Lilly reports 93% China growth and about 55% of the international incretin market
Lilly's China sales rose 93% and it holds about 55% of the international incretin market, a shift toward more prescriptions dispensed at lower average prices.
Eli Lilly's China revenue grew 93% in constant currency, and the company holds about 55% of the international incretin market, according to analyst summaries of its latest disclosures [1]. Incretins are the drug class that includes Lilly's Mounjaro and Zepbound (tirzepatide) and Novo Nordisk's Ozempic and Wegovy (semaglutide).
The growth sits on a large base. Lilly reported second-quarter 2026 revenue of $22.974 billion, up 47.67% from a year earlier, and earnings per share of $8.38, which beat analyst consensus by 27.27% [1]. Mounjaro alone posted $9.94 billion, a 91% increase [1]. Management raised full-year revenue guidance to $85 billion to $87 billion [1]. The incretin franchise generated roughly $14.87 billion of the quarter's revenue [1].
Revenue grew even as the average amount Lilly collected per prescription fell. Realized prices declined 13% in the quarter, a drop the company more than offset with 60% volume growth [1].
The results helped carry Lilly past a $1 trillion market capitalization. The stock closed at $1,123.98, up 50.72% over the past year but down 8.61% over the past month, below its 52-week high of $1,292.65 and above its low of $707.59 [1]. Acquired in-process research and development charges of $2.78 billion weighed on reported earnings, and insider activity leans toward net selling [1]. By comparison, Novo Nordisk trades at a forward price-to-earnings ratio of 14 with quarterly revenue growth of 2.1%, against Lilly's 47.7% [1].
It has not been reported what portion of the China growth came from any single factor, or what Mounjaro costs patients there. A current US cash price for Mounjaro or Zepbound has not been disclosed. The incretin business is also funding the rest of Lilly's pipeline [2].
Why it matters for patients
Realized prices are the average amounts a manufacturer keeps after discounts and rebates, not the price a patient pays at the pharmacy counter [1]. A 13% decline in realized prices therefore does not mean US patients paid 13% less. What any patient pays depends on their insurance plan, formulary placement and pharmacy benefit rules, and the disclosures do not detail those for Mounjaro or Zepbound.
Volume growth of 60% means more prescriptions were dispensed [1]. Wider use changes the practical experience of the class: more prior-authorization requests, more demand for prescribers and, often, more coverage rules. The disclosures do not break out any of that.
Coverage in one country does not carry over to another. The Medicare GLP-1 Bridge Program has covered Wegovy for weight loss at $50 a month for 20 million eligible Americans since July 1, and that applies to semaglutide, not tirzepatide [1]. Lilly has not announced an equivalent US program for Mounjaro or Zepbound.
What happens next
Lilly plans to submit a Biologics License Application for retatrutide, its triple-agonist, in the first quarter of 2027; the drug is not yet approved [1]. Foundayo (orforglipron), described as the first oral GLP-1 with no food or water restrictions, has expanded to 36,000 prescribers [1]. A date for Lilly's next quarterly report has not been announced.
Sources
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