LLY · 10-Q · 2026Q2

ELI LILLY & Co

Filed 2026-08-05 · Healthcare · View original filing on EDGAR

Ranked Events

• Outstanding IndebtednessImportance 79 · Surprise 66
  Lilly issued $9.0 billion of long-term debt in May 2026 for general corporate purposes, commercial-paper repayment, and funding part of the upfront consideration and related costs for Centessa and Kelonia. Total debt…
• 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 comparable 2025 quarter. Quarterly income-tax expense increased to $2,152 million from $1,116 million. For the first six months,…
• Acquisition / Partnership / DivestitureImportance 71 · 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…
• Market Demand TrendsImportance 69 · Surprise 64
  Mounjaro and Zepbound accounted for 65 percent of Lilly’s total revenue in the six months ended June 30, 2026, reflecting strong demand for incretin medicines. U.S. Mounjaro revenue increased 45 percent in the second…
• Gross Margin DriversImportance 69 · Surprise 64
  Gross margin increased to $19,706 million in the second quarter of 2026 from $13,110 million, and to $35,928 million for the first six months from $23,614 million. Gross margin percentage rose 1.5 percentage points to…
• Revenue Performance and MixImportance 69 · Surprise 56
  Revenue increased 47.7% to $22,974 million in the second quarter of 2026 and 51.2% to $42,773 million for the first six months, primarily from higher volume of Mounjaro and Zepbound, partly offset by lower realized…
• Operating Expense TrendsImportance 52 · Surprise 22
  Research and development expense increased 14% to $3,819 million in the second quarter and 21% to $7,329 million for the first six months of 2026. R&D growth reflected continued investment in Lilly’s early- and…
• Regulatory Pricing and AccessImportance 51 · Surprise 60
  Lilly entered voluntary agreements with the U.S. government to lower Medicaid and certain other drug prices and launch new medicines with more balanced pricing across developed nations. Under the Medicare GLP-1 Bridge…
• Regulatory Approval MilestonesImportance 47 · Surprise 60
  The FDA approved orforglipron, marketed as Foundayo, for obesity, and Lilly launched it in the U.S. during the second quarter of 2026. Lilly submitted orforglipron for type 2 diabetes in the U.S., European Union, and…
• 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 rose to $3.9 billion from $2.9 billion over the same period. Lilly had approximately $806…
• Guidance / OutlookImportance 44 · Surprise 24
  Lilly expects near-term financial performance to be affected by the timing of potential regulatory approvals for orforglipron and the demand and pace of uptake in new incretin channels and markets. Specific areas of…
• Product / Drug Pipeline ProgressImportance 44 · Surprise 60
  Lilly launched Foundayo (orforglipron) in the U.S. for obesity and submitted it for type 2 diabetes approval in the U.S., European Union, and Japan. The FDA approved orforglipron for obesity, while the EU’s CHMP issued…
• Reimbursement and Payer MixImportance 37 · Surprise 42
  Under the Medicare GLP-1 Bridge Program, Medicare beneficiaries obtained access to discounted Lilly obesity medicines beginning July 1, 2026, while individual state Medicaid programs may separately expand access. Lilly…
• Manufacturing CapacityImportance 37 · Surprise 42
  Lilly is making investments in global facilities to manufacture existing and future products. These investments have increased capital expenditures and are expected to produce meaningfully higher capital expenditures…
• Capital Return ProgramImportance 31 · Surprise 6
  Lilly repurchased $4.0 billion of shares during the first six months of 2026 under its $15.0 billion program authorized in December 2024. The company had $7.0 billion remaining under the authorization at June 30, 2026.…
• Supply Chain Tariff ImpactImportance 29 · Surprise 24
  The U.S. and other countries have imposed tariffs or reached alignment on tariff measures, although Lilly and pharmaceuticals are exempt from certain current tariffs. Lilly cautions that exemptions may expire, be…
• Competition and Market ShareImportance 29 · Surprise 24
  Lilly expects cardiometabolic health products to remain a significant and growing portion of its business as the incretin therapeutic landscape evolves. Maintaining or strengthening its competitive position will depend…

Revenue by Product (in millions)

Revenue by Geography (in millions)