Earnings Call
Aug 5, 2026
Q2 FY2026
EPS Estimate
6.40
EPS Actual
8.38
Post-Earnings Close
$1169.86
Earnings Reaction
+4.9%
Eli Lilly's second quarter of 2026 was defined by the sheer scale of its incretin franchise and the accelerating breadth of its pipeline beyond it. Revenue grew 48% year-over-year, with Mounjaro and Zepbound combining for $14.9 billion in the quarter alone, a $6.3 billion year-over-year increment from those two products alone. Non-GAAP EPS of $8.38 included $3.03 of acquired IPR&D charges from an unusually active business development quarter; stripping those out, underlying earnings power was substantially higher. Gross margin expanded 130 basis points to 86.3%, driven by favorable product mix and manufacturing cost improvements, while the non-GAAP performance margin reached 54.8%, up 9 percentage points year-over-year. Management raised full-year revenue guidance by $2.5 billion at the midpoint to $85, $87 billion and lifted the non-GAAP EPS range to $35.50, $36.50, a $2.78 midpoint increase before the IPR&D drag.
Report generated on Aug 7, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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