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Today at a glance:
💊 Eli Lilly: Volume Crushes Price
🦠 Merck: The Bridge Broadens
🧬 Amgen: Growth Outruns the Cliff
🇩🇰 Novo Nordisk: Pill Holds Up
💉 Pfizer: Pipeline Questions
🌐 Arista Networks: Supply Catches Up
💾 Sandisk: AI Eats NAND
☁️ Cloudflare: Agentic Acceleration
🌊 DigitalOcean: AI Accelerates
🐶 Datadog: AI Concentration Bites
☁️ Atlassian: Enterprise Breakout
📢 HubSpot: Pricing Pivot Bites
🎨 Figma: AI Credits Scale
🏴 Klaviyo: Agents Gain Traction
💬 Twilio: Expansion Returns
💻 Paycom: Margins Do the Work
⚡️ Axon: Dedrone Breaks Out
🤝 MercadoLibre: Brazil Bet Pays Off
🥡 DoorDash: DashPass Takes Over
🇰🇷 Coupang: Customers Return
🥕 Instacart: Customers Come Back
📦 Etsy: Back to Etsy
🍞 Toast: Locations Reaccelerate
🔲 Block: Square Catches Up
💳 Fiserv: Reset Gets Deeper
🪙 Circle: Arc Hits the P&L
🏠 Zillow: Growth Without Traffic
🏝️ Booking: Travel Holds Up
🛖 Airbnb: Hotels Check In
🏨 Marriott: US Momentum Holds
✈️ Expedia: Consumer Catches Up
📱 AppLovin: Model Timing Miss
📺 The Trade Desk: Growth Stalls
📌 Pinterest: Growth Speed Bump
👻 Snap: Reset Starts Working
🎧 Spotify: 300 Million Paid
🔥 Match Group: Tinder Stabilizes
🦉 Duolingo: Streak Revival
🗞️ NYT: Subscriber Growth Slows
🚲 Peloton: Profit Without Growth
🎮 Sony: Beyond PlayStation
🎮 Take-Two: GTA VI Preorders Explode
📺 Fox: World Cup Windfall
🏈 Flutter: FanDuel Needs a Reset
👑 DraftKings: Predictions Get Expensive
🍟 McDonald’s: Value Misfires
🍔 RBI: Burger King Breaks Out
🌭 Kraft Heinz: Green Shoots
⚡️ Celsius: Alani Carries the Portfolio
1. 💊 Eli Lilly: Volume Crushes Price
Lilly’s Q2 revenue jumped 48% Y/Y to $23.0 billion ($2.3 billion beat), while adjusted EPS was $8.38 ($1.80 beat). Revenue growth came from a 60% increase in volume, more than offsetting a 13% decline in realized prices.
Mounjaro surged 91% to $9.9 billion and Zepbound grew 46% to $4.9 billion, bringing combined GLP-1 revenue to nearly $15 billion. International Mounjaro sales more than doubled to $5.2 billion as Lilly expands access globally, despite significant price reductions including China reimbursement.
Foundayo, Lilly’s newly launched oral GLP-1 obesity pill, generated $98 million in its first quarter on the market. The next-generation pipeline also advanced materially: retatrutide (triple-hormone obesity injection targeting GLP-1, GIP, and glucagon) delivered positive results in three additional Phase 3 obesity trials. Lilly plans to file with the FDA in Q1 2027.
Lilly raised FY26 revenue guidance to $85–$87 billion, a $2.5 billion midpoint increase. Underlying EPS guidance was also raised by $2.78 at the midpoint, but $3.03 of acquisition-related R&D charges offset that improvement, leaving reported guidance at $35.50–$36.50.
Bottom Line: The GLP-1 story remains a volume machine. Lilly is deliberately giving up price to expand access, and demand is more than compensating. Foundayo adds a new format today, while retatrutide increasingly looks like the next major leg of the obesity franchise.