LLY · 10-Q · 2026Q1 · Full report

Incretin Revenue Concentration

ELI LILLY & Co · 2026-04-30 · Importance 71 · Surprise 60

Mounjaro and Zepbound accounted for 65 percent of Lilly's total revenue for the three months ended March 31, 2026, making cardiometabolic/incretin products a dominant contributor to near-term results. Lilly received FDA approval for Foundayo (orforglipron) in April 2026 and has submitted orforglipron and launched Mounjaro in major international markets, indicating further concentration risk as these products scale. Lilly is expanding manufacturing capacity to support anticipated demand and expects additional capacity to become operational over the next several years. Management warns that volume fluctuations or channel dynamics for incretins can have a disproportionate impact on results in any given period.