Eli Lilly and Co. (LLY) shares climbed in premarket trading after the pharmaceutical giant reported a stunning 48% jump in second-quarter revenue, driven by surging demand for its blockbuster weight-loss and diabetes treatments.
The company posted adjusted earnings of $8.38 per share, up from $6.31 a share in the same period a year earlier, handily beating Wall Street expectations.
Revenue surged to $22.97 billion in the quarter, topping the Bloomberg consensus estimate of $20.59 billion by a wide margin.
Mounjaro, Lilly’s diabetes drug, generated $9.94 billion in sales, exceeding analyst expectations of $8.83 billion and cementing its position as one of the best-selling pharmaceutical products in the world.
Zepbound, Lilly’s obesity treatment, posted $4.93 billion in quarterly revenue, up 18% from the previous quarter and ahead of the $4.64 billion analyst estimate.
Together, Mounjaro and Zepbound accounted for 64.7% of Lilly’s total revenue in the second quarter, underscoring how dependent the company has become on its GLP-1 franchise.
Foundayo, Lilly’s newly launched once-daily obesity pill, brought in $98 million in sales, falling short of the analyst average expectation of $105.6 million.
Research and development spending rose 14% to $3.82 billion for the quarter, coming in below the $4.05 billion that analysts had projected.
“Lilly’s momentum continues, as we delivered 48% revenue growth and raised our full-year guidance,” CEO David A. Ricks said in a statement accompanying the results.
Ricks added, “With our next-generation weight-loss medicine retatrutide and its complete clinical data package in hand, new manufacturing capacity coming online, and exciting new assets entering our pipeline through business development, Lilly’s future, after 150 years, has never been brighter.”
Lilly raised its full-year revenue guidance to a range of $85 billion to $87 billion, up from its prior forecast of $82 billion to $85 billion, with the midpoint exceeding the $85.31 billion Bloomberg consensus estimate.
The company slightly trimmed the top end of its full-year adjusted earnings forecast, now guiding for $35.50 to $36.50 per share, compared to its previous range of $35.50 to $37, citing charges related to business activity in the quarter.
The results arrive as competition in the GLP-1 market intensifies, with rival Novo Nordisk having launched an oral version of its weight-loss drug Wegovy in the U.S. earlier this year.
The strong quarterly performance is expected to reassure investors that demand for Lilly’s obesity and diabetes treatments remains resilient despite pricing pressure and a more crowded competitive landscape.
The revised guidance came less than a day after Novo Nordisk also raised its full-year profit and sales forecasts, banking on its oral pill to recover lost ground in the lucrative obesity market.
The global obesity drug market reached $66 billion in 2025, according to data firm IQVIA, with analysts projecting the U.S. market alone could exceed $100 billion by 2030.
