Lilly raises full-year outlook as Mounjaro and Zepbound sales reach $14.9 billion in a quarter

Eli Lilly reported $23.0 billion in second-quarter 2026 revenue, up 48% from a year earlier, and said its two tirzepatide products, Mounjaro and Zepbound, accounted for $14.9 billion of that total, or about 65% ^[1]. The company raised its 2026 full-year revenue guidance to a range of $85.0 billion to $87.0 billion ^[1].

Mounjaro revenue was $9.943 billion worldwide, a 91% increase, with U.S. sales of $4.8 billion (up 45%) and sales outside the U.S. of $5.2 billion (up 172%) ^[1]. Lilly attributed the international increase mainly to higher volume, partly offset by lower realized prices after Mounjaro was added to China's National Reimbursement Drug List in the first quarter of 2026 ^[1]. Zepbound revenue reached $4.928 billion, up 46%; U.S. Zepbound revenue rose 44% to $4.9 billion on stronger demand, partly offset by lower realized prices, including previously announced reductions in cash-pay prices ^[1].

Across the company, worldwide volume rose 60% while realized prices fell 13% ^[1]. U.S. revenue increased 33% to $14.4 billion, with volume up 37% and price down 3%; excluding adjustments to estimates for rebates and discounts, U.S. price would have fallen about 9% ^[1]. Revenue outside the U.S. rose 80% to $8.6 billion, on 113% higher volume and 36% lower realized prices ^[1]. Gross margin was 85.8% of revenue, up 1.5 percentage points from a year earlier ^[1].

Reported earnings per share were $7.94, up 26%, and non-GAAP earnings per share were $8.38, up 33%; both figures included $3.03 per share in charges tied to acquired in-process research and development, mostly from the acquisitions of Orna Therapeutics and Ajax Therapeutics ^[1]. Research and development spending rose 14% to $3.8 billion, and marketing, selling and administrative costs rose 25% to $3.4 billion, which Lilly tied to promotional efforts for current and planned launches ^[1]. Lilly also said it committed an additional $4.5 billion to expand its Indiana manufacturing sites ^[1].

Revenue for the group Lilly calls Key Products reached $15.7 billion, led by Mounjaro and Zepbound ^[1]. Foundayo (orforglipron) was added to that list in the second quarter and recorded $98 million in revenue, its first quarter on the list ^[1].

Why it matters for patients

This is a financial report, and Lilly did not disclose U.S. list prices, net prices per prescription, or any insurance coverage changes, so whether a given patient's costs change is not yet known from this release ^[1]. What the numbers do show is where the pricing pressure is coming from: Lilly attributes lower realized prices to factors including previously announced Zepbound cash-pay price cuts and Mounjaro's inclusion in China's national reimbursement list ^[1].

Mounjaro and Zepbound now supply close to two-thirds of Lilly's revenue, which is one reason the company says it is spending on manufacturing capacity and promotion ^[1]. That scale also means supply, formulary and rebate decisions around these two products reach a large number of people.

Lilly also said three more Phase 3 trials of retatrutide in obesity produced positive data, and that its clinical data package is complete for obesity, obstructive sleep apnea and knee osteoarthritis pain ^[1]. Retatrutide is not approved, and no approval date has been disclosed ^[1].

What happens next

• Lilly plans to submit a Biologics License Application for retatrutide to the U.S. Food and Drug Administration in the first quarter of 2027, covering obesity, obstructive sleep apnea and knee osteoarthritis pain ^[1].
• Lilly said it submitted orforglipron for type 2 diabetes in the U.S.; the release does not give a decision date ^[1].
• The company's full-year 2026 guidance is $85.0 billion to $87.0 billion in revenue and $35.50 to $36.50 in non-GAAP earnings per share ^[1].
• Lilly said it committed $4.5 billion more to expand Indiana manufacturing sites, with no timeline given for when that capacity comes online ^[1].