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Eli Lilly delivered another blockbuster quarter, cementing its position as one of the undisputed leaders in the rapidly expanding obesity and diabetes market. The pharmaceutical giant exceeded Wall Street expectations on both revenue and earnings, while raising its full year sales outlook as demand for its flagship GLP 1 medicines continues to outpace even the most optimistic forecasts.1
Although many healthcare companies are facing pricing pressures and slower growth, Lilly continues to demonstrate that innovation in obesity and metabolic disease remains one of the strongest structural growth themes in global healthcare.
Beyond obesity and diabetes, Lilly continues to report healthy momentum across oncology, immunology and neuroscience, while its late stage pipeline continues to expand through both internal development and targeted acquisitions.
Lilly reported second quarter revenue of $22.97 billion, representing 48% year over year growth, keeping Lilly on track to deliver approximately $85 billion in revenue for the full year. Quarterly operating income rose 31% to $8.58 billion.
Adjusted earnings reached $8.38 per share, significantly ahead of consensus estimates. Net income climbed to approximately $7.1 billion, reflecting both higher product sales and improving operating leverage as manufacturing capacity continues to scale.2
Lilly recorded $2.78 billion in acquired in process research and development charges during the quarter, largely reflecting the acquisitions of Aktis Oncology and Centessa Pharmaceuticals. The investments highlight a management strategy focused on using the strong cash generation achieved today to strengthen the pipeline beyond the current GLP 1 growth cycle.
Consensus forecasts expect revenue to increase from approximately $65 billion in 2025 to around $85 billion in 2026, before growth moderates to $99 billion in 2027 and $133 billion by 2030. This implies annual revenue growth slowing from about 46% today to roughly 12% by the end of the decade.3
The key question for investors is whether this deceleration reflects the natural maturation of the GLP 1 market or whether analysts continue to underestimate the long term potential of obesity treatments. The answer to that question will likely be one of the most important factors in determining the valuation of Lilly over the coming years.
Source: Eli Lilly revenue estimates (TIKR), as of August 5, 2026.
Websim is the retail division of Intermonte, the primary intermediary of the Italian stock exchange for institutional investors. Leverage Shares often features in its speculative analysis based on macros/fundamentals. However, the information is published in Italian. To provide better information for our non-Italian investors, we bring to you a quick translation of the analysis they present to Italian retail investors. To ensure rapid delivery, text in the charts will not be translated. The views expressed here are of Websim. Leverage Shares in no way endorses these views. If you are unsure about the suitability of an investment, please seek financial advice. View the original at
The biggest driver behind another exceptional quarter was, once again, the explosive growth of Mounjaro and Zepbound.
Mounjaro generated $9.94 billion in second quarter revenue, representing an impressive 91% year over year increase, while obesity treatment Zepbound delivered $4.93 billion, up 46% from a year earlier. Both products exceeded analyst expectations, highlighting that demand remains exceptionally strong despite increasing competition across the GLP 1 market.2
Combined, the two medicines are becoming some of the highest selling pharmaceutical products ever launched. Continued international expansion, broader insurance coverage and growing physician adoption continue to support prescription growth, while manufacturing capacity improvements are helping Lilly meet previously constrained demand.
Management raised its full year 2026 revenue guidance to $85 billion to $87 billion, up from the previous $82 billion to $85 billion range, showing confidence that demand will remain robust throughout the second half of the year.
Although the company slightly adjusted its earnings outlook to reflect ongoing investment in manufacturing expansion and strategic acquisitions, investors largely welcomed the decision. Lilly continues investing aggressively to increase production capacity while simultaneously expanding its research pipeline through acquisitions in mental health, vaccines and infectious diseases.
One area receiving significant investor attention is Foundayo, Lilly’s oral GLP 1 treatment. Although first full quarter sales reached $98 million, slightly below expectations, management remains optimistic that prescription growth will accelerate as reimbursement expands and physician awareness increases.
Looking further ahead, investors are focused on retatrutide, the next generation obesity treatment, which recently delivered encouraging Phase 3 clinical results. If approved, it could become the next major growth engine and further strengthen the leadership position of Lilly within obesity therapeutics.
Despite trading at a premium valuation, Lilly continues to justify investor optimism through exceptional execution. Unlike many healthcare companies that rely on cost cutting to drive earnings, Lilly is delivering volume driven growth supported by products addressing some of the largest unmet medical needs in the world.
Competition from Novo Nordisk and other pharmaceutical companies is intensifying, but Lilly currently appears to have the strongest commercial momentum, supported by expanding manufacturing capacity, a diversified product portfolio and one of the deepest pipelines in the industry.
The biggest question is whether Lilly can continue growing fast enough to justify its premium valuation. Following another record quarter, management has once again demonstrated that the obesity revolution remains in its early stages, with demand continuing to exceed expectations.
From a technical analysis perspective, the primary up trend remains intact, and momentum conditions are constructive despite the stock trading near record highs. While a further consolidation is likely in the near term, over the long-term a rally toward $1,370 appears highly likely.
Source: TradingView. Lilly daily price chart as of August 6, 2026.
Professional investors looking for magnified exposure to Eli Lilly may consider Leverage Shares +3x Long Eli Lilly or -3x Short Eli Lilly ETP.
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