礼来公司：2Q26初步点评

研报英文原文证据摘录

M

Update

August 5, 2026 11:57 AM GMT

Eli Lilly & Co. | North America

Morgan Stanley & Co. LLC

Terence C Flynn, Ph.D.

Equity Analyst

2Q26 First Take

Alexander Yevdokimov, Ph.D.

Research Associate

LLY posted a top and bottom line beat vs. cons; Mounjaro,

Trulicity and Jardiance drove a majority of the beat. Revenue

guidance raised 3% at midpoint. We expect shares to trade up

this morning.

2026 revenue guidance raised: New revenue guidance is $85.0-$87.0bn (prev.

$82.0-$85.0bn); midpoint of $86.0bn (up 3% from $83.5bn prior) is 1% above cons'

$85.3bn and 3% below our $88.8bn. New EPS guidance is largely maintained at

Hailey Horowitz

Research Associate

Chris Yu, J.D., Ph.D.

Equity Analyst

Damien H Kerner

Research Associate

Connor M Massari

Equity Analyst

$35.50-36.50 (prev. $35.50-$37.00); midpoint of $36.00 (down 1% from $36.25),

which incorporates $3.03 impact from IPR&D charges in 2Q (ex-IPR&D EPS raised

Morgan Stanley India Company Private Limited+

by $2.78 at midpoint), is 3% above cons' $35.04 and 2% below our $36.86. LLY also

Saket Agarwal

raised 2026 operating margin guidance to 49.0%-50.5% (vs. 47.0%-48.5%) and

Research Associate

maintained tax rate guidance - see Exhibit 8

Eli Lilly & Co. (LLY.N, LLY UN)

2Q top-line and bottom-line: Revenues were $23bn, 11% above cons' $20.7bn and

11% above our $20.8bn.

GLP-1 Franchise WW sales were $16.2bn vs. MS/cons $14.6bn/$14.0bn. The beat

was driven by outperformance in both US and international. Mounjaro US sales of

$4.8bn were above MS/cons of $4.2bn/$4.4bn. Mounjaro ROW was $5.15bn vs. MS/

Major Pharmaceuticals | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

In-Line

$1,347.00

$1,115.68

$999,558

$1,249.34-624.00

cons of $4.75bn/$4,500mn. Zepbound US sales of $4.9bn were above MS/cons of

$4.8bn/$4.6bn. Trulicity also posted a $350mn beat vs cons and we look for details

on the call. The PR noted that the decline in realized prices was primarily driven by

Zepbound and Mounjaro, partially offset by adjustments to estimates for rebates

and discounts primarily driven by Trulicity, Zepbound, and Mounjaro. Excluding

…