Eli Lilly had a huge Q2, with revenue jumping 48% year over year to $23.0 billion, beating estimates by $2.3 billion.. Adjusted EPS came in at $8.38, $1.80 above expectations. The biggest driver was volume, which increased 60% and more than made up for a 13% decline in realized prices

Mounjaro remained the star of the show, with sales soaring 91% to $9.9 billion. Zepbound also had a strong quarter, growing 46% to $4.9 billion. Together, the two GLP-1 drugs generated nearly $15 billion in revenue. International Mounjaro sales more than doubled to $5.2 billion as Lilly continues expanding access globally, even with significant price cuts, including lower prices tied to reimbursement in China

Lilly’s newly launched oral GLP1 obesity drug, Foundayo, brought in $98 million during its first quarter on the market

Meanwhile, the company’s next generation obesity pipeline continues to move forward. Retatrutide, a triple hormone treatment targeting GLP1, GIP, and glucagon, delivered positive results in three more Phase 3 obesity trials. Lilly plans to submit the drug to the FDA in Q1 2027

The company also raised its FY26 revenue outlook to $85 billion to $87 billion, lifting the midpoint by $2.5 billion. Underlying EPS guidance increased by $2.78 at the midpoint, although $3.03 per share in acquisition-related R&D charges offset that improvement. As a result, reported EPS guidance now stands at $35.50 to $36.50

Lilly’s GLP1 business is proving that volume can more than make up for lower prices

The company is giving up some pricing power to reach more patients, and demand is strong enough to keep revenue growing rapidly. Foundayo gives Lilly another way into the obesity market, while retatrutide could become the next major growth driver if its clinical progress continues.