Eli Lilly and Company — 2026Q3 财报

“In Q2 2026, worldwide revenue was $23.0 billion, an increase of 48% compared with Q2 2025, driven by a 60% increase in volume, partially offset by a 13% decrease in realized prices.”

Worldwide revenue was $23.0 billion, up 48%, driven by a 60% volume increase partly offset by a 13% decrease in realised prices.

“Q2 2026 EPS increased by 26% to $7.94 on a reported basis and increased by 33% to $8.38 on a non-GAAP basis. Q2 2026 reported and non-GAAP EPS included $3.03 of acquired IPR&D charges compared to $0.14 in Q2 2025.”

Reported EPS rose 26% to $7.94 and non-GAAP EPS rose 33% to $8.38, both including $3.03 of acquired IPR&D charges against $0.14 a year earlier.

“Increased 2026 full-year revenue guidance to be in the range of $85.0 billion to $87.0 billion and raised underlying non-GAAP EPS guidance for the full year by $2.78 at the midpoint, which was more than offset by $3.03 of acquired IPR&D charges from Q2 business development activity, resulting in an updated range of $35.50 to $36.50.”

Full-year revenue guidance was raised to $85.0-$87.0 billion, while a $2.78 midpoint increase to underlying non-GAAP EPS was more than offset by $3.03 of acquired IPR&D charges, leaving a range of $35.50 to $36.50.

“Revenue in the U.S. increased 33% to $14.4 billion, driven by a 37% increase in volume, partially offset by a 3% decrease in realized prices.”

US revenue rose 33% to $14.4 billion on a 37% volume increase, with realised prices down 3%.

“Key Products revenue in the Immunology, Oncology, and Neuroscience therapeutic areas grew 121% in Q2 2026 compared to Q2 2025.”

Key Products revenue in immunology, oncology and neuroscience grew 121% year over year.

“Pipeline highlights included positive data from three additional Phase 3 trials of retatrutide in obesity. The clinical data package is now complete to support global registrations for obesity, obstructive sleep apnea, and knee osteoarthritis pain, with plans to submit a Biologics License Application to the U.S. FDA in the first quarter of 2027.”

Retatrutide's clinical data package is complete across obesity, obstructive sleep apnea and knee osteoarthritis pain, with a US BLA planned for the first quarter of 2027.

“Committed an additional $4.5 billion to expand Indiana manufacturing sites.”

Lilly committed an additional $4.5 billion to expand its Indiana manufacturing sites.

“Revenue grew 48% compared to Q2 of 2025, and our Key Products increased by almost $6.8 billion.”

Revenue grew 48% year over year with Key Products up almost $6.8 billion.

“the Medicare GLP-1 Bridge program launched on July 1, granting 20 million eligible Americans insurance coverage for GLP-1s for obesity at the low out-of-pocket price of $50 per month. With this expansion, 35% more people now have coverage for our obesity medicines in the United States.”

The Medicare GLP-1 Bridge program launched on 1 July, covering 20 million eligible Americans at $50 per month and widening US obesity coverage by 35%.

“Gross margin as a percentage of revenue was 86.3% in Q2, an increase of approximately 1.3 percentage points versus the same quarter last year. The change was driven primarily by favorable product mix and improved cost of production.”

Gross margin was 86.3% of revenue, about 1.3 percentage points higher than a year earlier on product mix and production cost.

“R&D expenses increased 14%, driven by continued investments in our pipeline, including more than 40 active Phase 3 programs.”

R&D expense rose 14%, funding more than 40 active Phase 3 programs.

“We continued our manufacturing build-out and opened our first dedicated genetic medicine manufacturing facility in Lebanon, Indiana. We also produced the first batch of commercial material at our new manufacturing site in Limerick, Ireland.”

Lilly opened its first dedicated genetic medicine manufacturing facility in Lebanon, Indiana and produced first commercial material at Limerick, Ireland.

“we believe retatrutide is a biologic application, both in terms of amino acid count rule as well as analogous to a protein”

Management said Lilly's position is that retatrutide qualifies as a biologic application, on amino-acid count and by analogy to a protein.

“upgrading the guide by $2.5 billion for the full year”

The CFO described the raise as upgrading the full-year guide by $2.5 billion.