Eli Lilly is set to report second-quarter 2026 earnings before market open today, with analysts expecting the company to extend a streak of strong performance driven by surging demand for its blockbuster weight-loss and diabetes drugs Mounjaro and Zepbound.
The Zacks Consensus Estimate pegs Q2 2026 revenue at $20.26 billion and earnings per share at $6.71, according to analyst forecasts compiled by Zacks Investment Research. Mounjaro is expected to generate $8.94 billion in sales for the quarter, while Zepbound is forecast at $4.72 billion.
Lilly has consistently exceeded expectations in recent quarters. The company delivered a 21.10% earnings surprise in Q1 2026 and has beaten estimates in each of the trailing four quarters, with an average earnings surprise of 14.52%, according to Zacks data.
In the first quarter, Lilly reported revenue of $19.8 billion, up 56% year-over-year, with Mounjaro sales reaching $8.7 billion—a 125% increase—and Zepbound generating $4.2 billion, up 80%. The company raised its full-year 2026 revenue guidance to $82 billion to $85 billion and boosted non-GAAP earnings guidance to $35.50 to $37.00 per share.
Investors will focus on several factors when Lilly releases results today. The GLP-1 drug franchise—comprising Mounjaro, Zepbound, and the newly launched Foundayo oral formulation—now accounts for more than 60% of the company’s total revenues, according to analyst commentary. Foundayo, a once-daily oral GLP-1 pill approved in April, is expected to contribute its first full quarter of sales, offering investors insight into early commercial traction against rival Novo Nordisk’s oral Wegovy, which launched in January 2026.
Pricing headwinds remain a concern. Lower realized prices from Mounjaro and Zepbound, partly driven by U.S. Part D formulary changes, are expected to offset volume growth. Analyst estimates for full-year 2026 earnings have declined from $36.59 per share to $34.91 per share over the past 30 days, reflecting pricing pressure even as unit sales surge.
The obesity and diabetes drug market continues to expand rapidly. In 2026, the global GLP-1 market is expected to grow significantly, driven by reduced prices, expanded Medicare access for weight-loss indications, and new product approvals, according to industry analysis. Lilly’s dominance in this segment—with Mounjaro leading the diabetes market and Zepbound commanding the obesity space—positions the company to capture outsized growth, though competition from Novo Nordisk and newer entrants is intensifying.
Sources
- Zacks Investment Research — Q2 2026 earnings estimates, earnings surprise history, analyst price targets
- Eli Lilly investor relations — Q1 2026 earnings results, 2026 guidance, product launch timelines
- Yahoo Finance / Zacks — Analyst consensus estimates for Mounjaro and Zepbound, earnings estimate revisions
- Pharmaceutical Technology — GLP-1 market trends, pricing dynamics, competitive landscape
