Lilly $LLY revenue rises 48% to $23.0B, 2026 guide lifted

Eli Lilly $LLY reported Q2 2026 revenue of $23.0B, up 48% year over year, and raised its full-year revenue guidance to $85B-$87B. The company tied the growth primarily to Mounjaro and Zepbound volume in its August 5 earnings release.

Reported EPS rose 26% to $7.94, while non-GAAP EPS rose 33% to $8.38. Lilly said both reported and non-GAAP EPS included $3.03 of acquired IPR&D charges, compared with $0.14 in Q2 2025, a detail that matters for comparing the clean operating trend.

The guidance increase keeps GLP-1 demand at the center of large-cap health-care earnings. Lilly lifted revenue guidance from a prior $82B-$85B range to $85B-$87B, meaning the new low end is equal to the old high end. That is a concrete earnings surprise even without relying on a price target or analyst recommendation.

The next market check is supply, pricing, and payer access for Mounjaro and Zepbound. Investors will also compare Lilly's volume growth with Novo Nordisk's Wegovy and Ozempic trends, because GLP-1 share shifts are now large enough to affect sector-level multiples.

The earnings quality question is capacity. GLP-1 demand has been strong enough that supply availability, fill rates, and channel access can matter as much as prescription demand. The revised guidance suggests management now has better visibility into volume delivery for the second half. It also increases the burden on execution because a larger revenue base makes any manufacturing or reimbursement interruption more visible in quarterly comparisons.

Not investment advice. Verify all figures with primary sources before acting.