Lilly's obesity pill posts a modest first full quarter

Eli Lilly's new obesity pill, Foundayo (orforglipron), posted $98 million in U.S. sales in the second quarter of 2026, according to earnings data cited by analysts ^[2]. That figure fell short of the $104 million analysts had expected, per RBC Capital Markets ^[2]. It also lagged the early trajectory of Novo Nordisk's oral Wegovy pill, which brought in about $494 million in the same quarter, even though that number missed Novo's own estimates ^[2].

The modest start for Foundayo came even as Lilly's overall business kept climbing. Companywide revenue jumped 48% to almost $23 billion in the quarter, beating Wall Street's forecast of $20.6 billion ^[2]. That growth was driven almost entirely by Lilly's injectable drugs: Mounjaro, used for type 2 diabetes, brought in $9.94 billion worldwide, up 91% from a year earlier, while Zepbound, the injectable obesity drug, rose 46% to $4.93 billion ^[1]. Together those two products made up nearly 65% of Lilly's quarterly revenue ^[1].

Analysts pointed to broadening insurance access as a reason Foundayo's sales could pick up. All three major U.S. pharmacy benefit managers now cover Lilly's obesity drug lineup, and a Medicare GLP-1 Bridge program began giving eligible patients access to both Foundayo and Zepbound starting in July ^[1]. Lilly is also seeking approval in more than 40 additional countries and pursuing a diabetes indication for the pill, moves that could widen its market over time ^[1]. One analyst report noted that Foundayo can be taken at any time of day without food or water restrictions, a potential edge over oral Wegovy, which has dosing restrictions tied to meals ^[1].

Novo Nordisk, meanwhile, had a rough earnings week of its own. Novo's Wegovy pill sales fell short of analyst estimates, and shares dropped 6% before recovering some ground ^[2]. The company's experimental drug CagriSema also underperformed against Lilly's tirzepatide in a head-to-head diabetes trial, adding to Novo's setbacks ^[2]. Novo raised its full-year outlook only slightly, now projecting sales at constant exchange rates to range from flat to a 6% decline, an improvement from its earlier forecast of a 4% to 12% drop ^[2]. Lilly, by contrast, raised its full-year revenue guidance to between $85 billion and $87 billion ^[2].

Why it matters for patients

For people considering an obesity pill instead of a weekly injection, the slower start for Foundayo does not necessarily reflect the drug's effectiveness — it reflects early-stage market dynamics like insurance coverage and prescribing patterns. The fact that all three major U.S. pharmacy benefit managers now cover Lilly's obesity portfolio, and that a Medicare bridge program began covering Foundayo and Zepbound in July, means more patients may find the pill affordable or accessible going forward ^[1]. Patients weighing pill versus injection options should know that both Foundayo and oral Wegovy are still in early rollout, and coverage, cost, and availability can vary significantly by insurance plan and pharmacy. The competition between Lilly and Novo could also affect pricing and access over time, though the sources do not detail specific out-of-pocket costs for patients.

What happens next

Lilly is pursuing regulatory review of Foundayo in more than 40 additional countries and is seeking a type 2 diabetes indication for the drug, which could expand its patient base beyond the obesity market ^[1]. Analysts expect Foundayo's second-half sales to benefit from expanding insurance coverage that took effect in July 2026 ^[1]. Novo Nordisk's CagriSema remains under U.S. Food and Drug Administration review, though it has shown mixed results in recent studies, including a setback in a trial comparing it with Lilly's tirzepatide ^[2]. Smaller competitors, including Viking Therapeutics and Structure Therapeutics, are also developing oral GLP-1 drugs, with Viking planning to move its oral candidate into late-stage testing for obesity in the fourth quarter of 2026 ^[1].