LLYEarnings Analysis财报电话会Source checked来源已核对August 5, 20262026/8/5by InvestLog AIInvestLog AI 整理

LLY earnings call: guidance, demand, margins, analyst Q&A礼来 (LLY) 电话会要点：指引、需求、利润率、分析师问答

Management remarks

Call period: 2026 Q2 · 2026-08-05

Guidance: Lucas Montarce: We now expect full-year revenue to be between $85 billion and $87 billion.

Demand and orders: Lucas Montarce: revenue increased 33% in Q2, primarily driven by volume growth from Zepbound and Mounjaro, as well as contributions from our Immunology, Oncology, and Neuroscience portfolio.

Margins: Lucas Montarce: Gross margin as a percentage of revenue was 86.3% in Q2, an increase of approximately 1.3 percentage points versus the same quarter last year.

Analyst Q&A

Analyst Akash Tewari asked: So it seems like your guidance is almost implying a deceleration in revs versus Q2 for the back half of the year, and that seems unlikely given the Medicare Bridge programs ramping up along with Foundayo commercial access getting online. Is there anything we're missing here maybe on price? Management Mike Czapar answered: We'll go to Lucas to talk about the moving parts and guidance.

管理层陈述

电话会期间：2026 Q2 · 2026-08-05

指引：卢卡斯·蒙塔尔斯：我们预计全年营收区间为850亿至870亿美元。

需求与订单：卢卡斯·蒙塔尔斯：第二季度营收增长33%，主要由Zepbound和Mounjaro的销量增长以及我们的免疫学、肿瘤学和神经科学产品组合贡献推动。

利润率：卢卡斯·蒙塔尔斯：第二季度毛利率为营收的86.3%，较去年同期增长约1.3个百分点。

分析师问答

分析师阿卡什·特瓦里提问称，你们的营收指引似乎暗示下半年营收相较第二季度有所放缓，但考虑到医疗保险过渡项目的推进以及Foundayo商业化上线，这一情况不太合理，请问我们是否忽略了定价等相关因素？管理层迈克·查帕尔回应称，将由卢卡斯来解读影响营收指引的各项变动因素。

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This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。

LLY earnings call: guidance, demand, margins, analyst Q&A礼来 (LLY) 电话会要点：指引、需求、利润率、分析师问答

Management remarks

Analyst Q&A

管理层陈述

分析师问答

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