Orforglipron (Foundayo) Launch and Regulatory Progress
The FDA approved orforglipron for obesity, and the company launched it in the U.S. during Q2 2026, with submissions for type 2 diabetes in the U.S., EU, and Japan.
Source: 10-Q Item 2 MD&A
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Lilly's Q2 FY2026 was defined by soaring demand for its incretin drugs Mounjaro and Zepbound, which propelled revenue and gross margin expansion. Management attributed the growth to strong volume, particularly in international markets, though lower realized prices partially offset the gains. The quarter also featured the U.S. launch of obesity treatment Foundayo (orforglipron) and significant pipeline advancements, but these were accompanied by elevated acquired IPR&D and restructuring charges that tempered net income growth. The company's future performance hinges on successful manufacturing scale-up and sustained market access for its cardiometabolic portfolio.
Revenue
$22.97B
+47.67% YoY
EPS (Diluted)
$7.94
+26.23% YoY
Source: SEC XBRL
ELI LILLY & Co (LLY) reported Q2 FY2026 revenue of $22.97B, up 47.7% year over year. LLY's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 8.38 | 6.07 | Beat +38.1% |
| Mar 2026 | 8.55 | 6.73 | Beat +27.0% |
| Dec 2025 | 7.54 | 6.74 | Beat +11.9% |
| Sep 2025 | 7.02 | 5.75 | Beat +22.0% |
Adjusted (non-GAAP) EPS of $8.38 versus the $6.07 analyst consensus — a +38.1% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $7.94.
Compiled by AI from 10-Q Item 2 of this filing
The FDA approved orforglipron for obesity, and the company launched it in the U.S. during Q2 2026, with submissions for type 2 diabetes in the U.S., EU, and Japan.
Source: 10-Q Item 2 MD&A
Mounjaro and Zepbound accounted for 65% of total revenue in H1 FY2026, with volume growth partially offset by lower realized prices, especially in China after Mounjaro’s NRDL listing.
Source: 10-Q Item 2 MD&A
Gross margin as a percentage of revenue increased 1.5 percentage points to 85.8%, driven by improved production costs and favorable product mix.
Source: 10-Q Item 2 MD&A
Acquired IPR&D charges of $2.8 billion and asset impairment/restructuring charges of $703 million weighed on earnings, primarily from acquisitions of Orna and Ajax.
Source: 10-Q Item 2 MD&A
Effective July 1, 2026, Medicare beneficiaries gained access to discounted Lilly obesity medicines through the GLP-1 Bridge Program, potentially expanding market access.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
Long-term debt increased to $47.9 billion, a 40% rise year-over-year, leading to a debt-to-equity ratio of 1.41. High leverage may constrain financial flexibility and increase interest costs.
Source: 10-Q Balance Sheet (XBRL)
Investing cash outflows surged to $19.3 billion YTD, largely due to multiple acquisitions. Integration risks and potential goodwill impairment could affect future earnings.
Source: 10-Q Cash Flow Statement (XBRL)
Current assets grew 29.7% but current liabilities increased 22.4%, resulting in a current ratio of 1.35. This slim liquidity cushion could be strained if operating cash flow weakens.
Source: 10-Q Balance Sheet (XBRL)
Dividends paid of $3.1 billion and share buybacks of $4.0 billion YTD represent substantial cash outflows, reducing capital available for organic growth or debt reduction.
Source: 10-Q Cash Flow Statement (XBRL)
Total assets surged 41% to $142.3 billion, largely from acquisitions. This rapid expansion increases the risk of overpayment and future impairment charges if acquired assets underperform.
Source: 10-Q Balance Sheet (XBRL)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 22.97 $B | 15.56 $B | +47.67% |
Cost of Revenue $B | 3.27 $B | 2.45 $B | +33.50% |
Net Income $B | 7.10 $B | 5.66 $B | +25.33% |
EPS (Basic) $ | 7.95 $ | 6.30 $ | +26.19% |
EPS (Diluted) $ | 7.94 $ | 6.29 $ | +26.23% |
SG&A Expense $B | 3.43 $B | 2.75 $B | +24.59% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
Eli Lilly delivered an exceptional Q1 2026, with revenue surging 55.5% YoY to $19.8B and net income soaring 168.1% to $7.4B, driven by continued explosive demand for its GLP-1 and diabetes/obesity portfolio.
Eli Lilly delivered exceptional FY2025 results with revenue surging 44.7% to $65.2B and net income nearly doubling to $20.6B, driven by explosive demand for its GLP-1 medicines Mounjaro and Zepbound.
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