礼来2026Q2业绩直播
Key Takeaways (AI-Generated)
Financial Performance
- Revenue grew 48% compared to Q2 2025, driven by strong performance across all key products and major geographies
- Key products increased by almost $6.8 billion, with oncology, immunology and neuroscience medicines collectively growing 121%
- Gross margin was 86.3%, an increase of approximately 1.3 percentage points versus same quarter last year
- Non-GAAP earnings per share were $8.38 including $3.03 of acquired IP R&D charges, compared to $6.31 in Q2 2025
Business Highlights
- Completed US submission of Orforglipron for Type 2 diabetes with regulatory action expected later this year
- Achieved positive top-line results in three phase three retatrutide trials showing profound weight loss
- Acquired multiple companies including Curevo, Limitech Biologics, and Back the Vaccine Company to expand therapeutic areas
- Launched Medicare GLP-1 Bridge program granting 20 million eligible Americans coverage for GLP-1s for obesity at $50/month
Financial Guidance
- Raised full year revenue guidance to $85-87 billion, increasing low end by $3 billion and high end by $2 billion
- Increased non-GAAP operating margin guidance to 49-50.5%, up 2 percentage points at both ends
- Raised non-GAAP earnings per share guidance to $35.50-36.50, an increase of $2.78 per share at midpoint
- Plan to submit retatrutide in US in Q1 2027 under BLA pathway
Opportunities
- Orforglipron under regulatory review in over 40 countries with global rollout in major markets expected in 2027
- Retatrutide showing unprecedented weight loss approaching bariatric surgery levels with potential for multiple indications
- Medicare GLP-1 Bridge program expanding access to 35% more Americans for obesity treatment
- Multiple acquisitions expanding into emerging therapeutic areas including infectious disease prevention and psychiatry
Risks
- Generic semaglutide launches in markets like India and Brazil creating competitive pressure
- Active litigation regarding retatrutide BLA pathway classification with FDA
- Seasonality effects expected in Q3 Europe due to vacation holidays and Q4 US diabetes market patterns
Full Transcript (AI-Generated)
Operator
Thank you for holding. We look forward to talking with you soon. Please hold the line and we'll be right back with you.
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Lily Q2 2026 Earnings Conference Call. At this time, all participants are on a listen only mode. Later, we will be conducting a question and answer session and instructions will be given at that time. Should you request assistance during the call, please press * then zero and an operator will assist you offline. I would now like to turn the conference over to your host, Mike Zappar, Senior Vice President of Investor Relations. Please go ahead.
Mike Zappar
Good morning. Thank you for joining us for Eli Lilly and Company's Q2 2026 earnings call. I'm Mike Spar, senior Vice President of Investor Relations. Joining me on today's call are Dave Ricks, Lilly's Chair and CEO, Lucas Montarse, Chief Financial Officer, Doctor Dan Skvonsky, Chief Scientific and Product Officer, Adrian Brown, President of Lilly Immunology, Dr. Carol Ho, President of Lilly Neuroscience, Ilyoufa President of Lilly USA and Global Customer capabilities, Jake Van Naar, President of Lilly Oncology and Head of Business Development, Patrick Johnson, President of Lilly International and Ken Custer, President of Lilly Cardio Metabolic Health.
During this call, we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to various factors, including those listed on slide four. Additional information concerning factors that could cause actual results to differ materially is contained in our latest Form 10K and subsequent filing with the SEC. The information we provide about our products and pipeline is for the benefit of the investment community. It is not intended to be promotional or otherwise influence prescribing decisions. Our commentary today will focus on our non GAAP financial measures. Now I'll turn the call over to Dave.
Dave Ricks
Thanks, Mike. Q2 continued Lilly's strong momentum. We delivered robust revenue for us all key products and major geographies. We raised our full year annual guidance. We advanced our pipeline across each of our therapeutic areas and expanded our pipeline through business development.
On slide 5, we list key Q2 financial metrics and highlight progress related to our strategic deliverables. Revenue grew 48% compared to Q2 of 2025 and our key products increased by almost $6.8 billion. Within key products are oncology, immunology and neuroscience Medicines collectively grew 121% compared to the same quarter last year. As we continue to expand our presence across the portfolio, the number of people taking Inkerton's group and Lily's portfolio of medicines extended its leadership position.
The US found a launch continued to build momentum after educating physicians and securing commercial access across all three major PBMS. In June, we began broad direct to consumer marketing. To raise consumer awareness, we completed the US submission of founder for Type 2 diabetes and expect regulatory action later this year. We launched Foundeo for obesity in the UAE and we recently received approval in Saudi Arabia for obesity and in Mexico for obesity and type 2 diabetes. Early uptake in the UAE has been encouraging, demonstrating the pent up demand for Foundeo to treat obesity.
Outside the US, Foundeo is under regulatory review in over 40 additional countries and we look forward to additional approvals later this year. We're also achieving we also achieved several key pipeline and regulatory milestones since our last call, including the USFDA approval of Eblis for maintenance dosing once every eight weeks in atopic dermatitis, the EU approval for J Perka in CLL across all lines of therapy, a positive CHMP opinion in EU for insulin, F Cetoria Alpha for type 2 diabetes under the trade name Onswick and positive top line results in three phase three retituted trials.
In obesity. We added to our strong internal pipeline through business development, announcing agreements to acquire multiple companies to expand our presence in emerging therapeutic areas, including Curevo, Limitec Biologics and Back the Vaccine Company building a platform of potential new medicines to prevent infectious disease and their downstream complications. And we acquired a tie Burke Beckley, a company developing novel treatments for treatment resistant depression and other mental conditions.
We continued our manufacturing build out and opened our first dedicated genetic medicine manufacturing facility in Lebanon, IN. We also produced the first batch of commercial material at our new manufacturing site in Limerick, Ireland. We distributed $1.5 billion in dividends in the second quarter and executed 1.6 billion in share repurchases.
Lastly, in partnership with the US government, we reached an important milestone to improve Medicare access to anti obesity medicines. As shown on Slide 6, the Medicare GOP One Bridge program launched on July 1, granting 20 million eligible Americans insurance coverage for GOP ones for obesity at the low out of pocket price of $50.00 per month. With this expansion, 35% more people now have coverage for our obesity medicines in the United States. While still early feedback from patients and physicians has been quite positive.
We'll soon be publishing our annual sustainability report at sustainability.lily.com showing the progress we made in 2025 on our sustainability priorities. Notably, we reached approximately 40 million people in resource limited settings, exceeding our original goal of reaching 3,000,000 by 2030. We are now developing a new commitment to address the growing burden of diabetes and obesity in resource limited settings worldwide, and we'll share more details about this plan later this year. Now I'll turn the call over to Lucas to review our Q2 results.
Lucas Montarse
Thanks, Dave. As shown on slide, 7Q2 was another strong quarter of financial performance. Revenue grew 48% compared to Q22025, driven by Seban and Moncharo with strong momentum across all the carriers and geographies. Gross margin as a percentage of revenue was 86.3% in Q2, an increase of approximately 1.3 percentage points versus the same quarter last year. The change was driven primarily by favorable product mix and improved cost of production.
Marketing, selling and administrative expenses increased 25% as we invested in promotional activities to support current and planned product launches. R&D expenses increased 14% driven by continued investment in our pipeline including more than 40 active Phase three programs. Our non GAAP performance margin was 54.8%, an increase of nine percentage points from Q 2025 driven by revenue growth. Non GAAP earnings per share were $8.38 including acquire IPRND charges of $3.03. This compares to earnings per share of $6.31 in Q22025, inclusive of $0.14 of acquired IPRND charges.
On the Slide 8, we quantified the effect of price rate and volume on revenue growth. US revenue increased 33% in Q2, primarily driven by volume growth Serban and Monjaro, as well as contributions from our immunology, oncology and neuroscience portfolio. US price declined by 3%, driven by Serban and Monjaro in Q2US price benefited from a change to estimates for rebates and discounts. Excluding these adjustments, US price declined by 9%.
Europe revenue grew 55% in constant currency, driven by sustained strong volume growth of Monjaro. Europe revenue also benefited from a $250 million Jardium match on payment. In Japan, revenue grew 30% in constant currency driven by Monjaro and Kisanda. In China, revenue grew by 93% in constant currency, driven by the uptake of Monjaro. And in the rest of the world, revenue grew 136% in constant currency driven by Monjaro, primarily in Latin America and Asia.
On the Slide 9, we provide an update on the performance of our key products. Within immunology, Eplis, worldwide sales more than doubled compared to Q2 2025. In the US, Eplis continue to gain share of new prescriptions, increasing by approximately 4 percentage points in the specialty dermatology market since last year. In oncology, Jybirika had another strong quarter of growth and worldwide sales increased 56% compared to Q2 2025. As we continue to generate positive clinical trial data and expand the label, we believe Jypika has the potential to be a.
Inundational therapy across multiple settings and regimens within CLL, Inlurio continued strong uptake in the Metastasis breast cancer oral search market after only two full quarters. Inlurio in the US is leader in new prescriptions with more than 50% share. We look forward to the readout of EMBER 4 in the adjuvant setting to see if Inlurio can help even more people with breast cancer.
In neuroscience, Kisandla posted strong revenue growth, expanding its leadership position in the US anti amyloid target therapy market. Diagnostic testing momentum also continued to build and the number of P Tau 217 blood tests more than doubled compared to Q 2/20/25. This is translating to more people being diagnosed with Alzheimer's disease and accessing treatment. Outside the US solid performance in China and Japan contributed to growth as well.
Finally, in Cardio, Metabolic Health, Monjaro and Sepan had another strong quarter, combining for $14.9 billion of revenue and contributing $6.3 billion of growth compared to Q 2/20/25. As seen on Slide 10, total prescriptions in the US in creatine analogue market grew 31% compared to Q2 2025. The early uptake of oral GLP ones has been encouraging expanding the market of people who are taking in creatine therapy. Additionally, injectable in creatines continue to be an important growth driver and account for three out of four new patient starts
Within the US increasing analogs obesity market. Total prescription grew by 78% in Q2 and the Lilly anti obesity portfolio continues to lead. In Q2, approximately 6 out of 10 total prescription and approximately 7 out of 10 injectable prescriptions were for a Lilly medicine. Health Pay continued to be an important segment within obesity and accounted for for approximately 45% of total 7 prescriptions in Q2 and approximately 55% of new prescriptions in the US Type 2 diabetes.
In creatine analogues market, total prescriptions grew 9% compared to Q22025, reflecting a more mature market compared to obesity. The Lilly portfolio continues to lead here as well as more than six out of 10 prescriptions for an inkreting were for a Lilly medicine. Outside the US, Lilly's portfolio is also performing well in the inkreting analogs market. Slide 11 shows aggregate trends in the international inkreting analogs market, which has increased by 74% since the same period last year as measured by IQVIA gross sales.
Lily is the global market leader and we strengthen that position, gaining almost 2 percentage points of share compared to Q12026, reaching approximately 55%. Monjaro Q2 revenue growth was robust driven by China, Korea, Germany, the UK and Mexico. We expect continuous strong performance outside the US, but with market share leadership already established, market expansion will be key to driving sustainable growth. We also saw incremental progress on securing reimbursement reimburse access as Monjaro is now reimbursed for both Type 2 diabetes and obesity in France.
The Slide 12 provides an update on the Fundeo launch and the cadence of anticipated upcoming catalyst. the US launch is progressing well. Total prescription and share of new patients continue to grow as we are increasing our investment to TRAMP and awareness among physicians and consumer. The recent launch of the Medicare GLP One Bridge program is an opportunity to expand the oral market, unlocking access for eligible seniors with a low out of focus cost.
We are pleased to receive the first international approval for obesity in UAE and Saudi Arabia and in Mexico for obesity and type 2 diabetes. We look forward for to potential approvals in additional markets this year with more than 40 markets currently under regulatory review. We expect a global roll out in all major markets in 2027. We also expect readouts of many additional clinical trials. The first readout in obstructed sleep apnea will come later this year. And we have an additional 5 ongoing phase three programs staying for DEO as a small molecule that can be.
Produce at scale from day you has the potential to help millions of people improve their cardio metabolic health. Moving to Slide 14, we provide an updated 2026 financial guide. We have increased the low end of our revenue range by $3 billion and the high end by $2 billion, reflecting a strong underlying performance of our key products in the first half of 2026. We now expect full year revenue to be between 85 and $87 billion.
Based on higher revenue, we now expect our non GAAP performance margin to be between 49% and 50.5%, an increase of two percentage points at the low and the high end of the performance margin range. We now expect non GAAP earnings per share of $35.50 to $36.50, an increase of $2.78 per share at the midpoint of our range before updating our guide for the $3.03 impact of Q2 acquire IP R&D charges. We are we are pleased with our Q2 results and confident in our ability to deliver another year of industry leading growth. Now I will turn the call over to Dan to highlight our progress on R&D.
Dan Skvonsky
Thanks, Lucas. Since our last earnings call, we've made significant progress across R&D with advances in each major therapeutic area. I'll begin with cardio metabolic health, starting with Red a true tide. We announced positive results from three phase three trials, Triumph One in people with obesity or overweight, Triumph 2IN people with type 2 diabetes and obesity or overweight and Triumph 3IN people with severe obesity and established cardiovascular disease with or without type 2 diabetes.
Across the Triumph program, we've seen profound levels of weight loss and improvements in A1C, cardiovascular risk factors, osteoarthritis pain and sleep apnea. With the recent completion of Triumph 2 and Triumph Three trials, we now have the clinical data package to support global registrations in obesity, obstructive sleep apnea and knee osteoarthritis pain. Slide 15 shows impressive and consistent weight loss across the Triumph registrational program.
In Triumph One, we saw weight loss approaching bariatric surgery levels at the highest doses and clinically meaningful efficacy at low doses with only one titration step in patients with diabetes and obesity who typically struggle to lose weight. Redditru type delivered a magnitude of weight loss not previously seen with Anchorage in therapy. We look forward to working with regulators as they evaluate this important new medicine and plan to submit in the US in quarter 12027 under the BLA pathway.
Turning to Orfer Glypron, we have completed our US submission and Type 2 diabetes supported by the Achieve Phase three program. In June, we presented detailed results from three of those trials achieved 2, achieved 3 and achieved 5 at the American Diabetes Association Scientific Sessions. It cheap 3 was the first head to head comparison of two oral GLP ones and OR for glypron delivered superior glycemic control and weight reduction against 7 milligrams and 14 milligrams oral femaglutide in patients with type 2 diabetes.
For the many people with type 2 diabetes who prefer an oral option and have dirty reaching their glycemic targets, we believe OR for glypron has the potential to be a foundational daily oral treatment also in cardio metabolic health. The CHMP adopted a positive opinion recommending EU approval of insulin esotera alpha for patients with type 2 diabetes. The opinion was based on the phase three program where once weekly insulin esotera alpha achieved reductions in A1C comparable to those of once daily basal insulin. For people with type 2 diabetes who require insulin, a single weekly injection can simplify treatment and ease the burden of daily dosing. We look forward to European approval in the coming months.
We also shared clinical results from VERVE 102, our gene editing program in cardiovascular disease designed to inactivate the PCSK 9 gene, resulting in lowered LDL cholesterol. In the Phase 1B study, the single infusion reduced PCSK 9 by 88% and LDL cholesterol by 62% at the highest dose. These early data are encouraging and suggest that we may be able to have our medicine delivered once fasting cardiovascular benefit.
Moving to neuroscience, we announced an agreement to acquire Ty Beckley, which is advancing a pipeline of rapid acting neuroplastogens. For treatment resistant depression and other mental health conditions, the lead asset, BPL 003, has shown encouraging Phase 2B results. This remains one of the most significant unmet needs in psychiatry, and we're encouraged by the potential of a rapid acting therapy designed to deliver durable relief. We look forward to welcoming the Atai Beckley team to Lily.
With the Syntessa acquisition now complete, we added Clemen Orexton to the pipeline in phase two. Clemen Orexton is the potential best in class Orexton receptor to agonist being studied in a Phase 2 three trial in central hypersomnia. Orexton biology plays an important role in regulating the sleep wake cycle and sleep disorders are associated with many neurological, neurodegenerative and neuropsychiatric conditions. We believe with this TESTA pipeline we may have the potential to treat a broad range of diseases.
Turning to oncology, we recently presented detailed Phase 3 results from Bruin CLL 322 at the 2026 EHA meeting, which added pirabrutinib to a time limited venetoclax and rituximab regimen in previously treated CLL. As shown on Slide 16, in the overall study population, adding pertabrutinib reduced the risk of disease progression or death by 45% compared to the fixed duration regimen. Additionally, in patients whose disease progressed after treatment with one prior covalent BTK inhibitor, adding pertabritinib to the fixed duration regimen led to a 68% reduction in the risk of progression or death.
These results are the first to outperform a venetoclax containing control arm in the CLL phase three trial. We believe this study has the potential to establish a new standard of care in this population, but we've submitted these data to global regulatory authorities. Also in oncology, we shared impressive new data from the libretto 432 phase three trial of supratantinib and adjuvant red fusion positive non small cell lung cancer.
These results were presented during the plenary session at the 2026 ASCO meeting and showed that cell procatinib reduced the risk of disease recurrence or death by 83% versus placebo. This striking effect size highlights the efficacy that can be achieved by targeted therapies and underscores the importance of comprehensive biomarker tests across all stages of disease.
We are also excited by the encouraging data presented at medical meetings from 2 recently acquired hematology programs. AJ 111095, the Type 2 Jack inhibitor from A Jack Therapeutics and KLN 10/10 and in vivo CAR T therapy from Colonia Therapeutics. Both programs demonstrated compelling early efficacy and safety, and we look forward to progressing both through clinical development alongside the teams from Ajax and Colonia.
Moving to immunology, the FDA approved a new maintenance dosing regimen option for lebrikizumab, giving patients with atopic dermatitis the option to manage their condition with as few AS6 maintenance injections per year. The potential to deliver sustained Disease Control with greater convenience has been well received by physicians and patients, reinforcing the strong and durable effect of lebrikizumab. With our partner Almaral, we're exploring even less frequent dosing once 12 weeks. These data are expected in 2027.
We're also working to bring lebrikizumab to more patients based on the positive Phase 3 results in children six months to 18 years old in the adorable trial program we submitted for pediatric atopic dermatitis indication in the US and plan to submit to other global regulators later this year. We also continue to expand our study of Inkerton biology into new settings and initiated 2 Phase two trials of burn appetite, our GIPGL P1 dual agonist in irritable bowel syndrome.
Irritable bowel syndrome is a disorder of gut brain interaction defined by heightened visceral pain sensitivity and disordered intestinal motility. Increase in pathway signaling has been shown to reduce visceral pain sensitivity, modulate gut motility, and help restore the intestinal barrier. We also began a phase two trial of our FXR agonist in combination with miritizumab in Crohn's disease and a phase two trial of our XCL 12 antibody in vitiligo.
Finally, we announced 3. Global morbidity new medicines could be important to prevent acute disease and the downstream long term consequences we believe that combining these companies, platforms and teams with lilly's global scale could position Lilly to address significant. Population level health problems. The acquisitions include Curavo adding a miso vet TN the potential next generation Ferrazoa zoster virus vaccine for the prevention of shingles in phase two head to head study against the current standard of care, the MISO statin showed a comparable immune response with meaningfully improved tolerability.
With growing evidence linking shingles to elevated stroke risk and shingles vaccination to reduce dementia risk, a better tolerated vaccine could explain reach of shingles prevention and reduce long term risks of dementia and stroke. Next, Limitech Biologics is developing vaccines to prevent serious bacterial infections. Its platform focuses on bacteria by targeting the toxins and super antigens that drive disease. The most advanced program is in Phase 1, the prevention of the leading bacterial cause of surgical site infections where no vaccine exists today. Vaccines to prevent bacterial infection could play an important role as antimicrobial resistance grows globally.
And finally, Vaccine Company, which has a lead program against Epstein Barr virus, an infection with no vaccine today beyond acute mononucleosis. Epstein Barr is linked to chronic oncological and neurological sequelae, including multiple sclerosis. A vaccine could prevent not just the infection, but the serious diseases that follow it, as highlighted by all the new molecules we added to our pipeline through acquisitions. Business development is an important component of our R&D strategy.
In the first half of 2026, we made strong progress and now steals to acquire potential new medicines across established and emerging areas. At Lilly, we've been increasingly active in business development over the last several years. The pace and average steel size have also continued to increase, reflecting our strategy to grow within our core therapeutic areas and create new opportunities through emerging science. Lilly is uniquely positioned to pursue diseases where there's significant on that need exciting early science and the need for Lilly's development, regulatory and manufacturing scale to create value. We expect to remain active in business development while maintaining discipline to create value.
Finally, slides 18 and 19 show the pipeline movement since our last earnings call and the full list of potential key events expected in 2026. It was another productive quarter at Lilly R&D. We have an ambitious agenda for the second-half of the year. I'll now turn the call back to Dave for closing.
Dave Ricks
Thanks, Dan. We made excellent progress this quarter. We delivered strong business results, received regulatory approval for new medicine new indications, shared positive phase three trial results, added new medicines to our pipeline and expanded access to medicines for patients. While we're pleased with the progress this year so far, we're not satisfied. We remain focused on executing the three components of our strategy to deliver sustained long term growth, to broaden our impact on cardio metabolic health, expand our presence in other therapeutic areas and invest to drive future growth. Now I'll turn the call over to Mike to moderate the Q&A session.
Mike Zappar
Thanks, Dave. As a reminder, we would like to address as many questions as possible, but consistent with the prior quarters, please limit yourself to a single one part question. All, please provide the instructions for how to join the queue and we're ready for the first caller.
Operator
Thank you. At this time, we will be conducting a question and answer session. If you have any questions, please press *1 on your phone. At this time, we ask that participants limit themselves to one question on today's call. If you do have a follow up question, please rejoin the queue by pressing *1 at any time. We also ask that while posing your question, you please pick up your handset if listening on speakerphone to provide optimum sound quality. Please hold while we pull for questions. And the first question today is coming from Seamus Fernandez from Guggenheim. Seamus, your line is live.
Seamus Fernandez
Oh, thanks so much for the question. So I really wanted to ask on just sort of the the increasingly deep position that Lily is driving with consumers and how you envision expanding that treatment opportunity going forward. There's a number of different approaches that one could see Lily taking across, you know, a more aesthetic driven approach, but where do you see this consumer market evolving? And if you could just maybe give us a sense of how unique or similar the US versus the international self pay market? Market is at this point in time as you see it. Thanks so much.
Ellie
Great, thanks Seamus. Maybe some context on the consumer expansion. We'll first go to Ellie to talk about the US and then Patrick can add some commentary about what we see outside the US. Sure, Thanks Seamus. And you know, I think the overall market, if you think about just obesity in general in the US and globally, we're still have single, mid, single digit in terms of utilization or treatment of obesity. And so there's still a significant opportunity ahead of us capture more patients.
In terms of access, you see a meaningful improvement in access with Bridge as well as some state Medicaid access going live or committing to next year. We continue to see significant growth even in Q2 and overall TRX coming in to treatment of obesity on 3,000,000 TRX and a lot of that is driven by both injectable and oral on new patients coming in. And of course we're seeing about 55% of overall prescriptions for ZEP bound being in self pay.
And so we continue to look for ways to increase access and affordability, increase the consumer awareness. And so we're putting a lot of efforts on consumer awareness and building out the need and urgency to treat obesity. And we continue to look for ways to expand our Lily Direct offering and make it easy for people to get access to care.
Patrick Johnson
Patrick, thank you. When we look at the obesity business outside of the US, it's still mainly out of pocket. So I think the consumer activation here is playing a significant role. And we have rapidly been replicating some of the practices from the US outside of the US as well. And we have launched versions of the Direct outside of the US. However, it's important to take into account that regulations OUS differ, and so will be different models that we will apply. But we will move quickly in this space. And I think they have one thing in common, and that is to make sure that patients are being reached by safe and authentic lira medicines. And we'll continue to lean in on those airports.
Operator
Great, thank you, both. We'll go to the next caller, please. The next question will be from Assad Hyder from Goldman Sachs. Assad, your line is live.
Assad Hyder
Great, thanks for taking the question and Congrats on the continued strong performance and execution. Maybe just on the found Dale launch in the US, the launch curve has been somewhat slower than anticipated. Just curious as to what you think the contributing factors that that are there and when you think we could expect an inflection? And then on ous just curious to hear any updated thoughts on how you're thinking about competitive dynamics and the launch trajectory? Novo is now also scaling launches for their oil building several key ex US countries that view such as the UK and Germany and in the UAE. No, you said you were encouraged by the early demand, but any learnings in terms of share dynamics now that Novo is in that market too? And they said this morning that they got 50% share within three weeks of launcher. Thank you.
Ellie
Great. Thanks Asad. We'll stick with the same deal here. If you want to start with talking about progress in the US Found DEO launch and then Patrick, you can add some color on X US. Sure. Thanks Asad. So you know listen for Found DEO, we're making pretty meaningful progress on the founder performance and building out the brand. As we said from the start, we're focusing on three key areas. One is making sure we educate physicians on the Found DEO profile and building out that experience. The second is really achieving greater access and affordability for found AO. And the third is building out the consumer awareness and we're making progress on all three fronts.
So we're seeing the leading indicators being pretty positive overall. We're seeing week to week growth in overall prescriptions and uptake for found AO. And with building out just if you take a look at the last 30 days, we've increased access with CVS adding found AO in June. We've obviously you've seen the launch of Bridge happening July 1 and we started the launch of our full DTC promotion campaign, found data to build out consumer and physician awareness.
And what we've seen in terms of overall growth and inflection is that the last week of July we're seeing inflection. So the we're doubling the volume that we had just a month ago and we're starting to see new starts coming in nearly around one out of four starting on Foundeo. So we're starting to see an inflection point on Foundeo now and with continued access growth and overall kind of. PCP adoption when we believe that we'll continue to see growth in Funday over the coming quarters
Patrick Johnson
And OUEOUS, when we looked at first launch, we launched in UAE early May and we actually had a strong start. And with early signals showing that orals are expanding the market and similar similarly to the US, we see that most patients are actually naive to treatment with intrinsic and patients are hydrating up steadily. And when we look at the elites combined in Crepitia tell steady even if we had a second order entering the market, when we look ahead, we have the approval in Mexico and Saudi and those are the markets where we will launch next and most of the launches will come in 2027.
But I think we are extremely well positioned here in terms of supplies. There will be no gating of launches either. Just in general, we need to have in mind that this is very early data and there is a lot of noise in the data set. So I think when these are being referred to, it's very often selling data and that takes into account all of the dynamics with inventory Bill. But on our side, very pleased with the start of the launch of Fundaeo outside the US.
Operator
Great, Thanks, both. The next question, please. The next question will be from Courtney Breen from Bernstein. Courtney, your line is live.
Courtney Breen
Lilly team, thanks so much for taking the question today. I did just want to probe on that on the Reddit true Tide regulatory pathway. Dan, I noticed you mentioned kind of the BLA pathway and I know that you've been negotiating perhaps challenging the FDA over the last couple of years in terms of that determination as to whether Reddit true Tide is meets the criteria for a BLA. Can you help us understand the requirements and milestones ahead and ensuring that this is accepted as a BLAY and anything that kind of will help us understand whether this is going to be unique to read a true tide or whether there are going to be subsequent inkretents that are going to be able to get classified as a BLA going forward? Thank you so much.
Dave Ricks
Thanks, Courtney. We'll go to Dave to talk about the Reddit rutide filing pathway. Yeah, thanks, Courtney. As you mentioned, we've been pursuing this for a little while because we believe Reddit trutide is a biologic application both in terms of amino acid count rule as well as analogous to a protein. So that's our position. There was a mixed decision in the first decision in the courts. Obviously, it's active litigation, but we would hope to come to a conclusion with the FDA to support a BLA application.
As you may know, we have announced at the end of our clinical program that we have all the clinical data we need to submit, but we do need to gather a little bit more on the CMNC side. While that's going on, you could bet we're in communication with the agency and we'll give an update to investors as there's any progress on the filing status for registered Tide. But super exciting data package I think we're seeing for the unprecedented efficacy with this triple acting GOP one.
We have a pretty large lead over any competitors with a triple acting medicine and we pursued a very interesting, I think package of comorbidities in both the initial package and now in subsequent data that will read out over the coming year or so. So very excited about the program and look forward to the submission by by Q1 next year.
Operator
Great. Next question please. And the next question will be from Chris Schott from JP Morgan. Chris, your line is live.
Chris Schott
Great, thanks so much and Congrats on all the progress. I know it's early, but can you just elaborate a bit more on the Medicare obesity rollout and any learnings and surprises there thus far? Maybe it's part of that. Can you just touch on maybe the ramp curve we've seen initially what you're seeing in orals versus injectables etcetera is trying to get a sense of like what you're how you're feeling this is going so far? Thanks so much.
Ilya
Great. Thanks, Chris. We'll go to Ilya to talk about the Medicare GOP one bridge rollout and any context on orals versus injectables? Great, thanks, Chris. You know, we're really excited about 1 expanding access for seniors in the US As David mentioned in the early part of the call that it's increasing access to about 35% more Americans being able to access obesity therapy. If you think about the start, it's still early days. At the same time, we're seeing a pretty significant inflection point.
You know, we're closely on with CMS on CMS on educating physicians and different stakeholders, pharmacies on the criterion process. That process is working pretty well in terms of the prior authorization and approvals of people that qualify. And so the criteria are clear. We're continuing to do pretty extensive education across consumers, physicians and pharmacies. Understand the criteria so that they know whether or not they can benefit. And we've also enabled the redirect to fulfill on the bridge process.
And in terms of momentum, you can see an inflection point for both of our medicines Zep bound and found a over the last few weeks. Part of that is Bridge, the approximate. We're seeing a significant preference towards injectable. Probably around 80% of people that are getting treatment are injectable, but we're seeing new patients for both and we approximate around 60 to 70% being new people that are coming in that have not had access before. So it's still early days, but we're encouraged by the inflection point over the last few weeks and will continue to work on educating consumers and stakeholders on the benefit of the Bridge program.
Operator
Great, Next question please. The next question will be from Jeff Meacham from Citibank. Jeff, your line is live.
Jeff Meacham
Morning, everyone. Thanks for the question. I also wanted to say Congrats on the quarter. I had two related ones on Reddit, true tide. The first one is do you need a commercial strategy to protect against whatever it is that's apparently available today or will that solve itself, you know, with formal approval? And then related, you guys have expanded the indication base for tirzepatide well beyond diabesity with the higher efficacy of Reddit true tide. Are there additional indications that you can now address that otherwise perhaps you you couldn't? Thank you.
Dan Skvonsky
Great, thanks, chef. What it can to talk about the development strategy and Reddit true tide and then any comments about you know, commercial strategy as well. Yeah, thanks for the question, Jeff. First of all, I think people are eagerly awaiting authentic ratatouille to be available in the market and we fully expect that when we get this to medicine to market, people will vote with their feet and embrace the the really guaranteed a product.
In terms of development strategy, what we do have a broad base with tirzepatide of indications, you know with Retta we're seeing in terms of really transformative weight loss at the high dose and it does open up additional opportunities that you've seen that with the the data we've shared on osteoarthritis knee pain both from Triumph four and Triumph one where you're effectively reducing pain by unprecedented amount 75%. I think that's exemplary of the the sorts of opportunities we have ahead with this molecule.
We're also advancing it in a study in MASH or Mazel D which is ongoing. And then you know which we think the Glucagon mechanism of action there offers some potential unique opportunities, but we're we're also evaluating several additional indication opportunities here internally and may have more to say in the future. On that last I'll circle back to pain. We also have a chronic lower back pain study ongoing with Retta, which you'll read out sometime next year. So overall very exciting medicine that we think can do a lot of work in the treatment of obesity both on the high end with bariatric surgery like weight loss and on the low end with just the simplicity of a single titration step. We'll look to expand the indication set and really maximize this opportunity.
Operator
Great. Next question please. The next question will be from Mohit Bansal from Wells Fargo. Mohit, your line is live.
Mohit Bansal
Great. Thank you very much for taking my question and Congrats on the progress. I'll ask a non increasing question for extra credit. So, so for breast cancer, would love to understand what how you are thinking about the post for Xenio strategy in breast cancer. At this point you have SERD, you also have oral PICK. So is there an all oral combo on the table as well? Thank you.
Jake Van Naar
Great thanks Mohit and extra credit duly noted. Jake will go to you to talk about the breast cancer strategy after presentio. Yeah, thanks so much for the question. We're really excited about the presence that we have in breast cancer historically and going forward. I think the three most important targets in breast cancer, the estrogen receptor CDK 46 and PS3 kinase alpha, we think we have the best medicines for every single one of those targets and we have plans to combine them all
know about what we're doing with Ambunestrant currently an approved product as in Lurio with Ember 4 slated to read out next year the edge of a trial that is a major moment for that medicine. And you know we're on the precipice of beginning the phase three program for Tercelis of the piatriconic cell inhibitor, which will be initially combined with existing endocrine therapies. But over time we envision absolutely combining with in Lurio and even in the existing study will be combined with investigators choice of CDK for six, a lot of part of which I think will be for Zenio. So we're really excited about the potential for that all oral combination in a variety of settings down the road. Thank you.
Operator
Great. The next question please. The next question will be from Akash Tiwari from Jeffries. Akash, your line is live.
Akash Tiwari
Hey, thanks so much. So it seems like your guidance is almost implying a deceleration in Revs versus Q2 for the back half of the year and that seems unlikely given the Medicare bridge programs ramping up along with found a of commercial access getting online. Is there anything we're missing here maybe on price or is your team generally trying to be conservative here? Thank you.
Lucas Montarse
Thanks, Akash. We'll go to Lucas to talk about the moving parts and guidance. Yeah, thank you, Akash for the question. Maybe a few parts. Very pleased by the way to continue to see the strong performance that we see not only in the first half of the year, but also upgrading the guide by $2.5 billion for the full year. To your point about what are the kind of the insurance and outs on the guide, I think it's worth to highlight in the last couple of quarters that there were a few one offs that we call it out in the calls as well pre. Adjustments that we have on our estimates for rebates and discounts in the US including this quarter. Those of course we don't expect that will continue to the second part of the year. So that's something that once you look at the models, it's important to factor that.
Then you mentioned the comparison in terms of growth versus last year. What is important if you look at the base. That the 2025. Remember that in the second part of the year basically we had all the values of the launches of Manjaro in all U.S. markets. That was basically adding a lot of again new countries and volume into the second part of the year. When you look at actually the growth that we expect to see in dollars, not in percent of growth, we expect to continue to drive significant growth in the second part of the year as well. Of course, again that bolus of new countries has all along highlighted has already happened, will not happen again. And as Patrick alluded as well, the growth that we expect to see in the future is more driven by the penetration in the ous market.
So those are some of the factors that is important to highlight. Last but the least, again, I know that some of you are fans of the seasonality effects and I think it's worth to highlight that as well. We always have the seasonality in Europe in Q3 with all the vacation holidays taking place and that's factor in our guide. And usually we have some seasonality in type 2 diabetes in the US in the fourth quarter. So those are some of the the one offs that I think is worth to call out As part of that we have been factored in our guide. Thank you.
Operator
Great. Next question please. The next question will be from Michael Yee from UBS. Michael, your line is live.
Michael Yee
Thanks. Talking about the strong Ous launch, can you talk a little bit about which specific regions are seeing the most growth and make a comment about India, where I know there's a lot of noise about generic launching. I know there's some capacity constraints as Ready has made some comments. So maybe just talk about what you're seeing specifically there as well, even with generics launching? Thanks.
Patrick Johnson
OK, great. I assume we're talking about Manjaro. So Patrick, to talk about the ous launch of Manjaro kind of pocket the strength and then any early observations of generic semaglutide in India or other markets? Happy to do that. So when you look at the performance of Manjaro US, we actually continue to perform very strongly more or less everywhere and we have taken a market leadership position across many different markets. But among the key drivers, I would highlight the China in RDL and where we obtained the category leadership already after 16 months. But beyond that, we see significant growth in Korea, the UK, Mexico and Germany and in many markets where the market share today, but is similar to the level of the US or even above
in terms of learnings from the launch of Generics Amiglottide. If we look at specifically at India and and even Brazil, we continue to see TRX grow for Monjaro even after the launch of Generics Amiglottide. And I think that's driven by the strong differentiation we have with the superiority data. And I think that's the first line of defence. But we have also been pleasantly surprised with what we see in Canada where actually the Persepatide TRX continue to to grow with the same pace as a total market TRX. And we have also seen the generic companies actually having significant supply constraints. So I think that's something that we need to monitor very closely. But in an essence strong performance across the globe outside of the US and so far the differentiation of Tirstepatite seems to be a strong line of defense. And most importantly, our overall product portfolio will position us very well in the future as well here.
Operator
Great. Next question please. The next question will be from Terence Flynn from Morgan Stanley. Terence, your line is live.
Terence Flynn
Great. Thanks for taking the question. Just on Foundeo, I was wondering if you could? Provide any insight on how extensive your sampling program is and if that's having any dampening effect on the IQVIA prescription data that we're all watching every Friday? And what are you seeing on the US prescribing base here? Are you seeing some expansion and can you quantify that for us? Thank you.
Ilya
OK, great. I will go to Iliad's talk about Foundayo sampling and US prescribed base and Terrence's Fridays. Yes, so on, on sampling and in general like our full promotion, we've got pretty much every lever going on in terms of promotion sampling. We're incorporating the sample the 1st 30 days of the first dose, pretty much similar to what you would see for a typical oral small molecule in the retail market. So we have extensive sampling across the prescriber base and we continue to have full supply to enable to do that to get that first experience and understand the benefits of and safety of Foundeo.
In terms of prescriber base, we've seen a pretty good up tick and continued growth in the number of prescribers. And the last time we talked on earnings, we talked about about 8000 prescribers. We've now increased that to 36,000 prescribers. And so we continue to see week on week and continued progress on the adoption awareness and the improved perception of founding a profile for people living with overweight and obesity. So we feel pretty good about going forward inflection points with increased access and consumer awareness.
Operator
Great. Next question, please. The next question will be from Umair Rafat from Evercore. Umair, your line is live.
Umair Rafat
Thanks, guys. I have a question on net pricing and obesity, if I may. So as you know, ZEB Bounce net price is about 580 per prescription, which is meaningfully higher than the cash pay price, but also higher than with Govi net price of about 380 per prescription. So Dave, last quarter you mentioned there's a lot of medical exception that might be driving some of this delta. And my question is how sustainable is that, especially given CVS is back on formulary and is this what drives the favorable rebate adjustments quarter after quarter? Thank you.
Lucas Montarse
Thanks, Umer. We'll go to Lucas to talk a bit about net pricing in Majora or is that bound in any of the net exception dynamics? Yeah, Umar, thank you for the question. Maybe just to anchor this back on the prices on on Seban different to many other molecules. By the way, there is a lot of transparency on all the different channels and you have all the access to see that data starting with lividirect on direct to patient prices Again, you know that is starting point at 299 all the way to 449. Now you have the bridge program at 2:45 as well. And of course again you have then the commercial price again that is again part of this equation.
You mentioned medical exception, that's a driver. I think when you when you factor on your analysis as well is important to highlight again the the size of the scripts as well. That is another driver that is affecting the the price component that in particular in that commercial segment is impacting of course again the price. You can then try to extrapolate what is the price per pack that is significantly lower than that in terms of medical exceptions. Yes, there are a few buckets you mentioned one of them for example, again the template on CBS Access that we are very happy that we accomplished.
Now starting in Q4 will drive basically as you know since last year when again CVS moved to one O 1, there were three options basically for the patients back then was one was to move to the competitor price product basically the other one was to go to the cash market and the third one was to go through the medical exception process. Going back to your point, we're happy actually and now all along our goal is to have access. The medical exception is maybe a short term thing and and our all along view is to have Open Access for all the patients. So expect that price will actually go down for sure because of this. But it's very much embedded in our guide and it's basically reset on again our expectations and of course we are going to more than offset that with volume growth.
Operator
OK. Next question please. The next question will be from Jason Gerberry from Bank of America. Jason, your line is live.
Jason Gerberry
Hey guys, thanks for taking my question. Mine's just on M&A, you guys surprised investors I think getting back into psychiatry and with some vaccine deals. And so I'm wondering if you think these two areas like and and vaccines are areas that you know really can scale and is this high priority or or do you see some of the assets as more one off or you were just. Intrigued by the science, so just wondering if you can kind of characterize the strategy there. Thanks.
Jake Van Naar
Great. Thanks, Jason. We'll go to Jake to answer the question more broadly about the M&A strategy and then other work we're doing there. Yeah, yeah, thanks for the question. I think what these two areas have in common is just the immense on many that still remains and and that really is the through line of all of the work that we do both internally and through business development. So you know, in this case we saw an opportunity to acquire technology and medicines that we think have the potential to be really impactful and at prices that you know allow us to remain disciplined and create value long term for Lily shareholders.
It's not actually that different frankly than the many other deals that that we've done year to date and the internal projects that we continue to pursue, whether we continue to build more around you know infectious diseases and psychiatry specifically. To your question, you know I don't want to forward look too much on that because you know we'll be opportunistic based on what we see it's available for acquisition and partnering, but very excited about those two areas and the specific things that we purchased there. Thanks.
Operator
Great. I will try to squeeze a couple more in if we could. The next question will be from Louise Chen from Scotiabank. Louise, your line is live.
Louise Chen
Hi, thanks for taking my question. I wanted to ask you about some of your other pipeline products outside of obesity. I know you've put a lot in there. Any specific assets, you know one or two that you're really excited about that you think the Street should be paying more attention to? Thank you.
Dan Skvonsky
Great. Thanks for the question, Louise. We'll go to Dan to talk about other pipeline projects outside of obesity and any couple you want to highlight. Yeah, thanks for the great question. We have a rich pipeline outside of obesity. Maybe I touched on some highlights by therapeutic area, maybe starting in in cardiovascular health. I mentioned the efforts we're doing in a CBD with a gene editing for PCSK 9. We also have an oral and an injectable LPA lowering drugs. Those are huge opportunities.
We, we just commented on some of the new areas Jake mentioned psychiatry and and vaccines also huge unmet areas in neuroscience beyond the, the psychic expansion. We're excited about sleep wake disorders with Syntessa and then diseases like addiction, major depressive disorder, which may be addressable with, with Anchorage in science as well. So a lot of growth going on in neuroscience as well.
And then they come to oncology. I highlighted some of the exciting readouts. It's probably the richest period of oncology or readouts and molecule delivery that that we've had at Billy ever probably excited about a number of of those molecules including the the two recent deals that we announced, the Colonia in vivo CAR T idea for multiple myeloma that's I think has a huge potential against a large unmet medical need as well as the Ajax novel, a Jack inhibitor.
And then finally in immunology, I commented on some of the progression that we're having. It's Anclist. It's still early days, I think in watching what this drug can do, excited to see it grow in the marketplace and then new indications coming and new opportunities to continue to grow there. And one of the largest segments of immunology right now. And then behind that, a number of combination ideas coming in, in IBD as well as psoriatic diseases. So across our therapeutic areas, we have the strongest pipeline we've ever had. If you eliminated kind of the incretin stuff, this would be a really strong and large pipeline to be proud of. Thanks, Dan.
Operator
Paul, we'll do one last question and then we'll close the call. OK. Final question today is coming from Dave Risinger from Lerink. Dave, your line is live.
Dave Risinger
Great, thanks very much. So Congrats on the phenomenal results. I just wanted to ask about Foundeo XUS. So sales in the quarter in a single country, albeit A wealthy one, the UAE were $31 million, which was close to half of the 67,000,000 that Found Baio generated, excuse me, in the US. So although the pricing is probably relatively high in the UAE, the results would seem to see explosive potential for found AO once it's launched throughout the world. Could you comment on how you see its potential excus for obesity and then separately how you see the? The opportunity for Foundeo to be paid for by ex US governments for diabetes, do you think it will be better reimbursed than tirzepatide is simply because you can offer it much cheaper to governments for diabetes than you offer tirzepatide? Any color would be helpful. Thank you.
Patrick Johnson
Great. We'll go to Patrick to talk about Foundeo obesity expectations X us and then any color on thoughts on diabetes launch and reimbursement. Thank you very much. As I shadow earlier, we are encouraged by the starting UAE, but also we need to consider that it's very early days and there is a lot of noise in the data and that's always when you launch a new medicine. There is an inventory build in the beginning as well, although there is a lot of demand created as well. What we have learned so far is that there is a need for an oral in treating both obesity and type 2 diabetes. And I think we have seen that the majority of the patients are naive to increase in patients to increase in treatment. So I think there is a significant opportunity
the major rollout for us OUS will happen in the beginning of 2027 with major launches. Type 2 reimbursement. Yes, I I think we're probably slightly better positioned with an oral for type 2 reimbursement. And the data we have seen so far for all vulgar from with three head to head trials, it's quite an appealing value proposition. Nevertheless, we know that reimbursement OUS always takes time. So the focus at the time of launch will be on chronic weight management and building up on the experiences we have had so far in US and UAE.
Dave Ricks
Great, Thanks, Patrick. Dave, you comments on the close? Yeah, thank you all for joining us. We always appreciate your participation in our earnings calls and your interest in Eli Lilly. As usual, please follow up with the IR team if you have questions. We didn't have a chance to get to today. And have a great day. Thanks.
Operator
Thank you. Ladies and gentlemen, this does conclude our conference for today. And this conference will be made available for replay beginning at 1:00 PM today, running through September 8th at midnight. You may access the replay system at any time by dialing 800-332-6854 and entering the access code 606589. International dialers can call 973-528-0005. Again, those numbers are 800-332-6854 and 973-528-0005 with the access code 606589. Thank you for your participation. You may now disconnect your lines.
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