Eli Lilly and Company Earnings Recaps
Q2 2026
Aug 7, 2026
Lilly’s Q2 revenue growth and margin expansion outpaced expectations, driven by strong volume gains in key products like Mounjaro and Zepbound, pushing the stock up 6.8%. The market clearly rewarded the company’s robust commercial execution and positive pipeline developments.
Key takeaways
- Revenue surged 48% year-over-year, fueled primarily by volume growth of Mounjaro, Zepbound, and contributions from Immunology, Oncology, and Neuroscience portfolios.
- Gross margin improved to 86.3%, a 1.3 percentage point increase, reflecting favorable product mix and better production costs.
- U.S. pricing declined 3% overall, or 9% excluding rebate and discount estimate adjustments, but volume growth offset price pressure.
- Non-GAAP EPS rose to $8.38, including $3.03 in acquired intangible asset charges, compared to $6.31 last year (with $0.14 in charges).
- Regulatory and commercial progress included approvals for Ebglyss maintenance dosing, Jaypirca expansions, and Foundayo launches in multiple international markets, supporting future growth prospects.
Q1 2026
May 1, 2026
Eli Lilly shares surged 13.2% post-earnings as the company delivered standout top-line growth, marked by a 56% YoY revenue increase and strong outperformance from key products. The initial U.S. launch of oral GLP-1 Foundayo further lifted sentiment, signaling investor optimism on future growth drivers.
Key takeaways
- Revenue grew 56% versus Q1 2025, propelled by blockbuster performance from products like Seman and Monjaro.
- Non-GAAP earnings per share reached $8.55, up from $3.34 in the prior year quarter.
- Non-GAAP performance margin expanded by approximately 7 percentage points year-on-year to 50%, despite a 1 percentage point decline in gross margin.
- The U.S. approval and initial rollout of Foundayo (oral GLP-1 for obesity) marked a significant pipeline milestone, with global regulatory filings underway.
- The company maintained its pipeline momentum, announcing multiple positive Phase III results and closing several business development acquisitions, while increasing R&D and SG&A investments to support future growth.