Eli Lilly stock touched an intraday record high of $1,292.65 on August 19, extending a surge driven by the company’s strong second-quarter earnings beat and raised full-year guidance. The pharmaceutical giant delivered non-GAAP earnings per share of $8.38, crushing analyst estimates of $6.40 by 31%, as revenue climbed 48% year-over-year to $22.97 billion.
The company announced the earnings beat on August 5, immediately lifting shares 4.7% that day. The momentum has continued through the following two weeks as investors absorb the scale of growth in Eli Lilly’s core products. On the strength of the Q2 results, Eli Lilly raised its full-year 2026 revenue guidance to $85 billion to $87 billion, up from the prior range of $82 billion to $85 billion, and lifted full-year EPS guidance to $35.50–$36.50.
GLP-1 Drug Sales Fuel the Rally
The earnings beat was powered almost entirely by Eli Lilly’s obesity and diabetes drug portfolio. Mounjaro, the company’s diabetes therapy, generated $9.94 billion in Q2 sales, a 91% year-over-year surge that far exceeded analyst expectations. Zepbound, the obesity indication of the same tirzepatide molecule, brought in $4.93 billion in Q2 revenue.
Combined, the two drugs accounted for the majority of Eli Lilly’s revenue growth in the quarter. According to Reuters reporting on the earnings, Mounjaro and Zepbound “dominated sales in the first half of 2026,” with strong demand persisting across both the U.S. and international markets. The Q2 performance underscores Eli Lilly’s widening lead over rival Novo Nordisk in the lucrative GLP-1 market, where injectable formulations are commanding premium pricing and high patient uptake.
Analyst enthusiasm has kept pace with the stock’s ascent. Following the August 5 earnings release, UBS raised its Eli Lilly price target to $1,425, while JPMorgan had lifted its target to $1,400 in early July. The average analyst price target across 28 to 32 Wall Street analysts now sits between $1,299 and $1,346, with some firms projecting targets as high as $1,600. Most analysts maintain Buy ratings on the stock.
Eli Lilly shares have surged 108.7% year-to-date, making it one of the best-performing pharmaceutical stocks in 2026. The record intraday high of $1,292.65 reflects investor confidence in the company’s ability to sustain growth in GLP-1 therapies while expanding its pipeline. The stock’s climb from prior record closes near $1,235 in early July shows the compounding effect of beat-and-raise earnings seasons and sustained demand momentum in the obesity and diabetes space.
Sources
- CNBC — Eli Lilly Q2 2026 earnings report, revenue guidance raise to $85–$87 billion, and stock intraday high of $1,292.65
- Eli Lilly Investor Relations — Official Q2 2026 earnings release, non-GAAP EPS of $8.38 versus $6.40 consensus, full-year EPS guidance of $35.50–$36.50
- Reuters — Mounjaro sales of $9.94 billion (91% YoY growth), Zepbound sales of $4.93 billion, and analyst commentary on Lilly’s GLP-1 market dominance
- Pharmaceutical Executive — Q2 2026 revenue of $22.97 billion, up 48% YoY, driven by Mounjaro and Zepbound
- Benzinga — UBS analyst Michael Yee raises price target to $1,425; JPMorgan prior price target of $1,400
- Stock Analysis and MarketWatch — Average analyst price target range of $1,299–$1,346 across 28–32 analysts, with high estimates reaching $1,600
