Eli Lilly Raises Outlook As Mounjaro And Zepbound Sales Surge

Blockbuster Demand for Mounjaro and Zepbound Lifts Revenue

Sales of the diabetes drug Mounjaro jumped 91% to $9.94 billion, surpassing analysts’ estimates, while the obesity treatment Zepbound brought in $4.93 billion, beating expectations of $4.73 billion, according to Reuters reporting. Together, these two flagship medications accounted for 64.7% of the company’s total revenue in the latest reported quarter.

According to Eli Lilly, strong consumer demand drove sales volumes higher across global markets. International strength particularly fueled Mounjaro’s growth outside the United States, while both drugs expanded their footprint domestically. However, the company noted that these gains were partially offset by lower realized prices on the medications.

Intensifying Competition in the Global Obesity Market

The strong financial figures arrive as Eli Lilly and rival Novo Nordisk continue to dominate the lucrative obesity treatment market. The latest results offer reassurance to investors that demand for Lilly’s GLP-1 treatments remains resilient despite pricing pressures and intensifying competition. Novo Nordisk launched an oral version of its weight-loss drug, Wegovy, in the U.S. earlier this year, and the pill is quickly gaining traction in its rollout.

Data firm IQVIA reported that the global market for obesity drugs reached $66 billion in 2025, with analysts projecting the U.S. market alone to surpass $100 billion by 2030. Meanwhile, sales of Lilly’s newly launched once-daily obesity pill, Foundayo, came in at $98 million, missing analysts’ average expectation of $105.6 million.

Adjusting Financial Forecasts Amid Deal-Related Charges

Reflecting its broader growth, Eli Lilly raised its annual revenue expectation from a previous range of $82 billion to $85 billion up to $85 billion to $87 billion. Citi analysts described the results as keeping Lilly’s differentiated growth trajectory intact, noting that future performance will rely heavily on volume growth, expanded Medicare access, and sustained international demand for Mounjaro.

J.P.Morgan analysts wrote in a note that Lilly remained their top pick with potential for further upside to Street numbers over the coming years. Despite the revenue upgrade, Lilly slightly trimmed the top end of its full-year profit forecast due to charges related to business activity during the quarter. The company adjusted its full-year adjusted earnings per share projection to $35.50 to $36.50, down from its prior forecast of $35.50 to $37, though still sitting above analysts’ expectations of $34.20 per share.

Quarterly Earnings Beat Wall Street Estimates

For the quarter ended June 30, Eli Lilly reported adjusted earnings of $8.38 per share, easily topping the average analyst estimate of $6.01 per share compiled by LSEG. The revised forecast and earnings beat came less than a day after rival Novo Nordisk similarly raised its full-year profit and sales forecasts as it relies on its oral pill to claw back ground lost to Lilly.

The strong financial results highlight the intense competition between the two pharmaceutical giants as they race to capture a larger share of the rapidly expanding obesity drug market.