Eli Lilly Revenue Soars 48% to $23 Billion; Guidance Raised 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 (a profitability metric excluding one-time items) rose 33% to $8.38, including $3.03 in acquired IPR&D charges — payments for drug rights bought from other firms. Lilly raised full-year guidance again. The GAAP-versus-non-GAAP gap reveals heavy reliance on deal-making to fill its pipeline.