Eli Lilly Statistics 2026
By Axis Intelligence Research
Co-author: Mia Scarlett | Last updated: August 19, 2026 | License: CC BY 4.0
Eli Lilly and Company reported worldwide revenue of $22.97 billion in Q2 2026, up 48% year over year, and raised full-year guidance to $85–87 billion. According to Axis Intelligence Research, 64.7% of that quarterly revenue came from two brands of a single molecule — tirzepatide, sold as Mounjaro and Zepbound.
Quick Answer
Eli Lilly generated $65.18 billion in revenue in fiscal 2025 and $42.77 billion in the first half of 2026 alone. Q2 2026 revenue reached $22.97 billion with reported EPS of $7.94. According to Axis Intelligence Research, the tirzepatide franchise supplied 84.8% of Lilly’s entire year-over-year revenue increase in Q2 2026, and the company’s Incretin Dependence Index (IDI) reads 62.2 at its baseline measurement.
Key Findings
- According to Axis Intelligence Research, Eli Lilly’s Incretin Concentration Ratio — tirzepatide-brand revenue as a share of total worldwide revenue — rose from 36.6% in full-year 2024 to 64.7% in Q2 2026.
- Eli Lilly reported worldwide revenue of $22,974 million in Q2 2026, a 48% increase driven by a 60% volume gain offset by a 13% decline in realized prices, according to the company’s August 5, 2026 results release.
- According to Axis Intelligence Research, Lilly’s Volume–Price Spread reached 149 percentage points outside the United States in Q2 2026, where 113% volume growth was set against a 36% decline in realized prices.
- CMS data show two Lilly medicines — Trulicity and Verzenio — were selected for the 2028 Medicare negotiation cycle, accounting for $6.33 billion of the $27.0 billion in Medicare expenditure represented by all 15 selected drugs.
- According to Axis Intelligence Research, 30 of the 81 clinical programs Lilly disclosed as of August 5, 2026 are built on just four incretin molecules — tirzepatide, orforglipron, retatrutide and brenipatide.
How Much Revenue Does Eli Lilly Make in 2026?
Lilly reported $22,974 million in worldwide revenue for the second quarter of 2026 and $42,773 million for the first half, according to the company’s Q2 2026 results release. Full-year 2025 revenue was $65,179 million, up from $45,043 million in 2024.
Management raised full-year 2026 guidance twice in six months. The initial range issued in February was $80–83 billion; April moved it to $82–85 billion; August moved it again to $85–87 billion, with non-GAAP EPS guidance of $35.50 to $36.50.
Eli Lilly Quarterly Revenue, Q1 2025 – Q2 2026
| Period | Total revenue (USD m) | Mounjaro (USD m) | Zepbound (USD m) | Source |
|---|---|---|---|---|
| Q1 2025 | 12,729 | 3,842 | 2,312 | Lilly Q1 2026 release |
| Q2 2025 | 15,558 | 5,199 | 3,381 | Lilly Q2 2026 release |
| Q3 2025 | 17,601 | 6,520 | 3,570 | Lilly Q3 2025 release |
| Q4 2025 | 19,292 | 7,409 | 4,261 | Lilly Q4 2025 release |
| Q1 2026 | 19,799 | 8,662 | 4,160 | Lilly Q1 2026 release |
| Q2 2026 | 22,974 | 9,943 | 4,928 | Lilly Q2 2026 release |
| FY2024 | 45,043 | 11,540 | 4,926 | Lilly Q4 2025 release |
| FY2025 | 65,179 | 22,965 | 13,542 | Lilly Q4 2025 release |
Beneath the headline, the mix is worth reading closely. Q2 2026 U.S. revenue rose 33% to $14.4 billion; revenue outside the U.S. rose 80% to $8.6 billion. Mounjaro sold more outside the United States than inside it for the first time in the franchise’s history — $5.2 billion ex-U.S. against $4.8 billion domestically.
Mia Scarlett: Strip the growth back to its two moving parts and the quarter reads differently. Volume did all the work — a 60% contribution — while realized price took 13 points off the top. That is not a pricing business anymore. It is a manufacturing-capacity business that happens to have a price on the box, and the guidance raise is a statement about how many pens Lilly thinks it can fill, not about what it thinks it can charge.
Source: Axis Intelligence Research — CC BY 4.0
The Axis Incretin Dependence Index (IDI)
Every Lilly analysis in circulation observes that the company is concentrated in incretins. None of them measure it. According to Axis Intelligence Research, that gap is worth closing with a single reproducible number.
What IDI Means and How It Is Built
IDI — Incretin Dependence Index. A composite of three equally weighted components, each expressed 0–100, measuring how much of Eli Lilly’s commercial and scientific position rests on its incretin portfolio.
IDI = (RC + PC + GA) ÷ 3
| Component | Definition | Inputs (Q2 2026 / Aug 5, 2026) | Reading | Source of inputs |
|---|---|---|---|---|
| RC — Revenue Concentration | Tirzepatide-brand revenue ÷ total worldwide revenue × 100 | ($9,943 + $4,928) ÷ $22,974 | 64.73 | Lilly Q2 2026 release |
| PC — Pipeline Concentration | Incretin-molecule programs ÷ total disclosed clinical programs × 100 | 30 ÷ 81 | 37.04 | Lilly pipeline page, Aug 5 2026 |
| GA — Growth Attribution | Tirzepatide-brand revenue increase ÷ total revenue increase × 100 | $6,291m ÷ $7,416m | 84.83 | Lilly Q2 2026 release |
IDI = (64.73 + 37.04 + 84.83) ÷ 3 = 62.2
Interpretation framework. Below 30, a diversified portfolio in which no single mechanism determines outcomes. From 30 to 55, a lead-franchise business with real optionality elsewhere. From 55 to 75, a franchise-defined business whose earnings trajectory is set by one molecular class. Above 75, effectively a single-asset company.
At 62.2, Eli Lilly sits firmly in the franchise-defined band — but the three components disagree in an informative way. Growth attribution at 84.8 says the incretins are carrying essentially everything happening right now. Pipeline concentration at 37.0 says a clear majority of the disclosed research portfolio is pointed somewhere else. According to Axis Intelligence Research, that 47.8-point gap between GA and PC is the most useful single number in this article: it is the distance Lilly has to travel to convert scientific breadth into revenue breadth.
Scope note. IDI measures dependence, not risk. A high reading on a franchise with expanding indications and a competitive moat is a different proposition from a high reading on a franchise facing patent expiry. RC and GA use Mounjaro and Zepbound only; orforglipron revenue, reported as Foundayo, is counted in total revenue but not in the tirzepatide numerator, which makes RC deliberately conservative as oral GLP-1 sales scale.
This is the baseline reading. Axis Intelligence Research will recompute IDI after each Lilly quarterly release.
Which Lilly Products Generate the Most Revenue?
Tirzepatide is the whole story, and the Incretin Concentration Ratio traces how it got there.
Incretin Concentration Ratio (ICR), FY2024 – Q2 2026
| Period | Tirzepatide-brand revenue (USD m) | Total revenue (USD m) | ICR | Source |
|---|---|---|---|---|
| FY2024 | 16,466 | 45,043 | 36.6% | Axis calculation, Lilly data |
| Q1 2025 | 6,154 | 12,729 | 48.4% | Axis calculation, Lilly data |
| Q2 2025 | 8,580 | 15,558 | 55.2% | Axis calculation, Lilly data |
| Q3 2025 | 10,090 | 17,601 | 57.3% | Axis calculation, Lilly data |
| Q4 2025 | 11,670 | 19,292 | 60.5% | Axis calculation, Lilly data |
| FY2025 | 36,507 | 65,179 | 56.0% | Axis calculation, Lilly data |
| Q1 2026 | 12,822 | 19,799 | 64.8% | Axis calculation, Lilly data |
| Q2 2026 | 14,871 | 22,974 | 64.7% | Axis calculation, Lilly data |
ICR climbed for five consecutive quarters and then stopped. The Q1-to-Q2 2026 move was 64.76% to 64.73% — flat, within rounding. According to Axis Intelligence Research, this is the first observable plateau in the ratio since Zepbound launched, and it arrives in the same quarter Lilly booked $98 million of Foundayo revenue and 121% growth in Key Products across immunology, oncology and neuroscience.
Other Lilly Products, Q2 2026
| Product | Q2 2026 revenue (USD m) | Therapeutic area | Source |
|---|---|---|---|
| Ebglyss | 201 | Immunology | Lilly Q2 2026 release |
| Jaypirca | 192 | Oncology | Lilly Q2 2026 release |
| Kisunla | 167 | Neuroscience | Lilly Q2 2026 release |
| Omvoh | 102 | Immunology | Lilly Q2 2026 release |
| Foundayo | 98 | Cardiometabolic | Lilly Q2 2026 release |
| Inluriyo | 75 | Oncology | Lilly Q2 2026 release |
Mia Scarlett: Add those six lines together and you get $835 million — about 3.6% of the quarter. The 121% growth rate on the immunology, oncology and neuroscience Key Products is real and it is the number management wants highlighted, but it is compounding off a base that would not cover two weeks of Mounjaro. The plateau in ICR is the more interesting signal, and it is far too early to call it a turn.
Is Eli Lilly Growing on Volume or on Price?
Lilly discloses, every quarter, the split between volume and realized price in its revenue growth. Almost nobody tracks it as a series. According to Axis Intelligence Research, the Volume–Price Spread (VPS) — volume growth contribution minus realized price change, in percentage points — is the cleanest available read on whether a pharmaceutical franchise is buying its growth.
VPS = volume growth contribution (pp) − realized price change (pp)
Volume–Price Spread by Quarter
| Period | Volume contribution | Realized price change | VPS | Source |
|---|---|---|---|---|
| Q1 2025 | +53 pp | −6 pp | 59 pp | Axis calculation, Lilly data |
| Q2 2025 | +42 pp | −6 pp | 48 pp | Axis calculation, Lilly data |
| Q3 2025 | +62 pp | −10 pp | 72 pp | Axis calculation, Lilly data |
| Q4 2025 | +46 pp | −5 pp | 51 pp | Axis calculation, Lilly data |
| Q1 2026 | +65 pp | −13 pp | 78 pp | Axis calculation, Lilly data |
| Q2 2026 | +60 pp | −13 pp | 73 pp | Axis calculation, Lilly data |
Realized price fell 5% in Q4 2025 and 13% in each of the first two quarters of 2026. That is not drift; it is a step change, and it coincides with the November 2025 agreement with the U.S. government on obesity-medicine access and with Mounjaro’s addition to China’s National Reimbursement Drug List in Q1 2026.
Regional Volume–Price Spread, Q2 2026
| Geography | Volume contribution | Realized price change | VPS | Source |
|---|---|---|---|---|
| United States | +37 pp | −3 pp | 40 pp | Axis calculation, Lilly data |
| Outside U.S. | +113 pp | −36 pp | 149 pp | Axis calculation, Lilly data |
According to Axis Intelligence Research, the ex-U.S. spread of 149 percentage points is the most extreme volume-for-price trade Lilly has disclosed in the tirzepatide era. Lilly gave up more than a third of realized price outside the United States to more than double volume. Lilly’s own release attributes the price decline primarily to the NRDL listing in China.
Mia Scarlett: The U.S. number carries an asterisk management put there itself. Reported U.S. price fell 3%, but the release states that excluding adjustments to rebate and discount estimates, U.S. price would have declined by approximately 9%. Those adjustments are true-ups to prior-period accruals, not this quarter’s pricing. On the underlying basis the U.S. spread is closer to 46 points than 40 — and the true-up is the kind of line that flatters a quarter once and cannot flatter the next one the same way.
What Does Eli Lilly Spend on R&D and Manufacturing?
Lilly spent $13,337 million on research and development in 2025, equal to 20.5% of sales. Q2 2026 R&D was $3,819 million, or 16.6% of revenue — the ratio falls not because spending shrank, which it did not, but because the denominator is growing faster.
| Metric | Value | Period | Source |
|---|---|---|---|
| R&D expense | $13,337m | FY2025 | Lilly Key Facts |
| R&D expense | $10,991m | FY2024 | Lilly Q4 2025 release |
| R&D expense | $3,819m | Q2 2026 | Lilly Q2 2026 release |
| Employees in R&D | 12,771 | 2025 basis | Lilly Key Facts |
| R&D share of workforce | 25% | 2025 basis | Lilly Key Facts |
| Clinical research countries | 55+ | 2026 | Lilly Key Facts |
Acquired in-process R&D is the line that reshaped the quarter. Lilly recognised $2,776 million of acquired IPR&D charges in Q2 2026 against $154 million in Q2 2025 — a $3.03 hit to EPS, primarily tied to the Orna Therapeutics and Ajax Therapeutics acquisitions. The August guidance raise added $2.78 of underlying EPS at the midpoint and then handed back $3.03 to acquired IPR&D, which is why the top of the EPS range moved down while revenue guidance moved up.
On the physical side, Lilly committed a further $4.5 billion across its Lebanon, Indiana sites in May 2026, bringing stated Indiana capital commitments since 2020 to more than $21 billion and U.S. commitments to more than $50 billion.
How Big Is Eli Lilly’s Pipeline in 2026?
Lilly’s pipeline page, dated August 5, 2026, discloses programs from Phase 2 upward; Phase 1 projects are no longer published. According to Axis Intelligence Research’s count of every program-indication entry on that page, the disclosed portfolio comprises 81 programs.
| Development stage | Programs disclosed | Source |
|---|---|---|
| Regulatory approval achieved | 1 | Axis count, Lilly pipeline page |
| Regulatory review | 4 | Axis count, Lilly pipeline page |
| Phase 3 | 41 | Axis count, Lilly pipeline page |
| Phase 2 | 35 | Axis count, Lilly pipeline page |
| Total disclosed | 81 | Axis count, Lilly pipeline page |
Incretin-Molecule Programs
| Molecule | Disclosed programs | Source |
|---|---|---|
| Tirzepatide | 9 | Axis count, Lilly pipeline page |
| Brenipatide | 9 | Axis count, Lilly pipeline page |
| Orforglipron | 7 | Axis count, Lilly pipeline page |
| Retatrutide | 5 | Axis count, Lilly pipeline page |
| Total | 30 of 81 (37.0%) | Axis calculation |
The indication list is where the strategy shows. Orforglipron alone is in Phase 3 for hypertension, obstructive sleep apnea, knee osteoarthritis pain, peripheral artery disease, stress urinary incontinence and cardiovascular outcomes. Brenipatide, a GIP/GLP-1 agonist, is in trials for alcohol use disorder, opioid use disorder, tobacco use disorder, schizophrenia, bipolar disorder, major depressive disorder, asthma and both subtypes of irritable bowel syndrome.
Retatrutide’s clinical data package is complete for obesity, obstructive sleep apnea and knee osteoarthritis pain, with a Biologics License Application planned for Q1 2027.
Mia Scarlett: Nine brenipatide indications spanning addiction, psychiatry, gastroenterology and respiratory medicine is not portfolio diversification. It is the same molecular hypothesis wearing nine different lab coats. If incretin receptor agonism turns out to do less for schizophrenia than the mechanism suggests, a large block of that Phase 2 count deflates together. That correlation is exactly what the pipeline concentration component of IDI is built to capture, and it is why a raw program count flatters the picture.
Eli Lilly vs Novo Nordisk: How Do the Numbers Compare?
The GLP-1 market is a duopoly reporting in two currencies on two accounting bases, which is why direct share comparisons are usually wrong. Growth rates travel better.
| Metric | Eli Lilly, Q2 2026 | Novo Nordisk, Q2 2026 | Source |
|---|---|---|---|
| Revenue / net sales | $22,974m | DKK 78,488m | Company results releases |
| Revenue growth | +48% (reported, USD) | +7% (adjusted, CER) | Company results releases |
| Obesity-franchise trend | Zepbound +46%, Mounjaro +91% | Obesity care +16% CER | Company results releases |
| Gross margin | 85.8% reported | 78.2% adjusted | Company results releases |
| Full-year outlook | Revenue $85–87bn | Adjusted sales 0% to −6% CER | Company results releases |
| Employees | 51,168 | ~66,700 | Company disclosures |
According to Axis Intelligence Research, the Q2 2026 growth gap between the two companies is 41 percentage points. This comparison is not like-for-like and should not be cited as one: Lilly’s 48% is reported growth in U.S. dollars, Novo’s 7% is adjusted growth at constant exchange rates excluding a 340B provision effect. Axis Intelligence Research declines to convert the two into a single market-share figure, because merging a USD reported basis with a DKK constant-currency adjusted basis produces a number that means nothing precise enough to defend. Publishing both, labelled, is the more useful answer.
The directional finding survives the caveats. Novo’s Wegovy injectable sales in U.S. Operations fell 22% at constant exchange rates in Q2 2026 on lower realized prices, and Novo guides to full-year adjusted sales growth between zero and negative six percent. Lilly guides to roughly 32% growth at the midpoint. Both companies are absorbing the same U.S. pricing reset; only one is still adding volume fast enough to outrun it.
What Is Lilly’s Exposure to U.S. Drug Price Negotiation?
CMS announced the third cycle of the Medicare Drug Price Negotiation Program on January 27, 2026, selecting 15 drugs with prices effective in 2028. Two are Lilly’s.
| Selected drug | Medicare Part B + D expenditure | Medicare enrollees | Source |
|---|---|---|---|
| Trulicity | $4,898,378,000 | 617,000 | CMS IPAY 2028 fact sheet |
| Verzenio | $1,428,714,000 | 15,000 | CMS IPAY 2028 fact sheet |
| Lilly total | $6,327,092,000 | 632,000 | Axis calculation, CMS data |
| All 15 selected drugs | $27,000,000,000 | ~1,777,000 | CMS IPAY 2028 fact sheet |
Expenditure figures cover November 1, 2024 through October 31, 2025.
According to Axis Intelligence Research, Lilly’s two selected medicines account for 23.4% of the $27.0 billion in Medicare expenditure represented by the full third-cycle list — the largest single-manufacturer share in the cohort. Trulicity by itself is the highest-expenditure drug on the list at $4.90 billion, ahead of Biktarvy at $3.90 billion.
Mia Scarlett: Trulicity is the ghost at this particular feast. It is a declining asset — Lilly stopped breaking it out as a Key Product some time ago, and its patients have been migrating to tirzepatide for three years. Negotiating a maximum fair price on a franchise your own newer molecule is already cannibalising is a manageable outcome. The number to watch is which cycle catches tirzepatide. Small-molecule drugs become eligible seven years after approval and biologics after eleven; tirzepatide was approved in the United States in 2022. The arithmetic is not complicated, and neither is the exposure.
Where Does Eli Lilly Operate?
| Metric | Value | As of | Source |
|---|---|---|---|
| Employees worldwide | 51,168 | June 30, 2026 | Lilly Key Facts |
| Employees outside the U.S. | 26,863 | June 30, 2026 | Lilly Key Facts |
| Employees in Indianapolis | 13,583 | June 30, 2026 | Lilly Key Facts |
| Employees in U.S. excluding Indiana | 9,734 | June 30, 2026 | Lilly Key Facts |
| Employees in Indiana excluding Indianapolis | 988 | June 30, 2026 | Lilly Key Facts |
| Manufacturing plants | 10 countries | 2026 | Lilly Key Facts |
| Products marketed | ~90 countries | 2026 | Lilly Key Facts |
| R&D facilities | 8 countries | 2026 | Lilly Key Facts |
More than half of Lilly’s workforce now sits outside the United States — 26,863 of 51,168. According to Axis Intelligence Research, FY2025 revenue divided by the June 30, 2026 headcount gives approximately $1.27 million of revenue per employee. That ratio mixes a full-year revenue figure with a mid-2026 headcount and is offered as an order-of-magnitude comparator, not a precise productivity measure.
What Does 2026 Guidance Actually Imply?
Guidance raises make good headlines and poor analysis. The interesting question is what the raised range implies for the half of the year that has not happened yet.
| Guidance scenario | FY2026 revenue | Implied H2 2026 | vs H1 2026 ($42,773m) | Source |
|---|---|---|---|---|
| Low end | $85,000m | $42,227m | −1.3% | Axis calculation, Lilly guidance |
| Midpoint | $86,000m | $43,227m | +1.1% | Axis calculation, Lilly guidance |
| High end | $87,000m | $44,227m | +3.4% | Axis calculation, Lilly guidance |
According to Axis Intelligence Research, Lilly’s raised 2026 guidance implies second-half revenue of $43.2 billion at the midpoint — approximately flat against a first half that grew 51% year over year. At the low end of the range, the second half would be smaller than the first.
Mia Scarlett: Guidance ranges are constructed, not observed, and this one is constructed conservatively. Management flagged that the first half benefited from sales-based milestones and from adjustments to rebate and discount estimates — a $250 million Jardiance milestone in each of Q1 and Q2, and rebate true-ups it named as a partial offset to price declines in both quarters. Take those out and the flat sequential shape is less strange than it looks. It is still the number a careful reader should hold management to in November, because a company guiding to 32% annual growth while implying 1% sequential growth is telling you something about the second half that the press release headline is not.
Methodology
Collection. Every figure in this analysis was retrieved from a primary source document on August 19, 2026 and logged in the accompanying CSV with its source organisation, document title, URL and retrieval date. Financial figures come from Eli Lilly’s quarterly results releases (Q2 2025, Q3 2025, Q4 2025, Q1 2026, Q2 2026) and the company’s Key Facts page. Pipeline counts come from Lilly’s Clinical Development Pipeline page, dated August 5, 2026. Medicare figures come from the CMS fact sheet on drugs selected for Initial Price Applicability Year 2028. Comparator figures come from Novo Nordisk’s Company Announcement No 48/2026, the financial report for 1 January to 30 June 2026. No figure in this article is sourced from a secondary aggregator.
Formulas.
- ICR (Incretin Concentration Ratio) = (Mounjaro revenue + Zepbound revenue) ÷ total worldwide revenue × 100, computed per period.
- VPS (Volume–Price Spread) = volume growth contribution (pp) − realized price change (pp), using the split Lilly discloses in each results release.
- IDI (Incretin Dependence Index) = (RC + PC + GA) ÷ 3, where RC is the current-quarter ICR, PC is incretin-molecule disclosed programs ÷ total disclosed programs × 100, and GA is the tirzepatide-brand revenue increase ÷ total revenue increase × 100, year over year.
Counting rules for the pipeline. One program equals one molecule-indication entry as listed on Lilly’s pipeline page. Combination programs are counted once and attributed to the incretin component where one is present. Phase 1 is excluded because Lilly no longer discloses it, so the 81-program total understates the true portfolio and PC is calculated on the disclosed set only.
Rounding and precision. Values carry the precision of their source. Where Lilly reports a figure in billions to one decimal place — U.S. Mounjaro revenue of $4.8 billion, for example — the CSV records it at that precision with a method note. Percentages computed by Axis Intelligence Research are shown to one or two decimal places; component inputs are shown inline so any reading can be recomputed.
What this analysis does not capture. Segment operating margins, which Lilly does not report by therapeutic area; unit volumes, which the company reports only as growth contributions; and any Phase 1 activity. The Lilly–Novo Nordisk comparison spans two reporting currencies and two adjustment bases and is presented as parallel figures rather than a merged market-share estimate.
About This Dataset
Contents. 163 rows covering Eli Lilly financial results (Q1 2025 – Q2 2026 quarterly, FY2024 and FY2025 annual), product-level revenue, volume and realized-price splits, workforce and footprint data, capital commitments, CMS Medicare negotiation figures, Novo Nordisk comparator data, a dated clinical pipeline snapshot, and 26 Axis Intelligence Research original metric rows including the full ICR, VPS and IDI series.
Format. UTF-8 CSV, one header row, 14 columns, long format. Every row carries source organisation, source document, source URL, retrieval date, a primary-source flag, an Axis-calculated flag and a method note.
Licence. CC BY 4.0. Free to use with attribution.
Citation format. Axis Intelligence Research, Eli Lilly Statistics 2026, 2026.
Update policy. This dataset is revised when Lilly publishes quarterly results, when Lilly updates its Clinical Development Pipeline page, or when CMS publishes negotiated prices for the 2028 cycle.
Cite This Research
APA Axis Intelligence Research. (2026). Eli Lilly statistics 2026: Revenue, Mounjaro, Zepbound and pipeline data. https://axis-intelligence.com/eli-lilly-statistics/
MLA Axis Intelligence Research. “Eli Lilly Statistics 2026: Revenue, Mounjaro, Zepbound and Pipeline Data.” Axis Intelligence, 2026, axis-intelligence.com/eli-lilly-statistics/.
Chicago Axis Intelligence Research. “Eli Lilly Statistics 2026: Revenue, Mounjaro, Zepbound and Pipeline Data.” Axis Intelligence, 2026. https://axis-intelligence.com/eli-lilly-statistics/.
Frequently Asked Questions
How much of Eli Lilly’s revenue comes from tirzepatide?
According to Axis Intelligence Research, tirzepatide sold as Mounjaro and Zepbound generated $14,871 million of Lilly’s $22,974 million in Q2 2026 worldwide revenue — an Incretin Concentration Ratio of 64.7%. On a full-year basis the ratio was 56.0% in 2025 and 36.6% in 2024. The ratio was flat between Q1 and Q2 2026 for the first time since Zepbound launched.
Why did Lilly’s EPS guidance range narrow downward while revenue guidance went up?
The two moved for different reasons. Lilly raised underlying non-GAAP EPS guidance by $2.78 at the midpoint on business performance, then absorbed $3.03 of acquired in-process R&D charges from Q2 business development. The net effect took the range from $35.50–$37.00 to $35.50–$36.50. Guidance excludes acquired IPR&D incurred after June 30, 2026, so further acquisitions would sit outside the range as stated.
Is Lilly’s revenue growth coming from price increases?
No — the opposite. Realized prices fell 13% in Q2 2026 while volume contributed 60 percentage points of growth. According to Axis Intelligence Research, the resulting Volume–Price Spread of 73 percentage points is the second-highest in the six quarters measured, behind Q1 2026 at 78. Outside the United States the spread reached 149 percentage points.
Which Lilly drugs are exposed to Medicare price negotiation?
Trulicity and Verzenio were selected for the third negotiation cycle, with maximum fair prices effective January 1, 2028. Their combined Medicare Part B and D expenditure for November 2024 through October 2025 was $6.33 billion. Tirzepatide products were not selected for this cycle; eligibility depends on years elapsed since approval and the absence of generic or biosimilar competition.
How many drugs does Lilly have in late-stage development?
As of August 5, 2026, Lilly disclosed 41 Phase 3 programs, four programs in regulatory review and one with regulatory approval achieved, alongside 35 Phase 2 programs — 81 disclosed programs in total, according to Axis Intelligence Research’s count. Lilly no longer publishes Phase 1 projects, so the true portfolio is larger than the disclosed figure.
What is the Incretin Dependence Index and what does a reading of 62.2 mean?
IDI is an Axis Intelligence Research composite of revenue concentration, pipeline concentration and growth attribution, each scored 0–100 and equally weighted. The baseline reading of 62.2 places Eli Lilly in the franchise-defined band, where the earnings trajectory is set by one molecular class. The spread between its components matters more than the headline: growth attribution reads 84.8 while pipeline concentration reads 37.0.
How does Lilly’s growth compare with Novo Nordisk’s?
Lilly reported 48% revenue growth in Q2 2026 in U.S. dollars; Novo Nordisk reported 7% adjusted sales growth at constant exchange rates. The bases are not comparable and Axis Intelligence Research does not merge them into a share figure. Directionally, Lilly guides to roughly 32% full-year growth at the midpoint while Novo guides to adjusted sales growth between zero and negative six percent.
Where does Lilly manufacture, and how much has it committed to U.S. capacity?
Lilly operates manufacturing plants in 10 countries and markets products in approximately 90. In May 2026 it added $4.5 billion across two Lebanon, Indiana sites, taking stated Indiana commitments since 2020 above $21 billion and U.S. capital expansion commitments since 2020 above $50 billion.
What would change the Incretin Dependence Index most?
Growth attribution is the most volatile component and would fall fastest if a non-incretin launch scaled. Foundayo, Lilly’s oral GLP-1, complicates the picture: it is an incretin, so it would raise pipeline and growth dependence even as it diversifies Lilly away from a single injectable molecule. Retatrutide’s planned Q1 2027 BLA submission would push pipeline concentration higher before any of it reaches revenue.