Eli Lilly Q2 2026 Revenue Jumps 48% to $23 Billion; Raises Full-Year Guidance Again

Eli Lilly posted Q2 2026 revenue of $23.0 billion, up 48% year-over-year, driven by Mounjaro and Zepbound volume. Non-GAAP EPS rose 33% to $8.38, including $3.03 in acquired IPR&D charges. The company raised full-year guidance for the second consecutive quarter. For shareholders, the growth gap between GAAP and non-GAAP earnings reflects Lilly's heavy reliance on deal-making to feed its pipeline.