EarningsQ2 2026 Earnings Report
MX:LLY Q2 2026 EPS Results
Actual EPS$152.19
Consensus EPS$116.25
Beat/MissBeat by +$35.94
One Year Ago EPS$114.60
MX:LLY Q2 2026 Revenue Results
Actual Revenue$417.24B
Expected Revenue$378.17B
Beat/MissBeat by +$39.07B
YoY Revenue Growth+47.67%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:LLY Upcoming Earnings
Eli Lilly & Co's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LLY Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong, broad-based commercial momentum—48% revenue growth, upgraded guidance, major clinical wins (retatrutide, oncology readouts), international strength, and active business development—while acknowledging manageable challenges including U.S. price pressure, guidance seasonality/one-offs, some launch noise (Foundayo) and regulatory/filing uncertainty for retatrutide. Overall, positives (scale, profitability, pipeline progress, access expansions) materially outweigh the operational and pricing headwinds.Company Guidance
Strong Top-Line Revenue Growth
Total revenue grew 48% versus Q2 2025, driven by Key Products which increased by almost $6.8 billion. Full-year revenue guidance raised to $85.0–$87.0 billion (low end +$3B, high end +$2B).
Cardiometabolic Franchise Momentum
Mounjaro and Zepbound combined generated $14.9 billion in Q2, contributing $6.3 billion of growth versus Q2 2025. Incretin/injectable market expansion: total U.S. incretin analog prescriptions grew 31% YoY; U.S. obesity incretin prescriptions grew 78% YoY.
Robust International Growth
Europe revenue grew 55% in constant currency (including a $250M Jardiance milestone); China revenue grew 93% in constant currency; Rest of World grew 136% in constant currency—driven primarily by Mounjaro in Latin America and Asia.
Strong Profitability and EPS Improvement
Gross margin was 86.3% of revenue (up ~1.3 percentage points YoY). Non-GAAP performance margin was 54.8% (increase of ~9 percentage points YoY). Non-GAAP EPS was $8.38 versus $6.31 in Q2 2025 (note Q2 2026 includes $3.03 acquired IPR&D charges). Full-year non-GAAP EPS guidance raised to $35.50–$36.50.
Multiple Regulatory and Clinical Milestones
Key achievements include: FDA approval of Ebglyss maintenance dosing every 8 weeks for atopic dermatitis; EU approval of Jaypirca for CLL across all lines; CHMP positive opinion for insulin efsitora alfa (Onswik); positive topline results from three Phase 3 retatrutide (TRIUMPH) trials demonstrating profound weight loss; BRUIN CLL-322 data showing pirtobrutinib reduced risk of progression/death by 45% overall and 68% in a BTK-inhibitor-experienced subgroup; LIBRETTO-432 selpercatinib reduced recurrence/death by 83% in adjuvant RET fusion-positive NSCLC.
Pipeline and Business Development Expansion
Announced acquisitions/additions including Curevo, LimmaTech Biologics, Vaccine Company, AtaiBeckley, completion of Centessa (adding cleminorexton). Company highlighted >40 active Phase 3 programs and an increased pace/size of BD activity to broaden therapeutic areas (psychiatry, vaccines, hematology, CAR‑T).
Commercial and Access Milestones
Launched Medicare GLP-1 Bridge program (July 1) in partnership with U.S. government, granting 20 million eligible Americans coverage for GLP-1s at $50/month and increasing coverage for Lilly obesity medicines by ~35%. Expanded commercial access for Foundayo (retail coverage with major PBMs, CVS added in June) and international approvals (UAE, Saudi Arabia, Mexico).
Manufacturing and Capital Return Activity
Opened first dedicated genetic medicine manufacturing facility in Lebanon, Indiana, produced first commercial batch in Limerick, Ireland. Returned capital via $1.5 billion in dividends and $1.6 billion in share repurchases in Q2.
Therapeutic Area Adoption and Diagnostic Trends
Ebglyss worldwide sales more than doubled YoY and gained ~4 percentage points share in U.S. specialty dermatology new prescriptions. Inluyro became U.S. leader in new metastatic breast cancer oral SERD prescriptions (>50% share after two quarters). P-tau217 blood tests (Alzheimer’s diagnostics) more than doubled YoY, supporting Kisunla uptake.
MX:LLY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed