Eli Lilly Q2 2026 results: revenue +48%, raises guidance; retatrutide package complete

Financial results

Second‑quarter 2026 revenue was $22.97 billion, a 48% increase versus Q2 2025, driven primarily by volume growth in Mounjaro and Zepbound. Reported net income was $7.095 billion and reported diluted EPS was $7.94 (up 26%); non‑GAAP net income was $7.493 billion and non‑GAAP EPS was $8.38 (up 33%). Q2 reported and non‑GAAP EPS included $3.03 per share of acquired in‑process R&D (IPR&D) charges, compared with $0.14 in Q2 2025.

Guidance and margins

The company raised full‑year 2026 revenue guidance to $85.0–87.0 billion and updated non‑GAAP EPS guidance to $35.50–36.50, noting that the midpoint reflects a $2.78 uplift from business performance offset by $3.03 of Q2 acquired IPR&D charges. Updated performance margin guidance is 49.0%–50.5%.

Products, regional performance and approvals

Key Products revenue reached $15.7 billion in Q2, with Mounjaro ($9.943 billion, +91%) and Zepbound ($4.928 billion, +46%) leading growth. U.S. revenue rose 33% to $14.4 billion; ex‑U.S. revenue rose 80% to $8.6 billion. Regulatory milestones included FDA approval of Ebglyss for eight‑week maintenance dosing and European Commission approval of Jaypirca in CLL; an orforglipron (Foundayo) submission for type 2 diabetes in the U.S. was also filed.

Pipeline, M&A and capacity

Retatrutide produced positive results across additional Phase 3 obesity trials and the data package now supports global registrations for obesity, obstructive sleep apnea and knee osteoarthritis pain, with a planned BLA submission in Q1 2027. Q2 business development closed acquisitions of Orna, Ajax, Centessa and Kelonia, with subsequent deals to build an infectious disease portfolio and an agreement to acquire AtaiBeckley. The company committed an additional $4.5 billion to expand Indiana manufacturing sites.