Here’s How Much Eli Lilly’s Weight-Loss Drugs Are Worth to Investors
Daniel Sparks, The Motley Fool
Mon, July 13, 2026 at 2:13 PM GMT+5:30
5 min read
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Eli Lilly (NYSE: LLY) commands a market capitalization of about $1.06 trillion, and that valuation was built largely on two drugs: Mounjaro and Zepbound. Investors talk about the drugmaker’s weight-loss and diabetes franchise constantly. But it’s worth pinning down what these medicines actually contribute, and the company’s most recent quarterly report gives a concrete answer
In the first quarter of 2026, Mounjaro and Zepbound generated a combined $12.8 billion in revenue. That was almost two-thirds of Lilly’s $19.8 billion in total revenue for the period — a bigger share than I suspect many investors realize
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A franchise still accelerating
Mounjaro, Lilly’s tirzepatide-based treatment for type 2 diabetes, saw worldwide first-quarter revenue jump 125% year over year to $8.7 billion. Zepbound, the same molecule marketed for weight loss, grew revenue 80% to $4.2 billion
And the pair’s momentum isn’t new. The two drugs combined for $6.2 billion of revenue in the first quarter of 2025, $11.7 billion in the fourth quarter, and $12.8 billion in the most recent period, meaning the franchise has more than doubled in a year and is still climbing quarter by quarter. For full-year 2025, the pair brought in $36.5 billion, more than half of Lilly’s $65.2 billion in revenue
Even more impressive, Mounjaro’s growth rate is accelerating. It rose 99% for full-year 2025, 110% in the fourth quarter, and 125% in the most recent quarter. That is extraordinary acceleration for a product already generating billions of dollars every quarter
Lilly’s total first-quarter revenue rose 56% year over year, driven by a 65% increase in volume, partially offset by a 13% decline in realized prices. Growth was global, too, with U.S. revenue up 43% and revenue outside the U.S. up 81%
And the surging franchise is showing up on the bottom line. Lilly’s first-quarter earnings per share soared 170% year over year to $8.26, and non-GAAP (adjusted) earnings per share rose 156% to $8.55
On the strength of the quarter, management raised its full-year revenue outlook to a range of $82 billion to $85 billion, a $2 billion increase from its prior forecast, and lifted its adjusted earnings-per-share guidance by $2 as well. The new revenue range implies growth of about 28% at the midpoint compared with 2025
