Eli Lilly shares rise on revenue beat, raised outlook

Eli Lilly and Co (NYSE:LLY) shares rose nearly 7% in early trading Wednesday after the drugmaker reported second quarter results that topped Wall Street revenue expectations and raised its full-year 2026 revenue outlook, with strong demand for its Mounjaro and Zepbound weight-loss and diabetes treatments driving a sharp increase in sales.

Lilly reported second quarter revenue of $22.97 billion, up 48% from $15.56 billion a year earlier and above Wall Street estimates of roughly $20.6 billion. Non-GAAP earnings per share rose 33% to $8.38 from $6.31 a year earlier, beating the consensus estimate of about $6.05.

The company attributed the revenue growth primarily to a 60% increase in volume, which was partially offset by a 13% decline in realized prices. Revenue from key products reached $15.7 billion, with the company's Immunology, Oncology and Neuroscience therapeutic areas posting 121% growth in key-product revenue from a year earlier.

Mounjaro revenue climbed to $9.94 billion, exceeding analyst expectations of about $8.93 billion, while Zepbound sales reached $4.93 billion, compared with estimates of approximately $4.67 billion.

U.S. revenue increased 33% to $14.4 billion, driven by a 37% increase in volume, primarily from Mounjaro and Zepbound. Realized prices in the US declined 3%, which Lilly attributed primarily to Mounjaro and Zepbound, partly offset by adjustments to estimates for rebates and discounts.

Revenue outside the U.S. rose 80% to $8.6 billion, driven by a 113% increase in volume and partially offset by a 36% decline in realized prices. Lilly attributed the international volume increase primarily to Mounjaro, while lower realized prices were driven in part by t...