Eli Lilly reported second-quarter 2026 revenue of $22.97 billion, up 48% from a year earlier. Two of its products, Mounjaro and Zepbound, produced $14.87 billion of that, or 65%. A year earlier the same two products made up 55%.

This briefing looks at what that concentration says about the bioeconomy: where a single drug class is pulling the whole industry's numbers.

How concentrated is Lilly's revenue?

Source: Eli Lilly second-quarter 2026 earnings release, SEC Form 8-K. "Six other key products" are Jaypirca, Ebglyss, Kisunla, Omvoh, Foundayo and Inluriyo. "All products not listed as key" is total revenue minus the eight key products Lilly reports.

View data

line	revenue
Mounjaro	9.94
All products not listed as key	7.27
Zepbound	4.93
Six other key products	0.84

Mounjaro earned $9.94 billion, up 91% year over year. Zepbound earned $4.93 billion, up 46%. Lilly's other six key products earned a combined $0.84 billion. Everything else, which is mostly older products, earned $7.27 billion.

The share has grown quickly. In the second quarter of 2025, Mounjaro ($5.20 billion) and Zepbound ($3.38 billion) were $8.58 billion of $15.56 billion in revenue, or 55%. For the first six months of 2026 the share is 65%, the same as the quarter: $27.69 billion of $42.77 billion.

Volume drives it. Lilly reports that total volume was up 60% in the quarter while realized prices fell 13%.

Sources

1. Eli Lilly, Second-quarter 2026 earnings release (Form 8-K): revenue by product, price and volume effects, and guidance.
2. Eli Lilly, Form 10-Q for the quarter ended June 30, 2026: Mounjaro revenue by US and outside the US.