A：Eli Lilly's Q2 2026 earnings report highlights robust revenue growth across key products and geographies, with full-year guidance being raised. The company advanced its pipeline across therapeutic areas, expanded through business developments, and achieved key milestones including the FDA approval of Eblis and the EU approval for Jy perka. The report also indicates strong internal pipeline growth through acquisitions, manufacturing facility openings, and the distribution of dividends and share repurchases.

A：Recent developments include the FDA approval of Eblis for maintenance dosing once every four weeks in atopic dermatitis, the EU approval for Jy perka across all lines of therapy, and a positive CHMP opinion in the EU for insulin F cator alpha for type II diabetes under the trade name on SW.

A：Eli Lilly's acquisitions have expanded its presence in emerging therapeutic areas such as cervo lumeiqi logics and vaccines. These acquisitions have built a platform of potential new medicines to prevent infectious diseases and their complications, as well as provided novel treatments for treatment-resistant depression and other mental health conditions.

A：In the US, revenue growth was primarily driven by volume growth of Manjaro and leban, along with contributions from the immunology, oncology, and neuroscience portfolio. In international markets, revenue grew 50% in constant currency, driven by sustained strong volume growth of Manjaro Europe and a $250 million Jardine milestone payment.

A：Updates on Eli Lilly's key product performances include a continued gain in market share for ingers Ares group in the US, strong growth for japee with worldwide sales up 56%, and solid performance for kisona that expanded its leadership position in the US and amyloid target therapy market.

A：The Medicare GLP-1 Bridge program has launched, providing insurance coverage for GLP-1 medications for weight management at a low out-of-pocket price of $50 per month for 20 million eligible Americans. Additionally, Eli Lilly has secured reimbursements for monjaro in France for both Type II diabetes and obesity.

A：Eli Lilly is anticipating potential approvals in over 20 markets currently under regulatory review, with a global rollout expected in all major markets. The company also expects readouts from many additional clinical trials, including the first readout in obstructive sleep apnea, and continued progress in its ongoing Phase II program for Neo as a small molecule.

A：The new non GAAP performance margin expectation is between 49% and 50.5%, an increase of 0.5 percentage points at the low end and 1.0 percentage point at the high end. The expected non GAAP earnings per share is $35.50 to $36.50, an increase of $0.03 at the midpoint of the range.

A：The 'Triumph' program in cardiometabolic health includes positive results from three phase 3 trials for a product aimed at obesity and type 2 diabetes. The trials showed profound levels of weight loss and improvements in cardiovascular risk factors, osteoarthritis, pain, and sleep apnea. The completion of the 'Triumph' trials allows for global registration in obesity, obstructive sleep apnea, and knee osteoarthritis.

A：Recent accomplishments in diabetes research include the completion of a U.S. submission for a product in type 2 diabetes supported by the Achieve Phase 3 program, detailed results from three trials presented at the American Diabetes Association's scientific sessions, and the European Medicines Agency's Chmp recommending EU approval of insulin F alpha for patients with type 2 diabetes.

A：The 'Verve 1-2' gene editing program in cardiovascular disease, designed to inactivate the PCSK9 gene to lower LDL cholesterol, showed a single infusion that reduced PCSK9 by 82% and LDL cholesterol by 62% at the highest dose in a phase 1b study. This suggests the potential for once-injected cardiovascular benefits.

A：The acquisition of Tybeck is significant because it advances a pipeline of rapid-acting neuroplastic genes for treatment-resistant depression and other mental health conditions. The lead asset, BPL-003, has shown encouraging phase IB results, addressing a significant unmet need in psychiatry with the potential for a rapid-acting therapy that could deliver durable relief.

A：The phase 3 study for CLL 322 showed that adding perte brutinib to a fixed duration regimen reduced the risk of disease progression or death by 45% compared to the control. For the phase Ii trial of selpercatinib in adjuvant-refused positive non small cell lung cancer, it showed that the drug reduced the risk of disease recurrence or death by 83% versus placebo.

A：The significance of the new dosing regimen for lebrikizumab is that it offers patients with atopic dermatitis the option to manage their condition with as few as 6 maintenance injections per year, providing sustained disease control with greater convenience, which has been well received by physicians and patients.

A：The potential impact of the acquisitions on global health problems includes addressing significant population-level health issues, with potential treatments for serious bacterial infections, vaccines against shingles and serious diseases linked to the Epstein Barr virus, and a vaccine to prevent not just the infection but the serious diseases that follow it.

A：Key business developments in the first half of 2026 include announced deals to acquire potential new medicines across established and emerging areas, continuing the strategy to grow within core therapeutic areas and create new opportunities through emerging science.

A：The company plans to expand consumer access to treatments for obesity by focusing on increasing access and affordability, and by building consumer awareness about the urgency to treat obesity. This includes efforts to expand their direct-to-consumer offering and making it easy for people to get access to care. The company is also seeing a significant increase in the number of prescriptions for zebon, with about 50% of prescriptions being in self-pay. As for the international self-pay market, it is mainly out-of-pocket, and the company is rapidly replicating practices from the U.S. outside the country, though they are taking into account that regulations are different and will apply various models accordingly.

A：Outside the U.S., the company has observed that the obesity business is mainly out-of-pocket, and consumer activation is playing a significant role. They have launched portions of direct outside of the U.S. and are replicating some practices from the U.S. However, they are taking into account that regulations are different and will apply various models accordingly. They are well positioned in terms of supply with no plans to gate launches. In the UAE, they had a strong start and saw patients hydrating up steadily. Most patients were naive to treatment with incryptid. They have approval in Mexico and Saudi Arabia and expect to launch next in those markets in 2027. They are excited about the launch one outside the U.S. and view it as very early data with potential noise in the data set.

A：The company believes they are making meaningful progress in launching foundation and building out the brand, focusing on key areas such as educating physicians on the drug profile, achieving greater access and affordability, and building consumer awareness. They have seen week-to-week growth in overall prescriptions and have increased access with CVS. The launch of bridge happened on July 1, and they started a full DTC promotion campaign. They observed an inflection point in the last week of July, with volume doubling compared to just a month ago, and they anticipate continued growth in fundo over the coming quarters.

A：The company believes that red tide is a biologic application in terms of amino acid count and analogy to a protein. They are in communication with the FDA and have announced that they have all the clinical data they need to submit. However, they need to gather a bit more data on the cmmc side. They are hopeful to reach a conclusion with the FDA to support a Bla application. They have been in litigation and hope for a resolution. They are excited about the data package, which includes unprecedented efficacy with a triple-acting GOP 1 and look forward to the submission by Q1 next year.

A：The company is excited about expanding access for seniors to obesity therapy through Medicare. It's in the early stages, but they are seeing a significant inflection point. They are working closely with CMS to educate physicians and other stakeholders on the criteria process, which is working well with prior authorization and approvals for those who qualify. They have also enabled the Redi to fulfill the bridge process. They are seeing an inflection point for both of their medicines, zebon and foundation, with a significant preference towards injectable treatments. They have added approximately 2,000 new patients for both treatments. They are continuing to educate consumers, physicians, and pharmacies on the benefits of the program and the criteria for treatment. They are encouraged by the inflection point and will continue their efforts to raise awareness.

A：Authentic ketone is eagerly anticipated to be available in the market, with the expectation that it will be embraced for its guaranteed product in terms of development strategy. It has shown transformative effects in weight loss at high doses and is opening up additional opportunities in the treatment of various conditions such as osteoarthritis, knee pain, and chronic lower back pain.

A：A study in mash or masod is currently ongoing, and the glucagon mechanism of action being evaluated offers potential unique opportunities. The company is also advancing in several additional indication opportunities internally and has a chronic lower back pain study ongoing with reta.

A：The company has plans to combine all their medicines against the three important targets in breast cancer. They mention Zio and other therapies that will be combined with investigators' choice of Cdk 4/6, which includes a substantial portion related to Zenyo. This all oral combination is anticipated to be explored in various settings in the future.

A：The company's guidance suggests a deceleration in revenue growth due to a few one-offs in the current quarter related to rebates and discounts in the US, which are not expected to continue into the second half of the year. The comparison in growth versus last year also needs to be considered, as the base period includes the impact of launching Manjaro in the US markets, adding significant volume in the second part of the year. The growth moving forward is more driven by the penetration in the Ou market, and there are seasonal factors like European vacations and US type 2 diabetes trends to consider.

A：The strong aous launch is performing well across various regions, with category leadership established in China and A, significant growth in Korea, the UK, Mexico, and Germany. Even after the launch of generic semaglutide, Trx growth for aou is observed in India and Brazil, driven by strong differentiation and superiority data. The company is closely monitoring the situation as the generic companies have significant supply constraints.

A：The company's extensive sampling program across the prescriber base is aimed at understanding the benefits and safety of fanaa. There is no dampening effect on IQVIA prescription data due to this sampling program. There has been an uptick in the number of prescribers, with an increase to 36,000 from the previous count, indicating continued growth in adoption and improved perception of the product.

A：The difference in net pricing between zeb and other medications is driven by medical exceptions and the commercial pricing strategy, particularly influenced by the size of the scripts. This dynamic affects the price component in the commercial segment and impacts the price that can be extrapolated for the pack. The company does not provide specific sustainability insights but indicates an awareness of these factors affecting net pricing.

A：The company's goal is to achieve open access for all patients, with the medical exception being considered a short-term measure. They expect that prices will go down due to this and they plan to offset any potential revenue loss with volume growth.

A：The commonality between the M&A strategy and the focus on vaccines and psychiatry is the immense unmet need that remains in these areas. The company saw an opportunity to acquire impactful technology and medicines at prices that allow them to remain disciplined and create long-term value for Lilly shareholders.

A：Dan highlights several pipeline projects outside of obesity, including efforts in cardiovascular health with gene editing for PCSK9, oral and injectable LPA lowering drugs, and new areas such as psychiatry and vaccines. They are also excited about diseases like addiction and major depressive disorder that may be addressable with their science, as well as progress in oncology and immunology with new molecule readouts and a drug that has potential against a large unmet medical need.

A：The company is encouraged by the early results of semaglutide (found Ao) for treating obesity and type II diabetes, noting a need for an oral treatment and a significant opportunity due to a majority of naive patients. For reimbursement, the focus at launch will be on chronic weight management, and the company believes they are positioned well for type II reimbursement. They acknowledge the challenges with reimbursement but plan to emphasize chronic weight management and build on experiences in the U.S. and the UAE.