Lilly Q2 2026: revenue up 48.0% to $22.97 billion, EPS $7.94
Lilly's second quarter was a clean beat: revenue of $22.97 billion, up 48.0%, and non-GAAP EPS of $8.38 against a $6.07 consensus. Read it with two caveats — $3.03 per share of acquired IPR&D charges sit inside those numbers, and the full-year EPS range was narrowed even as revenue guidance rose. The underlying franchise is accelerating; the accounting noise is not.
1 · Expected vs. Actual
Free preview belowReported EPS was $7.94, up 26.0%, and non-GAAP EPS was $8.38, up 33.0%, against a consensus estimate of $6.07. Both figures already absorbed $3.03 per share of acquired IPR&D charges, so this is not an accounting-inflated beat. The reported effective tax rate of 23.3%, up from 16.5%, is what held net income growth of 25.0% below revenue growth.
Revenue climbed 48.0% to $22.97 billion from $15.56 billion a year earlier, with volume up 60.0% and realized prices down 13.0%. Mounjaro brought in $9.94 billion, up 91.0%, and Zepbound added $4.93 billion, up 46.0%. Management attributed the increase primarily to Mounjaro and Zepbound volume.
Full-year revenue guidance moved up to $85.0 billion to $87.0 billion from $82.0 billion to $85.0 billion, and the performance margin target rose to 49.0% to 50.5% from 47.0% to 48.5%. The EPS range was narrowed to $35.50 to $36.50 from $35.50 to $37.00, because $3.03 of Q2 acquired IPR&D charges more than offset a $2.78 midpoint increase in underlying EPS guidance. Guidance excludes any acquired IPR&D incurred after June 30, 2026.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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