Eli Lilly And Company · NYSE:LLY
Eli Lilly And — Q2 2026 Earnings Presentation
55 slides from Eli Lilly And's earnings presentation, 2026
Slide 1: Not for promotional use
& Not for promotional use
Slide 2: Q2 2026 Earnings Call
Eli Lilly and Company Q2 2026 Earnings Call
Slide 3: Agenda
Agenda Introduction and Key Events David Ricks, Chair and Chief Executive Officer Q2 2026 Financial Results Lucas Montarce, Chief Financial Officer R&D Update Dan Skovronsky, M.D., Ph.D., Chief Scientific and Product Officer Question & Answer Session 2026 Q2 Earnings 3
Slide 4: Safe Harbor Provision and Other Information
Safe Harbor Provision and Other Information This presentation contains forward -looking statements that are based on management's current expectations, but actual y differ results materially ma due to various factors. The company's results may be affected by factors including, but not limited to, th
Slide 5: Q2 2026 Progress on Strategic Deliverables
Q2 2026 Progress on Strategic Deliverables Broaden Impact on Expand Presence in Invest to Drive Cardiometabolic Health Other Therapeutic Areas Future Growth • Incretin revenue grew 67% driven by • 121% Key Product revenue growth in • Opened Lebanon Advanced Therapies market growth and increased glob
Slide 6: Medicare GLP-1 Bridge Progress
Medicare GLP -1 Bridge Progress ~20 million Potential patients eligible under the Medicare Bridge Progra $50 / month Out of pocket cost for Medicare beneficiaries ~60 - 70% Patients are new incretin starts ~ 35% Increase in U.S. covered lives for Lilly obesity medicines 2026 Q2 Earnings Not for prom
Slide 7: Q2 2026 Key Income Statement Measures
Q2 2026 Key Income Statement Measures (unau Dollars in millions; except per share data YoY Non -GAAP GAAP Reported Adjustments Non-GAAP Adjusted Adjusted Change Total revenue $22,974 $- $22,974 48% Gross margin 85.8% 0.5pp 86.3% +1.3pp Total operating expense $10,728 $(703) $10,025 61% Operating inc
Slide 8: Price/Rate/Volume Effect on Revenue
Price/Rate/Volume Effect on Revenue Dollars in im llions Q2 2026 Amount Price FX Rate Volume Total CER U.S. $14,413 (3)% - 37% 33% 33% Europe $4,115 7% 4% 49% 60% 55% Japan $628 (9)% (9)% 39% 21% 30% China1 $941 NM 9% NM 102% 93% Rest of world $2,877 (4)% 7% 141% 143% 136% Total Revenue $22,974 (13)
Slide 9: Q2 2026 Update on Key Products
Q2 2026 Update on Key Products Cardiometabolic Health Mounjaro Q2 2026 sales of+91% $9.9B,vs Q2 2025 $15.7B Key Product revenue, accelerating to 76% growth year Zepbound over yearQ2 2026 sales of $4.9B, +46% vs. Q2 2 Millions $16,000 Foundayo Q2 2026 sales of $98M Immunology $14,000 EbglyssQ2 2026 s
Slide 10: U.S. Incretin Analogs Market
U.S. Incretin Analogs Market Total Prescriptions 2,700 2,400 +31% Average 2,100 Q2 2026 U.S. market growth Total Prescriptions 4 Week Rolling Lilly SOM 1,800 60.9% (thousands) 1,500 1,200 60.9% Lilly share of market Novo SOM 900 38.8% 600 300 0 Source: IQVIA weekly NPA total prescriptions, weekly da
Slide 11: International Incretin Analogs Market
International Incretin Analogs Market $3.0 Total Revenue $2.5 +74% Gross Revenue 3 Month Rolling Average Lilly SOM Q2 2026 market growth 54.9% $2.0 (billions) $1.5 Novo SOM 45.1% 54.9% Lilly share of market $1.0 $0.5 Growth rate: April /May 2026 April/May vs. 2025 $0.0 Data source: IQVIA GMI Agent A
Slide 12: Foundayo Launch and Clinical Progress
Foundayo Launch and Clinical Progress US International Expected Phase 3 Readouts Sampling and HCP engagement UAE (obesity) DTC expansion launched in June Mexico (obesity & T2D) Type 2 Diabetes (ACHIEVE -4) 2026 Medicare GLP -1 Bridge effective July Saudi Arabia (obesity) Obstructive sleep apnea Type
Slide 13: YTD 2026 Capital Allocation
YTD 2026 Capital Allocation $ in billions Business 1 $13.8 Development GROWTH R&D2 $6.0 Capital $5.2 Investments Share $4.0 RETURN Repurchase Dividend $3.1 1 Includes development milestones, closed acquisitions and cash outflows associated with equity investments 2 After tax 2026 Q2 Earnings Not for
Slide 14: 2026 Guidance (Non-GAAP)
2026 Guidance (Non -GAAP) Prior Updated Comments 1 Strong underlying business performance; increased midpoint of the rang Revenue $82.0– $85.0 billion $85.0– $87.0 billion $2.5B reflecting 32% year over year growth 2 Performance Margin 47.0%– 48.5% 49.0%– 50.5% Increased by 2.0pp to reflect updated
Slide 15: Retatrutide Showed Powerful Efficacy in TRIUMPH Trials
Retatrutide Showed Powerful Efficacy in TRIUMPH T 1 Change from Baseline Weight TRIUMPH-1 TRIUMPH-2 TRIUMPH-3 TRIUMPH-4 vs. placebo vs. placebo vs. placebo vs. placebo Obesity Obesity with T2D Class II-III Obesity with CVD ± T2D Obesity with OA 80 weeks 80 weeks 80 weeks 68 weeks Baseline Body Weigh
Slide 16: Jaypirca PFS in R/R CLL Using a Time-Limited Regimen
JaypircaPFS in R/R CLL Using a Time -LimitedRegimen 1 BRUIN CLL-322 Select Hazard Ratios (95% CI) 1 Disease Progression on One Prior cBTKi Overall 0.55 (0.40– 0.75) 68% reduction in risk of progression or death vs VR 0.51 PriorcBTKiTreated (0.35– 0.74) Jaypirca+ VR PriorcBTKiDiscontinued 0.44 (0.29–
Slide 17: Significant R&D Progress through M&A
Significant R&D Progress through M&A INFECTIOUS CMH ONCOLOGY NEUROSCIENCE IMMUNOLOGY DISEASE Note:AtaiBeckley transaction expected to close in Q3 2026 2026 Q2 Earnings Not for promotional use 17
Slide 18: Lilly Select Pipeline
NME Lilly Select Pipeline As of August 3, 2026 NILEX / Other REMOVAL ADDITION OR MILESTONE ACHIEVED UPDATES SINCE April 28, 2026 BRENIPATIDE BRENIPATIDE IBS - C IBS - D TIRZEPATIDE ZOTEMTEGRAST + ZOTEMTEGRAST TIRZEPATIDE Higher Doses MIRIKIZUMAB UC Crohn’s Disease Type 1 Diabetes BRENIPATIDE BRENIPA
Slide 19: Potential Key Events 2026
Potential Key Events 2026 New since last update Phase 3 Initiations Regulatory Submissions Eloralintide for obesity or overweight Orforglipron for type 2 diabetes [US / EU /J ] Eloralintide incretin add - on for obesity or overweight Orforglipron for obstructive sleep apnea and obesity or overweight
Slide 20: Q2 2026 Summary
Q2 2026 Summary ↑ 48% Increased full year revenue guidance Label Manufacturing Acquisitions Revenue growth 2 Expansions 2 site milestones 4 announced $85.0B- $87.0B Increased non - GAAP EPS guidance $8.38 3 Positive Phase 3 Retatrutide Trials Non - GAAP EPS $35.50- $36.50 Broaden Impact on Expand Pr
Slide 21: Supplemental Slides
Supplemental Slides 2026 Q2 Earnings Not for promotional use 21
Slide 22: 2026 Income Statement – Reported
2026 Income Statement – Reported Dollars in millions; except per share data Q2 2026 Change Total revenue $22,974 48% Gross margin 85.8% +1.5pp Total operating expense* $10,728 72% Operating income $8,978 31% Operating margin 39.1% -5.0pp Other income (expense) $269 NM Effective tax rate 23.3% +6.8pp
Slide 23: EPS Reconciliation
EPS Reconciliation Q2 2026 Q2 2025 % Change Earnings per share (reported) $7.94 $6.29 26% Asset impairment, restructuring and other special charges 0.72 -- NM Amortization of intangible assets 0.11 0.11 (1)% Net losses (gains) on investments in equity securities (0.39) (0.09) NM Earnings per share (
Slide 24: Q2 Non-GAAP Adjustments
Q2 Non -GAAP Adjustments Q2 2026 non-GAAP information has been adjusted to exclude: Q2 2025 non-GAAP information has been adjusted to exclude: • Amortization of intangibles (cost of sales) primarily associate • Asset impairment, restructuring and other special charges, driven primarily by Keloniaand
Slide 25: Q2 2026 Mounjaro Sales Increased $4.7B
Q2 2026 Mounjaro Sales Increased $4.7B U.S. sales were $4.8 billion U.S. TRX SOM and Market Volume International sales were $5.2 billion 60% Market 1,600 13 Wk RA TRX Market Size 1,400 $9.9 50% 13 wk RA TRx SOM $8.7 1,200 40% Mounjaro $7.4 1,000 $6.5 $ in billions $5.2 30% 800 $3.8 600 20% 400 10% 2
Slide 26: Q2 2026 Zepbound Sales Increased $1.5B
Q2 2026 Zepbound Sales Increased $1.5B 1 U.S. sales were $4.9 billion U.S. TRX SOM and Market Volume 70% Zepbound 1,400 13 Wk RA TRX Market Size 60% 1,200 $4.9 13 wk RA TRx SOM $4.2 $4.3 50% 1,000 $3.4 $3.6 Market 800 $ in billions 40% $2.3 30% 600 20% 400 10% 200 Q1 Q2 Q3 Q4 0% 0 Q1 Q2 Q3 Q4 Q1 Q2
Slide 27: Select Trials – Abemaciclib
Select Trials – Abemaciclib Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Endocrine Therapy With or Without Abemaciclib NCT031559971 Breast Cancer (LY2835219) Following Surgery in Participants With 3 5637 Invasive Dis
Slide 28: Select Trials – Baricitinib
Select Trials – Baricitinib Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Baricitinib (LY3009104) to Preserve Beta Cell Change from Baseline in C-peptide Area Under the NCT07222332 Type 1 Diabetes Function
Slide 29: Select Trials – Brenipatide
Select Trials – Brenipatide Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Major Time to Relapse as Measured by Number of Days from A Study of Brenipatide in Adult Participants With Major NCT07412756 Depressive 3 1000
Slide 30: Select Trials – Brenipatide (cont.)
Select Trials – Brenipatide (cont.) Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Evaluate Brenipatide Compared With Annualized Asthma Exacerbation Rate Over 52 Weeks NCT07219173 Asthma Placebo in Adult Par
Slide 31: Select Trials – Donanemab
Select Trials – Donanemab Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Alzheimer's A Study of Donanemab (LY3002813) in Participants Change from Baseline in Integrated Alzheimer's Disease NCT04437511 3 1736 Apr 2023 N
Slide 32: Select Trials – Eloralintide
Select Trials – Eloralintide Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Eloralintide (LY3841136) in Participants With Obesity / NCT07321886 Obesity, or Overweight Without Type 2 Diabetes 3 1980 Percent C
Slide 33: Select Trials – Imlunestrant
Select Trials – Imlunestrant Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Imlunestrant, Investigator's Choice of Breast Endocrine Therapy, and Imlunestrant Plus Abemaciclib NCT04975308 3 874 Progression-Fr
Slide 34: Select Trials – Ixekizumab
Select Trials – Ixekizumab Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Ixekizumab Concomitantly Administered With Percentage of Participants Who Simultaneously Plaque Psoriasis NCT06588283 Tirzepatide in Adults With
Slide 35: Select Trials – Lebrikizumab
Select Trials – Lebrikizumab Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Lebrikizumab (LY3650150) in Participants 6 Percentage of Participants With Investigator Global Atopic NCT05559359 Months to <18 Yea
Slide 36: Select Trials – Lepodisiran
Select Trials – Lepodisiran Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Atherosclerotic A Study to Investigate the Effect of Lepodisiran on the Time to First Occurrence of Any Component of the NCT06292013 Cardiovasc
Slide 37: Select Trials – Mirikizumab
Select Trials – Mirikizumab Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Evaluate the Long-Term Efficacy and Safety Ulcerative NCT03519945 of Mirikizumab in Participants With Moderately to 3 1153 Percentag
Slide 38: Select Trials – Muvalaplin
Select Trials – Muvalaplin Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Atherosclerotic Assessing the Impact of Muvalaplin on Major Time to First Occurrence of Any Component of the NCT07157774 Cardiovascular Cardiova
Slide 39: Select Trials – Olomorasib
Select Trials – Olomorasib Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of First-Line Olomorasib (LY3537982) and Carcinoma, Pembrolizumab With or Without Chemotherapy in Dose Optimization and Safety Lead-In P
Slide 40: Select Trials – Orforglipron
Select Trials – Orforglipron Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Orforglipron (LY3502970) in Adult Obesity / NCT05869903 Participants With Obesity or Overweight With Weight- 3 3127 Mean Percent Ch
Slide 41: Select Trials – Orforglipron (cont.)
Select Trials – Orforglipron (cont.) Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Orforglipron (LY3502970) in Participants Obesity / NCT06972459 With Obesity or Overweight and at Least One Weight- 3 800 Pe
Slide 42: Select Trials – Pirtobrutinib
Select Trials – Pirtobrutinib Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Chronic A Study of Pirtobrutinib (LOXO-305) Versus Lymphocytic Bendamustine Plus Rituximab (BR) in Untreated To evaluate progression-free sur
Slide 43: Select Trials – Pirtobrutinib (cont.)
Select Trials – Pirtobrutinib (cont.) Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion To compare progression-free survival (PFS) of Study of BTK Inhibitor LOXO-305 Versus Approved BTK pirtobrutinib as monotherapy (Arm A
Slide 44: Select Trials – Remternetug
Select Trials – Remternetug Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Alzheimer's A Study of Remternetug (LY3372993) in Early Time to Clinically Meaningful Progression as Measured NCT06653153 3 1400 Apr 2029 Oct 2
Slide 45: Select Trials – Retatrutide
Select Trials – Retatrutide Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Retatrutide (LY3437943) Compared to NCT06662383 Obesity Tirzepatide (LY3298176) in Adults Who Have Obesity 3 800 Percent Change from
Slide 46: Select Trials – Selpercatinib
Select Trials – Selpercatinib Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Selpercatinib (LY3527723) in Participants Non-Small Cell Progression Free Survival (PFS) by Blinded Independent NCT04194944 With A
Slide 47: Select Trials – Sofetabart Mipitecan
Select Trials – Sofetabart Mipitecan Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Progression-free Survival (PFS), per Response A Three-Part Phase 3 Study of Sofetabart Mipitecan Evaluation Criteria in Solid Tumors (
Slide 48: Select Trials – Tirzepatide
Select Trials – Tirzepatide Source: clinicaltrials.gov, July 30, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Tirzepatide (LY3298176) on the Reduction Obesity / Time to First Occurrence of a Major Adverse NCT05556512 on Morbidity and Mortalit
Slide 49: Early Phase Cardiometabolic Health
Early Phase Cardiometabolic Health Source: clinicaltrials.gov, July 30, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Investigate Weight Management With Bimagrumab Obesity / Bimagrumab NCT06643728 (LY3985863) and Tirzepatide 2 252 Per
Slide 50: Early Phase Cardiometabolic Health, continued
Early Phase Cardiometabolic Health, continued Source: clinicaltrials.gov, July 30, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of LY3457263 Compared With Placebo in Participants With Type 2 Nisotirostide NCT06897475 Type 2 Diabetes 2 2
Slide 51: Early Phase Immunology
Early Phase Immunology Source: clinicaltrials.gov, July 30, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Eltrekibart (LY3041658) in Hidradenitis Percentage of Participant Achieving Hidradenitis Eltrekibart NCT06046729 Adult Participa
Slide 52: Early Phase Infectious Disease
Early Phase Infectious Disease Source: clinicaltrials.gov, July 30, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Safety and Immunogenicity of CRV-101 Vaccine for the Prevention of Herpes Occurrence of solicited local and systemic signs and Amez
Slide 53: Early Phase Neuroscience
Early Phase Neuroscience Source: clinicaltrials.gov, July 30, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Investigate the Effects of Central Disorders Cleminorexton Compared With Change from baseline in mean sleep latency (average C
Slide 54: Early Phase Oncology
Early Phase Oncology Source: clinicaltrials.gov, July 30, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Evaluate LY3537021 for the Chemotherapy- GIPR Agonist Treatment of Nausea and Vomiting Proportion of Participants With Complete Re
Slide 55: Trademarks
Trademarks All trademarks and trade names referred to in this earnings update are the property of the company, or, rks to the or trade extent names tradema belonging to other companies are referenced in this earnings update, the property of their respective owners. Solely for convenience, the names
Eli Lilly and Company — Q2 2026 Earnings Presentation on 6ix