Eli Lilly (LLY) Q2 2026 (USD): Adj. EPS 8.38 (exp. 6.01), Revenue 23bln (exp. 20.7bln)

• Zepbound revenue 4.93bln (exp. 4.64bln).
• Mounjaro revenue 9.943bln.

• FY revenue 85-87bln (exp. 85.3bln, prev. 82.0-85.0bln).
• FY adj. EPS 35.50-36.50 (exp. 35.04).

A clean beat-and-raise of the kind this name has printed repeatedly through the GLP-1 upcycle: headline EPS and revenue well ahead, both incretin franchises above or at expectations, and full-year guidance lifted on both lines. In comparable episodes for this issuer the pattern has been an initial gap followed by the conference call doing the real work, since the quarterly numbers have rarely been the binding constraint; the swing factors have been manufacturing and supply capacity commentary, formulary and pricing dynamics in the incretin class, and any colour on the oral candidate and pipeline. The raise itself matters less than its composition, a revenue-led lift driven by the two anchor products has historically been treated as higher quality than one padded by margin or one-offs. Cross-read runs to the direct incretin peer, whose own prints and guidance have tended to trade the pair in sympathy, and to the managed-care and compounding-pharmacy names sensitive to obesity-drug coverage. Follow-ons are the call's capacity and pricing remarks, sell-side estimate revisions through the day, and whether the beat extends the established sequence of successive guidance raises or marks the point where the raise cadence stalls.