Eli Lilly (NYSE:LLY) is higher ahead of the open, up 4.8% to trade at $1,169, after the pharmaceutical giant reported second-quarter earnings and revenue that topped Wall Street's expectations, while raising its full-year 2026 revenue guidance. Demand for blockbuster weight-loss drug Zepbound and diabetes treatment Mounjaro continued to drive growth.
The shares have seen some volatility since their record high of $1,249.45 on July 7. If these early gains hold, LLY will snap a five-day losing streak. Despite the recent weakness, the stock remains up 45.1% over the last 12 months and has added 3.8% in 2026.
Options traders, meanwhile, have been much more bearish than usual. LLY's 10-day put/call volume ratio of 1.74 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 98% of annual readings, signaling unusually heavy put buying.
