Lilly Q2 2026: revenue up 48% to $23.0B, raises FY 2026 revenue and performance margin guidance

Q2 2026 revenue rose 48% YoY to $22,974 million; Q2 non-GAAP EPS was $8.38 (+33% YoY) and reported EPS was $7.94 (+26% YoY); Q2 non-GAAP net income was $7,493 million (+32%) and reported net income was $7,095 million (+25%).

FY 2026 revenue guidance raised to $85.0-$87.0 billion from $82.0-$85.0 billion (midpoint +$2.5 billion to $86.0 billion); FY 2026 performance margin guidance raised to 49.0%-50.5% from 47.0%-48.5% (midpoint +2.0 percentage points to 49.75%).

FY 2026 non-GAAP EPS guidance narrowed to $35.50-$36.50 from $35.50-$37.00 (midpoint -$0.25 to $36.00); underlying business growth added $2.78 at midpoint, offset by $3.03 of Q2 acquired IPR&D charges tied to business development.

Mounjaro Q2 2026 revenue rose 91% YoY to $9,943 million and Zepbound rose 46% YoY to $4,928 million; Q2 U.S. revenue rose 33% to $14.4 billion and ex-U.S. revenue rose 80% to $8.6 billion.

H1 2026 revenue of $42,773 million (+51% YoY) is running ahead of the implied H1 run-rate at the prior FY 2026 revenue midpoint of $83.5 billion, indicating actuals tracking above prior FY guidance.

Q2 2026 business development activity included completed acquisitions of Orna Therapeutics, Ajax Therapeutics, Centessa Pharmaceuticals, and Kelonia Therapeutics; subsequent to quarter end, three acquisitions were completed to build an infectious-disease portfolio and an agreement to acquire AtaiBeckley was announced.

Retatrutide Phase 3 clinical data package is complete to support global obesity, obstructive sleep apnea, and knee osteoarthritis pain registrations, with U.S. BLA submission planned for Q1 2027; additional $4.5 billion committed to expand Indiana manufacturing sites.