Eli Lilly And Company · NYSE:LLY
Eli Lilly And — Q1 2026 Earnings Presentation
55 slides from Eli Lilly And's earnings presentation, Apr 30, 2026
Slide 1: Not for promotional use
& Not for promotional use
Slide 2: Q1 2026 Earnings Call
Eli Lilly and Company Q1 2026 Earnings Call
Slide 3: Agenda
Agenda Introduction and Key Events David Ricks, Chair and Chief Executive Officer Q1 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 Q1 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 ma materially due to various factors. The company's results may be affected by factors including, but not limited andunc
Slide 5: Q1 2026 Progress on Strategic Deliverables
Q1 2026 Progress on Strategic Deliverables Broaden Impact on Expand Presence in Invest to Drive Cardiometabolic Health Other Therapeutic Areas Future Growth • Incretin revenue grew 90% • 160% Key Product revenue growth in • Announced new manufacturing site in Immunology, Oncology and Neuroscience Le
Slide 6: Q1 2026 Key Income Statement Measures
Q1 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 $19,799 $- $19,799 56% Gross margin 81.9% 0.7pp 82.6% -0.9pp Total operating expense $7,307 $(279) $7,028 4% Operating income
Slide 7: Price/Rate/Volume Effect on Revenue
Price/Rate/Volume Effect on Revenue Dollars in im llions Q1 2026 Amount Price FX Rate Volume Total CER U.S. $12,119 (7)% - 49% 43% 43% Europe $3,646 5% 16% 32% 53% 37% Japan $571 2% (0)% 40% 42% 42% China1 $693 NM 2% NM 54% 52% Rest of world $2,771 (4)% 10% 172% 178% 168% Total revenue $19,799 (13)%
Slide 8: Q1 2026 Update on Key Products
Q1 2026 Update on Key Products Cardiometabolic Health Mounjaro U.S. TRx SOM grew1to 51% $13.4B Key Product revenue, representing 68% of Q1 2026 revenue Zepbound Q1 2026 sales of $4.2B, +80% vs. Q1 2 Millions $14,000 Immunology Ebglyss Q1 2026 sales of $145M, +141% vs Q1 2 $12,000 Oncology Jaypirca Q
Slide 9: U.S. Incretin Analogs Market Total Prescriptions
U.S. Incretin Analogs Market 2,700 Total Prescriptions +30% 2,400 Average 2,100 Q1 2026 U.S. market growth Total Prescriptions 4 Week Rolling Lilly SOM 1,800 60.1 % (thousands) 1,500 1,200 60.1% Lilly share of market 900 Novo SOM 39.4% 600 300 0 Source: IQVIA weekly NPA total prescriptions, weekly d
Slide 10: International Incretin Analogs Market
International Incretin Analogs Market $2.7 Total Revenue +77% $2.4 Gross Revenue 3 Month Rolling Average $2.1 Q1 2026 marketgrowth $1.8 Lilly SOM (billions) $1.5 53.2% $1.2 Novo SOM 53.2% 46.8% Lilly share of market $0.9 $0.6 $0.3 $0.0 Growth rate: Jan/Feb 2026Jan/Feb vs. 2025 Data source: IQVIA GMI
Slide 11: Foundayo U.S. launch off to a strong start
Foundayo U.S. launch off to astart strong Broadly available in retail April 9 12+ major telehealth platforms offering Foundayo, approximately 35%of launch volume Commercial access confirmed at 2/3 major PBMs -May by mid Medicare access through -1 Bridge GLP program July 1 HCP digital engagement live
Slide 12: Q1 2026 Capital Allocation
Q1 2026 Capital Allocation $ in billions R&D1 $2.9 GROWTH Capital $2.3 Investments Business 2 $1.5 Development Dividend $1.5 RETURN Share Repurchase $2.4 1 After tax 2 Includes development milestones, closed acquisitions and cash outflows associated with equity investments 2026 Q1 Earnings Not for p
Slide 13: 2026 Guidance
2026 Guidance (Non -GAAP) Prior Updated Comments 1 Revenue $80.0– $83.0 billion $82.0– $85.0 billion Strong underlying business performance; midpoint growth 28% year ove 2 Performance Margin 46.0%– 47.5% 47.0%– 48.5% Increased to reflect updated revenue expectations Tax Rate Approximately-19% 18 Unc
Slide 14: Foundayo ACHIEVE-4 Results
Foundayo ACHIEVE -4 Results Key Highlights: ACHIEVE-4 Select Hazard Ratios (95% CI) Demonstrated cardiovascular saf and durable efficacy of MACE-41 Timetofirstoccurrence 0.84 (0.59– 1.20)2 16% lower risk of MACE 4 -4 events -31 Time to first occurrence of MACE 0.77 (0.52– 1.13) 23% lower risk of MAC
Slide 15: Retatrutide TRANSCEND-T2D-1 Results
Retatrutide TRANSCEND -T2D-1 Results 1 HbA1c and Body Weight Change at 40 Weeks Key Highlights: HbA1c Change A1C reduction up to 2.0% Body Weight Change Baseline HbA1c = 7.9% Baseline Weight = 96.9 kg Clinically meaningful improveme -2.5% in key cardiovascular risk factors -2.8 kg -0.8% -11.5% Disco
Slide 16: Ebglyss ADorable-1 Topline Results
Ebglyss ADorable -1 Topline Results Key Highlights: IGA 0,1 at Week 16 EASI 75 at Week 16 Superior efficacy vs. placebo in patients aged 6 months to < 18 ye 62.6% Proportion of Patients Proportion of Patients *** 43.5% EASI-75 achieved by 2.9x more *** Ebglyss participants vs. placebo 21.6% 15.2% U.
Slide 17: Jaypirca Positive Data Across CLL Treatment Settings
Jaypirca Positive Data Across Treatment CLL Settings Treatment-Naïve R/R BTKi Naïve R/R Post-cBTKi BRUIN CLL-313 80% PFS risk reduction vs BR Jaypirca vs. BR U.S. Regulatory Review BRUIN CLL-314 1 76% PFS risk reduction vs ibrutinib 1 27% PFS risk reduction vs ibrutinib Continuous Jaypirca vs. Ibrut
Slide 18: Lilly Select Pipeline
NME Lilly Select Pipeline April 28, 2026 NILEX / Other REMOVAL ADDITION OR MILESTONE ACHIEVED UPDATES SINCE February 3, 2026 ELORALINTIDE SOFETABART Osteoarthritis Pain MIPITECAN PSOC BRENIPATIDE BRENIPATIDE BARICITINIB BRENIPATIDE ELORALINTIDE INCRETIN ELORALINTIDE Opioid Use Disorder Schizophrenia
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 E
Slide 20: Q1 2026 Summary
Q1 2026 Summary ↑ 56% Increased full year revenue guidance New approved Positive Phase 3 Acquisitions Revenue growth 1 Lilly Medicine 5 Clinical Trials 4 announced $82.0B- $85.0B $8.55 6 New Phase 3 Programs Increased non - GAAP EPS guidance Non - GAAP EPS $35.50- $37.00 Broaden Impact on Expand Pre
Slide 21: Supplemental Slides
Supplemental Slides 2026 Q1 Earnings Not for promotional use 21
Slide 22: 2026 Income Statement - Reported
2026 Income Statement -- Reported Dollars in millions; except per share data Q1 2026 Change Total revenue $19,799 56% Gross margin 81.9% -0.6pp Total operating expense* $7,307 7% Operating income $8,915 141% Operating margin 45.0% 16.0pp Other income (expense) $(65) (73)% Effective tax rate 16.4% -3
Slide 23: EPS Reconciliation
EPS Reconciliation Q1 2026 Q1 2025 % Change Earnings per share (reported) $8.26 $3.06 170% Asset impairment, restructuring and other special charges 0.25 0.03 NM Amortization of intangible assets 0.11 0.11 0% Net losses (gains) on investments in equity securities (0.07) 0.13 NM Earnings per share (N
Slide 24: Q1 Non-GAAP Adjustments
Q1 Non -GAAP Adjustments : Q1 2026 non-GAAP information has been adjusted to exclude : Q1 2025 non-GAAP information has been adjusted to exclude • Asset impairment, restructuring and other special charges totaling• Assetimpairment, restructuring and other special charges, pri $279 million (pre-tax),
Slide 25: Q1 2026 Mounjaro Sales Increased
Q1 2026 Mounjaro Sales Increased $4.8B U.S. saleswere$4.2 billion U.S. TRX SOM and Market Volume International sales were $4.4 billion 60% 1,600 Market 13 week RA TRX Market Size 1,400 $8.7 13 week RA TRx SOM 50% $7.4 1,200 $6.5 40% Mounjaro 1,000 $5.2 $ in billions 30% 800 $3.8 600 20% 400 10% 200
Slide 26: Q1 2026 Zepbound Sales Increased
Q1 2026 Zepbound Sales Increased $1.8B 1 U.S. sales were $4.1 billion U.S. TRX SOM and Market Volume 70% Zepbound 1,000 13 Wk RA TRX Market Size 900 $4.2 $4.3 60% 13 wk RA TRx SOM 800 $3.4 $3.6 50% 700 Market 600 $ in billions 40% $2.3 500 30% 400 20% 300 200 10% 100 Q1 Q2 Q3 Q4 0% 0 Q4 Q1 Q2 Q3 Q4
Slide 27: Select Trials – Abemaciclib
Select Trials – Abemaciclib Source: clinicaltrials.gov, April 20, 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 Di
Slide 28: Select Trials – Baricitinib
Select Trials – Baricitinib Source: clinicaltrials.gov, April 20, 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, April 20, 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 – Donanemab
Select Trials – Donanemab Source: clinicaltrials.gov, April 20, 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
Slide 31: Select Trials – Eloralintide
Select Trials – Eloralintide Source: clinicaltrials.gov, April 20, 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
Slide 32: Select Trials – Imlunestrant
Select Trials – Imlunestrant Source: clinicaltrials.gov, April 20, 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-F
Slide 33: Select Trials – Ixekizumab
Select Trials – Ixekizumab Source: clinicaltrials.gov, April 20, 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 Wit
Slide 34: Select Trials – Lebrikizumab
Select Trials – Lebrikizumab Source: clinicaltrials.gov, April 20, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Proportion of Participants With Investigator Global A Study of Lebrikizumab (LY3650150) in Participants 6 Atopic Assessment (IGA) Score of 0
Slide 35: Select Trials – Lepodisiran
Select Trials – Lepodisiran Source: clinicaltrials.gov, April 20, 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 Cardiovas
Slide 36: Select Trials – Mirikizumab
Select Trials – Mirikizumab Source: clinicaltrials.gov, April 20, 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 1058 Percenta
Slide 37: Select Trials – Mirikizumab (cont.)
Select Trials – Mirikizumab (cont.) Source: clinicaltrials.gov, April 20, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion LY4268989 (MORF-057) Co-Administered With Ulcerative Percentage of participants who simultaneously achieve NCT07186101 Mirikizumab in
Slide 38: Select Trials – Muvalaplin
Select Trials – Muvalaplin Source: clinicaltrials.gov, April 20, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Assessing the Impact of Muvalaplin on Major Time to First Occurrence of Any Component of the NCT07157774 Elevated Lp(a) Cardiovascular Events i
Slide 39: Select Trials – Olomorasib
Select Trials – Olomorasib Source: clinicaltrials.gov, April 20, 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
Slide 40: Select Trials – Orforglipron
Select Trials – Orforglipron Source: clinicaltrials.gov, April 20, 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 C
Slide 41: Select Trials – Orforglipron (cont.)
Select Trials – Orforglipron (cont.) Source: clinicaltrials.gov, April 20, 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 P
Slide 42: Select Trials – Pirtobrutinib
Select Trials – Pirtobrutinib Source: clinicaltrials.gov, April 20, 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 su
Slide 43: Select Trials – Pirtobrutinib (cont.)
Select Trials – Pirtobrutinib (cont.) Source: clinicaltrials.gov, April 20, 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
Slide 44: Select Trials – Remternetug
Select Trials – Remternetug Source: clinicaltrials.gov, April 20, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Percentage of Participants Who Reach Amyloid Plaque Alzheimer's A Study of Remternetug (LY3372993) in Participants NCT054637311 3 1667 Clearan
Slide 45: Select Trials – Retatrutide
Select Trials – Retatrutide Source: clinicaltrials.gov, April 20, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Obesity / A Study of Retatrutide (LY3437943) in Participants Who NCT05929066 3 2300 Percent Change from Baseline in Body Weight Apr 2026 May 2
Slide 46: Select Trials – Retatrutide (cont.)
Select Trials – Retatrutide (cont.) Source: clinicaltrials.gov, April 20, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Retatrutide (LY3437943) in Participants Obesity / NCT07357415 Without Type 2 Diabetes Who Have Obesity or 3 600 Percent Cha
Slide 47: Select Trials – Selpercatinib
Select Trials – Selpercatinib Source: clinicaltrials.gov, April 20, 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
Slide 48: Select Trials – Sofetabart Mipitecan
Select Trials – Sofetabart Mipitecan Source: clinicaltrials.gov, April 20, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Two-Part Phase 3 Study of Sofetabart Mipitecan Progression-free Survival (PFS), PFS per Response Ovarian (LY4170156) in Participant
Slide 49: Select Trials – Tirzepatide
Select Trials – Tirzepatide Source: clinicaltrials.gov, April 20, 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 Mortali
Slide 50: Early Phase Cardiometabolic Health
Early Phase Cardiometabolic Health Source: clinicaltrials.gov, April 20, 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 2 240 Pe
Slide 51: Early Phase Immunology
Early Phase Immunology Source: clinicaltrials.gov, April 20, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Eltrekibart (LY3041658) in Percentage of Participant Achieving Hidradenitis Eltrekibart NCT06046729 Adult Participants With Mod
Slide 52: Early Phase Neuroscience
Early Phase Neuroscience Source: clinicaltrials.gov, April 20, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Diabetic A Chronic Pain Master Protocol (CPMP): AT2R Peripheral A Study of LY4065967 in Participants Change from Baseline in Average Pai
Slide 53: Early Phase Neuroscience (cont.)
Early Phase Neuroscience (cont.) Source: clinicaltrials.gov, April 20, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Phase 1/2a Clinical Trial of PR001 Parkinson's GBA1 Gene (LY3884961) in Patients With Cumulative number of Treatment-Emergent Ad
Slide 54: Early Phase Oncology
Early Phase Oncology Source: clinicaltrials.gov, April 20, 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 R
Slide 55: Trademarks
Trademarks All trademarks and trade names referred to in this earnings update are the property of the company, or, to the extent tradema rks or trade names belonging to other companies are referenced in this earnings update, the property of their respective owners. Sol ely for convenience, the trade
Eli Lilly and Company — Q1 2026 Earnings Presentation on 6ix