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LLY · Forward model · Cardiometabolic Health · Bull case

What has to happen in Cardiometabolic Health

Model as of

This page changes Cardiometabolic Health inside the complete LLY model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

LLY forward model
Horizon
Consolidated fair value $1,170.24 all other verticals held in this portfolio case
Final-quarter revenue $35.77B 81% of company revenue
Explicit segment contribution $179.03B EBITDA less segment capex, before corporate items

Orforglipron turns the incretin market from an injectable-capacity problem into an oral-scale problem, and retatrutide follows it. Foundayo booked $98 million in its first partial quarter with the prescriber base rising to 36,000, the major ex-US rollout is still ahead in early 2027, and the retatrutide clinical data package is complete with a BLA planned for 2027 Q1. Trend growth runs a point a quarter above base, margin gains 1.5 points on oral manufacturing scale, and the exit multiple holds at 8.5x revenue - still a de-rating from today's 12.9x forward EV/revenue.

Cardiometabolic Health

Basis quarter$18.35B
Final quarter$35.77B
Implied CAGR+14%
Final revenue mix81%

Tirzepatide - Mounjaro and Zepbound - plus the legacy diabetes base and the first quarter of oral orforglipron (Foundayo). At $18,353M it was 79.9% of 2026 Q2 revenue and grew 61.8% year over year while the other four areas together grew 8.2%. Lilly publishes no prescriptions, doses or patients by therapeutic area, so a growth driver on the disclosed revenue line is the only shape the disclosure supports.

Last four quarters
2025 Q3 $13.18B Reported
2025 Q4 $14.49B Estimated
2026 Q1 $15.76B Reported
2026 Q2 $18.35B Reported
MounjaroZepboundTrulicityJardianceFoundayo (orforglipron)other cardiometabolic health
Sequential growth +3.0%/qtr decaying toward +1.5% 3.0% deseasonalised. The basis quarter itself ran +3.9% on that series once the disclosed $250M Jardiance milestone is removed.
Cardiometabolic Health

Latest: $35.77B (2031Q2E)

Period Value
2024Q1 $5.49B
2024Q2 $7.51B
2024Q3 $7.41B
2024Q4 $9.11B
2025Q1 $9.21B
2025Q2 $11.34B
2025Q3 $13.18B
2025Q4 $14.49B
2026Q1 $15.76B
2026Q2 $18.35B
2026Q3E $18.14B
2026Q4E $19.37B
2027Q1E $18.37B
2027Q2E $21.09B
2027Q3E $21.06B
2027Q4E $22.41B
2028Q1E $21.20B
2028Q2E $24.28B
2028Q3E $24.20B
2028Q4E $25.70B
2029Q1E $24.27B
2029Q2E $27.75B
2029Q3E $27.62B
2029Q4E $29.29B
2030Q1E $27.62B
2030Q2E $31.56B
2030Q3E $31.38B
2030Q4E $33.25B
2031Q1E $31.33B
2031Q2E $35.77B

Assumptions & reasoning

  • Seasonality [0.938, 1.038, 1.000, 1.027] is the brief's OLS of log revenue on a time trend plus calendar-quarter dummies over 2024 Q1-2026 Q2, re-centred to mean 1.0. Read it as 'Q1 about 6% below trend, Q4 about 3% above': the CFO named both mechanisms on the call, European Q3 holidays and US type 2 diabetes Q4 seasonality. The Q2 factor is the least reliable, moving 0.053 between the two eight-quarter windows against a 0.038 deviation from 1.0.
  • With seasonality on, growthQoQ is a deseasonalised trend rate and not the sequential print. The model's first two projected quarters for this line are $17,964M and $18,975M, which is +36.3% and +30.9% year over year against the reported $13,177.9M of 2025 Q3 and $14,492.1M of 2025 Q4.
  • Foundayo (orforglipron) booked $98M in 2026 Q2, its first partial quarter, and is reported inside this line in the 10-Q disaggregation. It is not split out as its own vertical because doing so would require inventing nine quarters of history it does not have.
  • Trulicity is in structural decline - FY2023 $7,132M, FY2024 $5,254M, FY2025 $4,276M - and is being cannibalised by Mounjaro from inside the same line.
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