Eli Lilly reported second-quarter earnings that significantly exceeded market expectations, driven by renewed demand for its blockbuster weight-loss drug Zepbound and diabetes treatment Mounjaro. The company also raised its full-year sales guidance.

The pharmaceutical giant now projects 2026 revenue between $85 billion and $87 billion, up from a prior forecast of $82 billion to $85 billion. Eli Lilly expects adjusted earnings per share of $35.50 to $36.50 for the year, compared to the previous range of $35.50 to $37.00.

The company noted that the midpoint of its underlying profit guidance increased by $2.78 per share, but this was offset by transaction-related costs totaling $3.03 per share in the quarter.

Buoyed by massive profits from obesity and diabetes drugs, Eli Lilly is embarking on a wave of acquisitions. In July, it completed a deal to buy a psychedelic drug developer, and in May, it announced plans to acquire three vaccine companies.

Despite lower U.S. prices for both drugs, demand for Zepbound and Mounjaro remains robust, supporting multiple quarters of strong performance. Mounjaro’s global revenue rose 91% to $9.94 billion in the quarter, including $4.8 billion in U.S. sales. According to StreetAccount, this exceeded analysts' expectations of $8.99 billion in global sales and $4.44 billion in U.S. revenue.

Mounjaro’s performance outside the U.S. was particularly striking, with sales outside America surging 172% compared to the same period last year.