Eli Lilly & Co. (LLY): 2Q26 Preview: Light Foundayo Widely Expected With Focus on OUS Mounjaro-Driven Beat/Raise

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Eli Lilly & Co. (LLY): 2Q26 Preview: Light Foundayo Widely Expected With Focus on OUS Mounjaro-Driven Beat/Raise

Equity Research

24 July 2026 | 6:00AM EDT

Eli Lilly & Co. (LLY): 2Q26 Preview: Light Foundayo Widely Expected

With Focus on OUS Mounjaro-Driven Beat/Raise

Following underperformance earlier this year driven by recalibrating expectations Asad Haider, CFA

+1(212)902-0691 | asad.haider@gs.com

around the Foundayo launch, LLY shares have rallied +39% (vs DRG +16% / SPX Goldman Sachs & Co. LLC

+4%%) since the company’s 1Q26 print which featured an impressive beat/raise Nick Jennings

driven by OUS Mounjaro and marked a turning point that served to shift the +1(415)249-7412nick.jennings@gs.com|

narrative toward the strength across the entire incretin franchise. Heading into 2Q26 Goldman Sachs & Co. LLC

Jeff Suearnings (Aug 5th), we anticipate the same themes will remain in focus, albeit on a +1(212)357-9930 | jeff.su@gs.com

more solid foundation given updates over the past 2 months have further boosted Goldman Sachs & Co. LLC

confidence on the company’s rapidly evolving next gen obesity engine (including

additional positive reta data this week).

For 2Q results, we project revenues of $20.8bn generally inline with VA Cons

($20.5bn) and EPS of $5.83 (adjusted for IPR&D vs. cons. $6.82 unadjusted). Themes

of note into the results include: (1) A highly-anticipated miss for oral obesity pill

Foundayo in its first quarter of launch. Given relatively tepid IQVIA prescription

data, we project 2Q Foundayo sales of $40mn (vs. VA Cons. ~$100mn) and moderate

our 2026 estimates to reflect more gradual early uptake, with acceleration from OUS

launches next year where we note recent OUS Mounjaro strength has been a

reassuring leading indicator.