Eli Lilly and Company will report second-quarter 2026 earnings on Aug. 5 before market open, and Wall Street is looking for $20.26 billion in sales and $6.71 per share in profit. For LLY stock, the report is the next hard test of whether the company’s obesity and diabetes franchise can keep carrying growth.
The focus will again fall on Mounjaro and Zepbound, which are expected to be the main drivers of second-quarter top-line growth. The Zacks Consensus Estimate puts Mounjaro at $8.94 billion and Zepbound at $4.72 billion, while investors also want to see whether newer products can add enough volume to matter. That includes Foundayo, the once-daily oral GLP-1 pill Lilly launched in April, and the new breast cancer drug Inluriyo, which is expected to improve sequentially in the quarter.
The setup matters because Lilly has kept beating earnings expectations, topping estimates in each of the trailing four quarters with an average surprise of 14.52% and a 21.10% beat in the last reported period. But the market is not handing it a clean pass this time. 2026 earnings estimates have slipped over the past 30 days, from $36.59 per share to $34.91, and Lilly’s Earnings ESP sits at -10.38% even with a Zacks Rank #3.
That tension runs through the rest of the portfolio. Lower realized prices, including U.S. Part D changes, are likely to have continued to pressure sales of most drugs, including Mounjaro and Zepbound. Sales of Trulicity are also likely to have fallen as patients switch to Mounjaro and prices ease, while Jardiance loses the benefit of a $250 million international sales boost that helped the first quarter. Against that, Lilly said early launch data for Foundayo were encouraging and that insurance coverage was expanding rapidly through major PBMs.
Foundayo’s second quarter will be especially closely watched because it is the first full quarter after its April launch, and because Novo Nordisk added fresh pressure to the category after gaining approval for an oral version of Wegovy in December 2025 and launching it in January 2026. Lilly has not said how much Foundayo sold in its first quarter on the market, but investors will want a clear read on whether the pill is taking share or giving some back as the category gets more crowded. The answer should start coming into focus when Eli Lilly and Company reports before the opening bell on Aug. 5.
For readers following LLY stock, the report is less about whether Lilly can post another beat than whether it can keep extending growth while prices fall, rivals press harder and newer drugs prove they can scale fast enough to matter. The next number set that will decide that starts with Thursday’s report.
