Eli Lilly and Company · Q2 2026 call

Revenue grew 48% compared to Q2 of 2025, and our Key Products increased by almost $6.8 billion. Within Key Products, our Oncology, Immunology, and Neuroscience medicines collectively grew 121% compared to the same quarter last year, as we continue to expand our presence across the portfolio.

the Medicare GLP-1 Bridge program launched on July 1, granting 20 million eligible Americans insurance coverage for GLP-1s for obesity at the low out-of-pocket price of $50 per month. With this expansion, 35% more people now have coverage for our obesity medicines in the United States.

Gross margin as a percentage of revenue was 86.3% in Q2, an increase of approximately 1.3 percentage points versus the same quarter last year. The change was driven primarily by favorable product mix and improved cost of production.

U.S. price declined by 3%, driven by Zepbound and Mounjaro. In Q2, U.S. price benefited from a change to estimates for rebates and discounts. Excluding these adjustments, U.S. price declined by 9%.

Europe revenue grew 55% in constant currency, driven by sustained strong volume growth of Mounjaro. Europe revenue also benefited from a $250 million Jardiance milestone payment. In Japan, revenue grew 30% in constant currency, driven by Mounjaro and Kisunla. In China, revenue grew by 93% in constant currency, driven by the uptake of Mounjaro. And in the rest of world, revenue grew 136% in constant currency

We now expect non-GAAP earnings per share of $35.50 to $36.50, an increase of $2.78 per share at the midpoint of our range before updating our guidance for the $3.03 impact of Q2 acquired IPR&D charges.

In TRIUMPH-1, we saw weight loss approaching bariatric surgery levels at the highest doses, and clinically meaningful efficacy at low doses with only 1 titration step. In patients with diabetes and obesity who typically struggle to lose weight, retatrutide delivered a magnitude of weight loss not previously seen with incretin therapy.

ACHIEVE-3 was the first head-to-head comparison of two oral GLP-1s, and orforglipron delivered superior glycemic control and weight reduction against 7 mg and 14 mg oral semaglutide in patients with type 2 diabetes.

While we're pleased with our progress this year so far, we're not satisfied.

if you think about just obesity in general in the U.S. and globally, we're still have single -- mid-single digit in terms of utilization or treatment of obesity. And so there's still a significant opportunity ahead of us to capture more patients in terms of access.

what we've seen in terms of overall growth and inflection is that the last week of July, we're seeing an inflection. So the -- we're almost doubling the volume that we had just a month ago. And we're starting to see new starts coming in nearly around 1 out of 4 starting on Foundayo.

we've been pursuing this for a little while because we believe retatrutide is a biologic application, both in terms of amino acid count rule as well as analogous to a protein. So that's our position. There was a mixed decision in the -- first decision in the court. Obviously, it's an active litigation, but we would hope to come to a conclusion with the FDA to support a BLA application.

we have announced at the end of our clinical program that we have all the clinical data we need to submit, but we do need to gather a little bit more on the CMC side. […] So very excited about the program and look forward to the submission by Q1 next year.

we're seeing a significant preference towards injectable, probably around 80% of people that are getting treatment are injectable, but we're seeing new patients for both. And we approximate around 60% to 70% being new people that are coming in that have not had access before.

You've seen that with the data we've shared on osteoarthritis, knee pain, both from TRIUMPH 4 and TRIUMPH 1, where you're effectively reducing pain by unprecedented amount, 75%.

I think the 3 most important targets in breast cancer are the estrogen receptor, CDK4/6 and PI3 kinase alpha. We think we have the best medicines for every single one of those targets, and we have plans to combine them all.

there were a few one-offs that we called out in the calls as well as prior period adjustments that we had on our estimates for rebates and discounts in the U.S., including this quarter. Those, of course, we don't expect that will continue into the second part of the year. […] remember that in the second part of the year, basically, we had all the bolus of the launches of Mounjaro in OUS markets that was basically adding a lot of, again, new countries and volume into the second part of the year.

The medical exception is maybe a short-term thing and our all along view is to have open access for all the patients. So expect that price will actually go down for sure because of this, but it's very much embedded in our guide […] And of course, we are going to more than offset that with volume growth.