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LLY · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Record quarter — +48% on volume (+60%) with deliberate price cuts (−13%); incretins are already 65% of revenue; GAAP profit is held back by $3.5B of one-off M&A items.
Net income
$7,095M
up 25% y/y
Revenue
$22,974M
up 48% y/y
Operating income
$8,978M
up 31% y/y
Gross profit
$19,706M
up 50% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Mounjaro | $9,943 · +91% · US $4.8B · ex-US $5.2B |
| Zepbound | $4,928 · +46% |
| Foundayo | $98 · new · oral GLP-1 |
| Ebglyss | $201 · +131% |
| Jaypirca | $192 · +56% |
| Kisunla | $167 · ×3.4 |
| Omvoh + Inluriyo | $177 · +36% & new |
| Mature portfolio | $7,268 · ≈ +9% · Verzenio, Jardiance, Trulicity, Taltz… |
| Incretins (GLP-1) | $14,969 · +75% · 65% of revenue |
| New launches | $737 · +121% |
| Rest of portfolio | $7,268 · ≈ +9% |
| Revenue | $22,974 · +48% y/y · volume +60%, price −13% |
| Cost of revenue | $3,268 · +33% · 14.2% of revenue |
| Gross profit | $19,706 · +50% · margin 85.8% (+1.5 pp) |
| R&D | $3,819 · +14% · 17% of revenue |
| MS&A | $3,430 · +25% |
| Acquired IPR&D | $2,776 · vs $154 a year ago · Orna, Ajax |
| Restructuring | $703 · Kelonia, Centessa integration |
| Operating income | $8,978 · +31% · margin 39.1% |
| Other income, net | $543 · incl. $445 equity gains |
| Net interest expense | $274 · +31% |
| Pre-tax income | $9,247 · +36% |
| Income tax | $2,152 · +93% · rate 23.3% — non-deductible IPR&D |
| Net income | $7,095 · +25% · EPS $7.94 · non-GAAP EPS $8.38 |
Verdict: record quarter — +48% on volume (+60%) with deliberate price cuts (−13%); incretins are already 65% of revenue; GAAP profit is held back by $3.5B of one-off M&A items
2026 guidance raised: $85–87B · EPS $35.50–36.50 · dividend $1.73/q (+15%) · retatrutide: BLA in Q1'27 · 7 M&A deals in the quarter
Source and notation
Source: Eli Lilly press release, 10-Q (SEC EDGAR).
Open as an image: LLY, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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<figure> <a href="https://whoreportstoday.com/t/lly/q2-2026"><img src="https://whoreportstoday.com/t/lly/q2-2026/sankey.png" alt="LLY Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/lly/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/lly/q2-2026">LLY Q2 2026 earnings chart (Who Reports Today)</a>
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- A volume-driven record: +60% in units with −13% pricing — incretins (Mounjaro $9,943, Zepbound $4,928) are 65% of revenue; concentration in one drug class is both strength and risk.
- Acquired IPR&D $2,776M (vs $154 a year ago) — one-off charges from the Orna and Ajax deals; they also lift the effective tax rate to 23.3% (non-deductible).
- Restructuring $703M — Kelonia and Centessa integration; without it operating margin would be ≈42%, not 39.1%.
- Other income $543M includes $445M of equity gains — paper gains, not repeatable.
- Foundayo ($98M) — the first oral GLP-1, still a drop; Kisunla ×3.4 off a low base. The mature portfolio (Verzenio, Jardiance, Trulicity) grows ≈+9%.
- Non-GAAP EPS $8.38 vs GAAP $7.94 — the gap comes entirely from IPR&D and restructuring.
What distorts the picture in this report and what to watch beyond the headlines.
LLY — Eli Lilly and Company is a global pharmaceutical leader developing medicines in diabetes, immunology, neuroscience, and oncology.
It is based in Indianapolis, Indiana.
Heads-up
- profit is growing slower than revenue: +25% vs +48% y/y in Q2 2026
Net income +25% y/y against revenue +48% y/y. In the report's figures: costs grew faster than revenue: income tax +93% y/y. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗More reports: MCK · Q1 FY2027 · MDT · Q1 2027 · MRK · Q2 2026 · MRNA · Q2 2026 · MTD · Q2 2026 · PFE · Q2 2026 · PODD · Q2 2026 · REGN · Q2 2026 · RMD · Q4 FY2026 · RVTY · Q2 2026 · all reports