Eli Lilly reported growth of 172% and 68% for weight loss drug Zepbound and type 2 diabetes (T2D) treatment Mounjaro, respectively, in Q2 2025, though ceded early advantage to Novo Nordisk in the oral glucagon-like receptor agonist (GLP-1RA) arena.
Eli Lilly鈥檚 two tirzepatide drugs, rival to Novo Nordisk鈥檚 semaglutide, brought in a combined $8.57bn in the quarter, compared to $4.33bn in Q2 2024. Mounjaro led the growth with approximately $5.2bn, while Zepbound generated around $3.4bn.
Mounjaro and Zepbound helped drive the US drugmaker’s total Q2 revenue to $15.56bn, up 38% from the same period last year. In a conference call, Eli Lilly CEO David Ricks acknowledged the role the two brands played in the company鈥檚 revenue, highlighting their strong sales and the company鈥檚 optimism for high-growth ceilings.
Eli Lilly now expects full-year revenue between $60bn and $62bn, up from its previous range of $58bn to $61bn. The raise contrasted with rival Novo Nordisk, which reduced its 2025 outlook last week based on headwinds in the GLP-1RA space.
However, shares in Lilly dropped 12% after market open to $656.19 following disappointing data published on the same day for oral weight loss candidate orforglipron. The GLP-1RA arena is set for a major juncture amid the potential approval of more patient-friendly oral versions.
Both Novo Nordisk and Eli Lilly are developing candidates in this market and vying for an early lead. Results at orforglipron鈥檚 highest dose, taken once a day, . Novo Nordisk鈥檚 candidate 鈥� which was submitted to the US Food and Drug Administration (FDA) for approval in May 2025 鈥� led to a 13.6% average weight loss.
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By GlobalDataHowever, Lilly has a strong injectable GLP-1RA foundation on which to build. The 68% growth for Mounjaro, sold in the UK and Europe under the same brand name for both diabetes and weight loss, far surpassed that for Novo Nordisk鈥檚 Ozempic, which only grew 15% in Q2 compared to the same period last year. Wegovy鈥檚 global sales fared more favourably, growing 75% in Q2. Wegovy, which has been on the market longer than Zepbound, generated just over $16bn more than Lilly鈥檚 asset. 聽色界吧 by GlobalData still forecasts a higher sales ceiling for tirzepatide by 2031 due to the drug鈥檚 improved efficacy over semaglutide.
Pricing discussions with Trump
Eli Lilly is part of a wider pharmaceutical industry battling pricing reforms instigated by US President Donald Trump. The administration is seeking to install a most favoured nation pricing model that would match the costs of certain prescription drugs in the country to the lower prices offered in other developed nations.
Executives were coy when asked about potential discussions with Trump, with CEO Ricks saying that 鈥渓ong term it makes sense to rebalance [pricing].鈥�
鈥淲e support the administration鈥檚 position that medical research costs need to be shared more equitably across developed countries,鈥� Ricks commented.
Ricks went on to explain that defects in the US pharma market shift costs to patients and increase red tape.
In Pfizer鈥檚 Q2 earnings call, CEO Albert Bourla said it is in 鈥渧ery active discussions鈥� around drug pricing. He also confirmed that he personally discussed the matter with Trump, following letters to 17 drugmakers 鈥� including Eli Lilly 鈥� last week calling for price cuts.
