Mounjaro and Zepbound top $14.8 billion in a single quarter

Eli Lilly reported second-quarter 2026 results on August 5, 2026, showing that its two tirzepatide brands — Mounjaro for type 2 diabetes and Zepbound for obesity — generated a combined $14.9 billion in three months ^[1]. Mounjaro brought in $9.943 billion worldwide, up 91% from a year earlier, and Zepbound brought in $4.928 billion, up 46% ^[1]. Together they accounted for roughly 65% of Lilly's $22.974 billion in total revenue, which rose 48% ^[1].

Lilly raised its full-year 2026 revenue guidance to a range of $85.0 billion to $87.0 billion ^[1]. Reported earnings per share were $7.94, up 26%, and non-GAAP EPS was $8.38, up 33%; both figures included $3.03 per share of acquired in-process research and development charges tied to acquisitions, compared with $0.14 in the same quarter of 2025 ^[1]. Updated non-GAAP EPS guidance is $35.50 to $36.50 ^[1].

Prices are falling while volume climbs

The revenue jump came from volume, not price. Lilly said worldwide volume rose 60% while realized prices fell 13% ^[1]. In the US, revenue grew 33% to $14.4 billion on a 37% volume increase, with realized prices down 3% — and the company noted that excluding accounting adjustments for rebates and discounts, US prices would have declined about 9% ^[1]. Lilly attributed the US price decline primarily to Zepbound and Mounjaro ^[1].

For Zepbound specifically, Lilly said US revenue rose 44% to $4.9 billion, "primarily driven by strong demand, partially offset by lower realized prices, including previously announced reductions in cash-pay prices" ^[1]. (The revenue table lists a 46% change for Zepbound overall; the brand is sold for obesity in Canada, Japan and the United States ^[1].)

Outside the US, revenue grew 80% to $8.6 billion, with volume up 113% but realized prices down 36% — a drop Lilly tied mainly to Mounjaro being added to China's National Reimbursement Drug List in the first quarter of 2026 ^[1]. Mounjaro revenue outside the US rose 172% to $5.2 billion, while US Mounjaro revenue rose 45% to $4.8 billion ^[1].

The quarter also included the first reported sales for Foundayo, Lilly's once-daily pill orforglipron: $98 million, with the drug newly added to the company's list of Key Products ^[1]. Lilly said it submitted orforglipron for type 2 diabetes in the US ^[1].

Why it matters for patients

The numbers put hard figures behind something many people taking these drugs have already noticed: supply and access have loosened enough that volume is growing much faster than revenue, and the average price Lilly actually collects per prescription is going down. The company itself points to cash-pay price reductions for Zepbound as one reason ^[1]. That does not tell you what any individual will pay at a pharmacy, since insurance coverage, rebates and pharmacy channel all vary, but it shows the direction of the company's realized pricing.

The international figures matter for a different reason. A 113% volume increase outside the US alongside a 36% price decline suggests Lilly is trading price for far wider reach in markets like China ^[1]. Whether US list or cash prices follow a similar path is not addressed in this report.

The arrival of Foundayo revenue also signals that the GLP-1 category is broadening beyond injections. Lilly reported $98 million in its first quarter of sales and a US regulatory submission for type 2 diabetes ^[1]. The release does not give launch pricing, coverage details or a decision date.

What happens next

Lilly said positive data from three additional Phase 3 trials of retatrutide, its triple-agonist obesity candidate, completed the clinical package needed to support global registrations in obesity, obstructive sleep apnea and knee osteoarthritis pain ^[1]. The company plans to submit an application to the US Food and Drug Administration in the first quarter of 2027 ^[1]. Approval timing beyond that submission is not yet known.

On manufacturing, Lilly committed an additional $4.5 billion to expand its Indiana sites ^[1]. CEO David A. Ricks cited "new manufacturing capacity coming online" as part of the company's forward plan ^[1]. The release does not say when specific new capacity will begin shipping product.