Eli Lilly (LLY) delivered another extraordinary quarter of growth, posting a 48% year-over-year sales increase despite a slower-than-expected launch for its oral obesity drug Foundayo.
Lilly reported Foundayo sales of $98 million in the second quarter, lagging behind rival Novo Nordisk’s weight-loss pill Wegovy, which held a three-month, first-to-market advantage.
Despite the Foundayo disappointment, Lilly topped the industry rankings for the seventh consecutive quarter, finishing well clear of second-place Astellas, which posted 27% growth.
Lilly’s remarkable metabolic medicine run has now produced quarterly year-over-year sales growth of at least 38% in each period, driven by the sustained success of its tirzepatide products.
Sanofi (SNY) and Regeneron (REGN) also featured prominently in the Q2 rankings, with Sanofi raising its long-term target for Dupixent to 25 billion euros in annual sales by 2030.
That 2030 milestone carries added significance as it represents the final year that Sanofi and Regeneron are expected to hold patent protection for the blockbuster IL-4/IL-13 inhibitor Dupixent.
Sanofi’s legal chief Roy Papatheodorou offered some reassurance on the patent front during the company’s earnings call, stating that the company expects to extend its exclusivity rights beyond 2031.
The breadth of the sector’s outperformance was notable, with 16 of the top 25 biopharma companies raising their full-year 2026 guidance on the back of strong second-quarter results.
Bristol Myers Squibb (BMY) made one of the most striking guidance revisions, lifting its midpoint forecast by $2.75 billion, crediting surprisingly robust sales of its blood thinner Eliquis for the upgrade.
BMS now expects Eliquis sales growth of between 20% and 25% for the full year, a significant step up from its previous guidance range of 10% to 15%.
Vertex Pharmaceuticals (VRTX) also delivered a 12% revenue increase in Q2, marking double-digit growth in four of the last five quarters, underpinned by its dominant cystic fibrosis franchise.
Vertex signalled its ambitions to broaden beyond cystic fibrosis with its largest-ever acquisition, purchasing Crinetics Pharmaceuticals for $10 billion last month to expand its rare disease portfolio.
Several other major US drugmakers are well-positioned to join the double-digit growth club in the third quarter, after posting solid but not yet exceptional Q2 numbers.
Amgen (AMGN), Gilead Sciences (GILD), Johnson & Johnson (JNJ), and Bristol Myers Squibb recorded respective Q2 sales increases of 9%, 8%, 7%, and 6%, with each company also raising its 2026 guidance.
The broader industry context underscores just how exceptional this quarter was, as double-digit sequential gains from Q1 to Q2 are historically uncommon across the sector.