5 Must-Read Analyst Questions From Eli Lilly's Q2 Earnings Call

Eli Lilly delivered above-consensus results in the second quarter, surpassing Wall Street’s revenue and non-GAAP profit expectations, yet the market response was notably negative. Management attributed the year-on-year growth to ongoing strength from key products such as Mounjaro and Zepbound, with robust demand in both diabetes and obesity markets. CEO David A. Ricks highlighted the positive clinical data from the ATTAIN-1 orforglipron trial and strong uptake of new products, but acknowledged headwinds tied to U.S. drug pricing reforms, competitive pressures, and changes in pharmacy benefit manager coverage. Ricks also pointed to continued investment in research and development and manufacturing expansion as central to supporting future growth.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Eli Lilly’s Q2 Earnings Call

• Christopher Thomas Schott (JPMorgan) asked how orforglipron’s weight loss profile stacks up against competitors; Kenneth L. Custer, Senior Vice President, emphasized the convenience and potential of an oral pill but acknowledged differences in efficacy versus injectables.
• Seamus Christopher Fernandez (Guggenheim) pushed for detail on pricing strategy given increased competition and compounding; CEO David A. Ricks said Lilly will “price to value” and expects single-digit price erosion in chronic medications.
• Timothy Minton Anderson (Bank of America) questioned the impact of upcoming Canadian generics on market dynamics; Ilya Yuffa, Executive Vice President, referenced strong Zepbound performance and cash pay market resilience but recognized ongoing competitive headwinds.
• Stephen Michael Scala (TD Cowen) followed up on the CVS formulary exclusion’s impact; Yuffa explained that while prescription growth slowed, overall demand and share in other channels remained robust.
• Akash Tewari (Jefferies) asked if Lilly would commit to net parity pricing between the U.S. and Europe; Ricks said the company seeks to rebalance global pricing but noted systemic challenges and the need for gradual structural change.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will focus on (1) the pace of regulatory submissions and readouts for orforglipron and other late-stage pipeline assets, (2) the continued expansion of manufacturing capacity and its effectiveness in meeting global demand, and (3) the evolving coverage landscape for anti-obesity drugs, particularly how employer and pharmacy benefit manager decisions affect prescription growth. Additional attention will be paid to developments in pricing negotiations and the company’s ability to navigate new competitive threats.

Eli Lilly currently trades at $662.86, down from $747.24 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it’s free).

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