J P M O R G A N North America Equity Research 05 August 2026 Eli Lilly & Company 2Q26 First Take: Another Significant Beat/Raise This morning, LLY reported another qtrly beat (again driven by Mounjaro/ Zepbound) and raised guidance by $2.5bn at the midpoint. On the qtr, LLY reported sales of $23bn (+$2.3bn vs cons) and EPS of $8.38 (+$2.37 vs cons). The top-line beat was driven by Mounjaro, where intl sales came in $600mm above our forecast and grew over $700mm sequentially, while the US business benefitted ...