a 13% decline in realized prices ^[1].

Mounjaro, the tirzepatide brand sold for type 2 diabetes, brought in $9.9 billion worldwide, up 91% ^[1]. U.S. Mounjaro sales were $4.8 billion, up 45%, while sales outside the U.S. rose 172% to $5.2 billion ^[1]. Lilly attributed the international price decline mainly to adding Mounjaro to China's National Reimbursement Drug List in the first quarter of 2026 ^[1]. Zepbound, the same molecule sold for obesity, posted $4.9 billion ^[1]. Lilly's release describes that as a 44% increase in U.S. Zepbound revenue, while its own revenue table and CNBC put the year-over-year change at 46% ^[1][2]. Lilly said lower realized prices for Zepbound reflected "previously announced reductions in cash-pay prices," partly offset by accounting adjustments to rebate and discount estimates ^[1].

This was the first quarter to include Foundayo, Lilly's oral GLP-1 orforglipron, which won U.S. approval in April ^[2]. It recorded $98 million in sales, slightly below the roughly $103 million analysts tracked by FactSet had forecast ^[2]. CEO David Ricks said consumer awareness and prescriptions each doubled in a month and that about a quarter of new patients starting an oral medication are starting on Lilly's pill ^[2]. He also said the oral market is "expansionary, it's not cannibalizing Zepbound" demand ^[2]. Lilly separately said it has submitted orforglipron to the FDA for type 2 diabetes in the U.S. ^[1].

In the U.S., total Lilly revenue rose 33% to $14.4 billion on a 37% volume increase and a 3% decrease in realized prices ^[1]. Lilly noted that without favorable adjustments to rebate and discount estimates, U.S. prices would have fallen about 9% ^[1]. Adjusted earnings came in at $8.38 per share against analyst expectations of $6.01 ^[2]. Lilly said it holds 60.9% of the U.S. obesity and diabetes drug market, with Novo Nordisk at 38.8% ^[2].

Why it matters for patients

The numbers describe a market where more people are filling prescriptions at lower per-prescription prices. Lilly's own disclosure of a 13% global drop and roughly 9% underlying U.S. drop in realized prices is consistent with the cash-pay discounts the company has announced ^[1]. Realized price is what Lilly collects after rebates and discounts, not the list price or what any individual pays at a pharmacy, so it does not translate directly into a patient's out-of-pocket cost.

Ricks said Medicare's new coverage of obesity drugs, which began in early July and allows eligible seniors to get branded GLP-1s for a $50 monthly copay, is "off to a strong start" ^[2]. He has estimated global GLP-1 use will rise from about 20 million patients at the end of last year to 30 million by the end of 2026 ^[2]. Lilly also committed an additional $4.5 billion to expand its Indiana manufacturing sites, which bears on supply ^[1].

For people weighing a pill versus an injection, Foundayo's first quarter is a small number against Zepbound's $4.9 billion, and Lilly frames the oral market as adding patients rather than shifting them ^[1][2]. Whether pricing or access for Foundayo changes as it competes with Novo Nordisk's oral drug is not addressed in these sources.

What happens next

Lilly said the clinical data package for retatrutide, an experimental triple agonist, is now complete to support global registrations in obesity, obstructive sleep apnea and knee osteoarthritis pain, with plans to file a Biologics License Application with the FDA in the first quarter of 2027 ^[1]. That means any U.S. approval decision would come later; the sources do not give a timeline. The FDA's review timeline for the orforglipron type 2 diabetes submission is also not stated ^[1]. Lilly's next quarterly results will update full-year progress against the new $85 billion to $87 billion range ^[1][2].