Lilly reports Q2 2026 results and raises full-year guidance

Eli Lilly reported stronger-than-expected second-quarter 2026 results, raised its full-year revenue outlook to $85 billion-$87 billion and extended its lead over Novo Nordisk in the fast-growing GLP-1 market, while investor reactions to the two companies' updates underscored a growing divide in confidence across the obesity-drug sector. Lilly said first-half revenue rose 51% year over year to $42.773 billion, with tirzepatide brands Mounjaro and Zepbound generating a combined $27.693 billion, up 88% from a year earlier and accounting for nearly 65% of total revenue. That put Lilly's tirzepatide franchise more than $10.2 billion ahead of Novo Nordisk's semaglutide portfolio in the first half of 2026. Novo said semaglutide products including Wegovy, Ozempic, Rybelsus and oral Wegovy generated 112.193 billion Danish kroner, or about $17.525 billion, versus a gap of less than $2 billion in full-year 2025. Lilly's quarterly revenue rose 48% to $22.97 billion, beating expectations of $20.73 billion, while adjusted earnings per share of $8.38 topped estimates of $6.01. The increase was driven by a 60% rise in volume, partly offset by a 13% decline in realized prices. Global Mounjaro revenue rose 91% to $9.9 billion, while U.S. Zepbound revenue increased 44% to $4.93 billion. Lilly narrowed its 2026 adjusted earnings guidance to $35.50-$36.50 per share from $35.50-$37.00 and lifted its revenue outlook from $82 billion-$85 billion. At the same time, Lilly said it held a 60.9% share of the U.S. obesity and diabetes drug market in the second quarter, compared with Novo's 38.8%. Analysts said Lilly's results reinforced the view that it remains best positioned to capture incretin-market growth, while Novo's update left investors focused on pipeline execution, pricing pressure and the durability of future growth despite its own earnings beat and higher full-year outlook.