LLY · Healthcare

ELI LILLY & Co

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-08

• Revenue Performance and MixImportance 89 · Surprise 92
  Eli Lilly reported 48% year-over-year revenue growth in the second quarter of 2026. Continued demand for MOUNJARO and ZEPBOUND was identified as the primary growth driver. The company raised its full-year 2026 revenue…
• Guidance and OutlookImportance 77 · Surprise 92
  Eli Lilly reported 48% year-over-year revenue growth in the second quarter of 2026. Growth was primarily driven by continued demand for MOUNJARO and ZEPBOUND. The company raised its full-year 2026 revenue and earnings…
• Market Demand - Anti-ObesityImportance 68 · Surprise 56
  Eli Lilly reported continued demand for its cardiometabolic medicines MOUNJARO and ZEPBOUND in the second quarter of 2026. The products drove the company’s reported 48% year-over-year revenue growth, indicating strong…

News · 2026-08-07

• Product / Drug Pipeline Progress - retatrutideImportance 44 · Surprise 60
  Lilly began offering limited expanded access to investigational retatrutide before potential U.S. FDA approval. Eligibility is restricted to adults with refractory obesity, at least two serious obesity-related…
• Competition and Market Share - weight-lossImportance 32 · Surprise 24
  Eli Lilly’s Zepbound is facing intensifying competition from Novo Nordisk’s Wegovy, particularly in the U.S. injectable obesity market. Novo Nordisk reported lower-than-expected U.S. injectable sales and an oral Wegovy…

News · 2026-08-06

• Guidance and OutlookImportance 75 · Surprise 60
  Lilly raised its full-year 2026 revenue guidance to $85.0 billion-$87.0 billion after second-quarter revenue exceeded analyst expectations. The outlook increase reflects continued demand and volume growth for Mounjaro…
• Foghorn Collaboration RevenueImportance 56 · Surprise 82
  Foghorn Therapeutics reported that a $14.2 million cumulative catch-up adjustment from its Eli Lilly collaboration materially increased Q2 2026 collaboration revenue. Foghorn’s revenue rose to $16.1 million from $7.6…
• Product / Drug Pipeline Progress - retatrutideImportance 44 · Surprise 60
  Lilly began offering limited expanded access to investigational retatrutide before potential U.S. FDA approval. Eligibility is restricted to adults with refractory obesity, at least two serious obesity-related…
• Litigation - GLP-1 Antitrust DismissalImportance 36 · Surprise 42
  A U.S. federal judge dismissed an antitrust lawsuit filed by compounding pharmacy Strive Specialties against Eli Lilly and Novo Nordisk. Strive alleged that exclusive telehealth-provider arrangements unlawfully…
• VivoSim Collaboration MilestoneImportance 28 · Surprise 42
  Eli Lilly paid VivoSim Labs a $5.0 million milestone in July 2026 after VivoSim reached a program milestone. The payment, together with a $1.0 million escrow release and approximately $3.6 million to $4.0 million of…

10-Q · 2026-08-05

• Outstanding Indebtedness and Credit FacilitiesImportance 79 · Surprise 66
  Lilly issued $9.0 billion of long-term debt in May 2026 for general corporate purposes, including repaying commercial paper and funding part of the Centessa and Kelonia acquisition consideration. Total debt was $54.9…
• Outstanding Indebtedness and FinancingImportance 79 · Surprise 66
  Lilly issued $9.0 billion of long-term debt in May 2026 for general corporate purposes, including repayment of commercial paper and funding acquisition-related cash consideration and fees. Total debt was $54.9 billion…
• Acquired IPR&D ChargesImportance 77 · Surprise 82
  Acquired in-process research and development charges were $2,776 million in the second quarter of 2026 and $3,360 million in the first six months. The six-month 2026 amount compared with $1,726 million in the first six…
• Operating Expense Trends - R&DImportance 73 · Surprise 66
  Research and development expense increased 14% to $3,819 million in the second quarter of 2026 from $3,336 million in the prior-year quarter. Six-month R&D expense increased 21% to $7,329 million from $6,070 million.…
• Operating Expense Trends - SG&AImportance 73 · Surprise 66
  Marketing, selling, and administrative expense increased 25% to $3,430 million in the second quarter of 2026 from $2,753 million in the second quarter of 2025. Six-month expense increased 22% to $6,364 million from…
• Income Tax Rate ChangesImportance 71 · Surprise 82
  The effective tax rate increased to 23.3% in the second quarter of 2026 from 16.5% in the second quarter of 2025, while income taxes increased to $2,152 million from $1,116 million. For the first six months, the…
• Acquisition Activity and IPR&DImportance 71 · Surprise 60
  Lilly paid $13.3 billion during the first six months of 2026 for business-development activity, primarily acquisitions of Centessa, Kelonia, Orna, Ventyx, and Ajax. In July 2026, Lilly paid approximately $2.0 billion…
• Revenue Performance and MixImportance 69 · Surprise 64
  Revenue increased to $22,974 million in the second quarter and $42,773 million in the first six months of 2026, from $15,558 million and $28,286 million, respectively, in the comparable 2025 periods. Growth was driven…
• Product Revenue - MounjaroImportance 69 · Surprise 64
  Mounjaro generated $9,943 million in second-quarter 2026 revenue, compared with $5,199 million in the second quarter of 2025, and $18,605 million for the first six months, compared with $9,041 million. U.S. Mounjaro…
• Product Revenue - ZepboundImportance 69 · Surprise 64
  Zepbound generated $4,873 million of U.S. revenue and $4,928 million of outside-U.S. revenue in the second quarter of 2026, compared with $3,381 million of total revenue in the prior-year quarter. Six-month Zepbound…
• Gross Margin DriversImportance 69 · Surprise 64
  Gross margin increased to $19,706 million in the second quarter and $35,928 million in the first six months of 2026, from $13,110 million and $23,614 million, respectively, in the comparable 2025 periods. Gross margin…
• Market Demand - Anti-ObesityImportance 69 · Surprise 64
  Mounjaro and Zepbound accounted for 65 percent of Lilly’s total revenue for the six months ended June 30, 2026, underscoring the scale of demand for incretin medicines. U.S. Mounjaro revenue increased 45 percent in the…
• Geographic Market Commentary - China & InternationalImportance 69 · Surprise 64
  Mounjaro revenue outside the U.S. increased to $5.2 billion in the second quarter and $9.6 billion for the first six months, from $1.9 billion and $3.1 billion in the prior-year periods. The international volume…
• Business Development / AcquisitionsImportance 65 · Surprise 60
  Lilly paid $13.3 billion during the first six months of 2026 for business development activity, primarily involving Centessa, Kelonia, Orna, Ventyx, and Ajax. In July 2026, Lilly paid approximately $2.0 billion to…
• Revenue Concentration RiskImportance 56 · Surprise 24
  Mounjaro and Zepbound accounted for 65% of Lilly's total revenue for the six months ended June 30, 2026. The two products generated approximately $27.7 billion of combined six-month revenue based on reported product…
• Incretin Revenue ConcentrationImportance 56 · Surprise 24
  Mounjaro and Zepbound represented 65% of Lilly’s total revenue for the six months ended June 30, 2026. Lilly expects cardiometabolic health products to remain a significant and growing part of its business, revenue,…
• Medicare GLP-1 Bridge ProgramImportance 47 · Surprise 60
  Under voluntary agreements with the U.S. government, Lilly agreed to lower Medicaid and certain other drug prices and adopt a more balanced pricing approach across developed nations. The Medicare GLP-1 Bridge Program…
• Liquidity and Cash PositionImportance 46 · Surprise 30
  Cash and cash equivalents increased to $9.0 billion at June 30, 2026 from $7.3 billion at December 31, 2025. Total investments increased to $3.9 billion from $2.9 billion over the same period. Lilly also had…
• Regulatory Approval - FoundayoImportance 44 · Surprise 60
  The FDA approved orforglipron, marketed as Foundayo, for treatment of obesity. Lilly launched Foundayo in the U.S. during the second quarter of 2026 and submitted it to the FDA for type 2 diabetes. The company also…
• Capital Return ProgramImportance 43 · Surprise 6
  Lilly repurchased $4.0 billion of shares during the first six months of 2026. The purchases were made under a $15.0 billion authorization approved in December 2024, with $7.0 billion remaining at June 30, 2026. Lilly…
• Manufacturing capacity expansionImportance 40 · Surprise 42
  Lilly has undertaken significant manufacturing expansion initiatives to support anticipated demand for current and prospective incretin products. The company expects additional capacity to become operational over the…
• Inflation Reduction Act ImpactImportance 40 · Surprise 42
  The Inflation Reduction Act of 2022 requires HHS to set prices for certain single-source drugs and biologics reimbursed under Medicare Part B and Part D. HHS selected Jardiance in August 2023 for prices effective in…
• Manufacturing and Capacity ExpansionImportance 40 · Surprise 42
  Lilly has undertaken significant manufacturing expansion initiatives to support anticipated demand for current and prospective incretin products. Additional capacity is expected to become operational over the next…
• Guidance and OutlookImportance 40 · Surprise 42
  Lilly expects near-term financial performance to depend partly on potential regulatory approvals for orforglipron and the pace of demand and uptake through new incretin channels and markets. The company specifically…
• Pricing and Reimbursement Pressure - GLP-1Importance 38 · Surprise 24
  U.S. price realization for Mounjaro and Zepbound declined despite strong volume growth, with Zepbound also affected by previously announced cash-pay price reductions. Outside the U.S., lower realized prices for…
• Manufacturing and Capital Expenditure ProgramImportance 37 · Surprise 42
  Lilly is investing in global facilities to manufacture existing and future products. These investments increased capital expenditures and are expected to produce meaningfully higher capital expenditures in the near…
• Supply Chain Tariff ImpactImportance 37 · Surprise 42
  The U.S. and other countries have imposed or aligned on tariffs, although Lilly and pharmaceuticals are exempt from some measures. Those exemptions could expire, be terminated, or fail to cover future tariffs, and the…
• Product Launch - FoundayoImportance 33 · Surprise 42
  Lilly launched Foundayo (orforglipron) in the U.S. during the second quarter of 2026 for obesity treatment. The company submitted orforglipron for type 2 diabetes in the U.S., EU, and Japan, and has submitted it for…
• Product / Drug Pipeline ProgressImportance 31 · Surprise 42
  Lilly reported positive Phase 3 primary-endpoint results for retatrutide in obesity and for type 2 diabetes. It initiated Phase 3 trials for eloralintide as an incretin add-on for obesity and for obstructive sleep…
• Supply chain / counterfeit riskImportance 29 · Surprise 24
  Lilly continues to observe production, marketing, and sale of counterfeit, misbranded, adulterated, and mass-compounded incretin medicines. The company said these practices may create patient-safety risks and undermine…
• Asset Impairment and Restructuring ChargesImportance 25 · Surprise 42
  Asset impairment, restructuring, and other special charges were recognized in the three and six months ended June 30, 2026, although the supplied table does not quantify the amounts. The charges primarily reflected…
• Foreign Currency Exchange RatesImportance 10 · Surprise 6
  Lilly has foreign-currency exposure primarily to movements in the U.S. dollar against the euro, Japanese yen, and Chinese yuan. Although the company hedges part of these exposures, significant exchange-rate…

8-K · 2026-08-05

• Asset Impairment and Restructuring ChargesImportance 65 · Surprise 82
  Lilly recognized $703 million of asset impairment, restructuring, and other special charges in Q2 2026, compared with no such charges in Q2 2025.,The charges primarily reflected accelerated vesting of employee equity awards and acquisition and integration costs associated with Kelonia Therapeutics and Centessa Pharmaceuticals.,Six-month charges totaled $982 million, compared with $35 million in the first half of 2025.,The Q2 charges reduced reported EPS by $0.72 and were excluded from non-GAAP net income.
• Revenue Performance and MixImportance 64 · Surprise 56
  Q2 2026 worldwide revenue increased 48% year over year to $22.974 billion, driven by a 60% increase in volume that was partly offset by a 13% decrease in realized prices.,Key Products revenue increased to $15.7 billion, with Mounjaro revenue rising 91% to $9.943 billion and Zepbound revenue rising 46% to $4.928 billion.,U.S. revenue increased 33% to $14.4 billion, while revenue outside the U.S. increased 80% to $8.6 billion.,Mounjaro and Zepbound together generated $14.871 billion, or approximately 65% of total Q2 revenue, compared with $8.580 billion in Q2 2025.
• Gross Margin DriversImportance 64 · Surprise 56
  Reported gross margin increased 50% to $19.706 billion in Q2 2026 from $13.110 billion in Q2 2025.,Reported gross margin as a percentage of revenue increased 1.5 percentage points to 85.8%.,Improved production costs and favorable product mix increased gross margin, while lower realized prices were a partial offset.,Non-GAAP gross margin increased to $19.831 billion, or 86.3% of revenue, up from 85.0% in Q2 2025.
• China NRDL Pricing ImpactImportance 63 · Surprise 64
  Mounjaro was added to China's National Reimbursement Drug List in the first quarter of 2026. Lilly said the addition drove lower realized prices outside the United States, where prices declined 36% in the second…
• Acquisition Activity and IPR&DImportance 53 · Surprise 60
  Lilly completed acquisitions of Orna Therapeutics, Ajax Therapeutics, Centessa Pharmaceuticals, and Kelonia Therapeutics during the second quarter of 2026. After quarter end, it completed three acquisitions to build an…
• Operating Expense Trends - SG&AImportance 52 · Surprise 30
  Marketing, selling, and administrative expense increased 25% year over year to $3.430 billion in Q2 2026.,The increase was primarily driven by promotional efforts supporting ongoing and planned product launches.,SG&A represented approximately 15% of Q2 revenue, down from approximately 18% in Q2 2025 because revenue grew faster than expense.,Six-month SG&A expense increased 22% to $6.364 billion from $5.221 billion.
• Net Income and EPS PerformanceImportance 52 · Surprise 30
  Reported Q2 2026 net income increased 25% to $7.095 billion from $5.661 billion in Q2 2025.,Reported diluted EPS increased 26% to $7.94 from $6.29, while non-GAAP EPS increased 33% to $8.38 from $6.31.,Q2 non-GAAP net income increased 32% to $7.493 billion from $5.680 billion.,Six-month reported net income increased 72% to $14.491 billion and diluted EPS increased 73% to $16.19.
• Manufacturing Investment and CapexImportance 52 · Surprise 42
  Lilly committed an additional $4.5 billion to expand manufacturing sites in Indiana.,The investment includes the opening of the company’s first dedicated genetic-medicine facility.,The Indiana commitment was announced alongside new manufacturing capacity intended to support Lilly’s next-generation weight-loss medicine and other products.,The release does not provide a separate quarterly capital-expenditure amount or spending schedule for the $4.5 billion commitment.
• Manufacturing and CapacityImportance 52 · Surprise 42
  Lilly committed an additional $4.5 billion to expand manufacturing sites in Indiana. The company also opened its first dedicated genetic medicine facility. The investment is intended to add capacity alongside continued…
• Manufacturing Investment - IndianaImportance 52 · Surprise 42
  Lilly committed an additional $4.5 billion to expand manufacturing sites in Indiana. The program includes opening the company's first dedicated genetic medicine facility. The investment is intended to add capacity…
• Operating Expense Trends - R&DImportance 47 · Surprise 22
  Research and development expense increased 14% year over year to $3.819 billion in Q2 2026.,R&D expense represented 17% of Q2 revenue, compared with approximately 21% in Q2 2025 based on reported revenue and expense.,The increase was driven by continued investment in Lilly’s early- and late-stage portfolio.,Six-month R&D expense increased 21% to $7.329 billion from $6.070 billion.
• Product Launch - FoundayoImportance 34 · Surprise 42
  Foundayo, Lilly's oral GLP-1 orforglipron, generated $98 million of Q2 2026 revenue after being added to Key Products. Lilly reported that Foundayo delivered superior A1C control and weight loss in three pivotal type 2…
• Products and Technology - PipelineImportance 34 · Surprise 42
  Lilly reported regulatory and clinical progress across multiple therapeutic areas. Ebglyss received U.S. FDA approval for one maintenance dose every eight weeks in moderate-to-severe atopic dermatitis, while Jaypirca…
• Regulatory Approval MilestonesImportance 34 · Surprise 42
  The U.S. FDA approved Ebglyss for one maintenance dose every eight weeks in patients with moderate-to-severe atopic dermatitis. The European Commission approved Jaypirca as monotherapy for adults with chronic…
• Pricing Pressure - GLP-1Importance 32 · Surprise 40
  Lilly reported a 13% decrease in worldwide realized prices in Q2 2026, partially offsetting a 60% increase in volume. U.S. realized prices declined 3%, or approximately 9% excluding rebate and discount estimate…
• Products and Technology - RetatrutideImportance 31 · Surprise 42
  Lilly reported positive data from three additional Phase 3 retatrutide trials in obesity. The completed clinical data package supports global registrations for obesity, obstructive sleep apnea, and knee osteoarthritis…
• Product Pipeline Progress - RetatrutideImportance 31 · Surprise 42
  Lilly reported positive data from three additional Phase 3 retatrutide trials in obesity. The company said the clinical data package is complete to support global registrations for obesity, obstructive sleep apnea, and…
• Dividends PaidImportance 23 · Surprise 22
  Lilly paid dividends of $1.73 per share in Q2 2026, up 15% from $1.50 per share in Q2 2025.,Dividends paid per share for the first six months of 2026 totaled $3.46, compared with $3.00 in the first half of 2025.,The Q2 per-share dividend represented approximately 22% of reported diluted EPS of $7.94.,The release reports dividends paid but does not disclose a new dividend authorization or repurchase program.