Lilly Q2 Revenue Surges 48% to $23B on Mounjaro/Zepbound; FDA Approves Oral Obesity Drug Foundayo
LLY sits 86% above its 52-week low of $623.78.
Summary
Lilly's Q2 revenue soared 48% to $23B, driven by Mounjaro and Zepbound. FDA approved oral obesity drug Foundayo, and retatrutide hit Phase 3 endpoints. Heavy acquisition spending and debt issuance signal an all-out push to extend the pipeline.
Key Events · Earnings and Guidance · LLY
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Revenue Surges 48% to $23B
Q2 2026 revenue reached $22.97 billion, up 48% year-over-year, driven by Mounjaro ($9.9B) and Zepbound ($4.9B). U.S. revenue grew 33%, while international revenue jumped 80%.
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FDA Approves Oral Obesity Drug Foundayo
The FDA approved orforglipron (Foundayo) for obesity, and Lilly submitted it for type 2 diabetes in the U.S., EU, and Japan. This oral GLP-1 could significantly expand the addressable market.
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Retatrutide Phase 3 Trials Hit Endpoints
Phase 3 trials for retatrutide in obesity and type 2 diabetes met primary endpoints, positioning it as a potential next-generation therapy in the incretin portfolio.
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Aggressive M&A and Pipeline Investment
Lilly closed acquisitions of Kelonia, Centessa, and Ventyx for total consideration of ~$12.7B, and recorded $3.4B in acquired IPR&D charges YTD. In July, it acquired three infectious disease companies for up to $3.9B.
Analysis · LLY · Life Sciences
A blowout quarter saw revenue jump 48% to $23 billion, powered by Mounjaro and Zepbound. The FDA approval of oral obesity drug Foundayo and positive Phase 3 data for retatrutide reinforce the company's dominance in cardiometabolic care. Yet the quarter also carried heavy spending: $3.4 billion in acquired IPR&D charges, $703 million in restructuring costs, and nearly $10 billion in cash for acquisitions. To fund its M&A spree, Lilly issued $9 billion in new notes, pushing total debt to $54.9 billion. The results underscore both the massive cash generation of the incretin franchise and the aggressive capital deployment to build the next wave of growth.
At the time of this filing, LLY was trading at $1,158.26 on NYSE in the Life Sciences sector, with a market capitalization of approximately $1.1T. The 52-week trading range was $623.78 to $1,249.45. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.