# Eli Lilly: 3% of U.S. revenue (about $430m) came from revising rebate estimates on earlier shipments — rebate liability $21.1bn, prices −3% in the U.S. and −36% abroad

![Eli Lilly: 3% of U.S. revenue (about $430m) came from revising rebate estimates on earlier shipments — rebate liability $21.1bn, prices −3% in the U.S. and −36% abroad](https://aiswingx.com/static/covers/lly-2026q2_cover.jpg?v=1790012826)

**Q2 2026 10-Q: revenue $23.0bn (+48%), net income $7.1bn (+25%). Volume rose 60% while price fell 13%, a decline 'partially offset' by adjustments to prior-period rebate estimates. The sales rebates and discounts liability grew from $17.4bn to $21.1bn in six months. Acquired IPR&D expense $2.8bn in the quarter; three infectious-disease companies bought in July for up to $3.9bn**

Eli Lilly (LLY) reported revenue of $22,974m for the second quarter of 2026, up 48%, and net income of $7,095m. One line in the revenue note of the 10-Q filed on August 5 says that 3% of U.S. revenue came from revising rebate estimates on earlier shipments — up from 1% a year earlier.

- 종목: LLY (Eli Lilly)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-21 17:47 UTC
- 원문: https://aiswingx.com/p/lly-2026q2

## 숫자 하나
Prior-period rebate estimate adjustments = 3% of Q2 U.S. revenue ($14,413m) ≈ $430m (Q2 2025: 1% ≈ $110m). Sales rebates and discounts liability $21,122m ($17,382m at December 31). Revenue drivers: volume +60%, price −13% (U.S. −3%, outside U.S. −36%). Acquired IPR&D $2,776m.

## 비유 하나
(구독자 전용)

## 출처 하나
Eli Lilly Form 10-Q for Q2 2026: statement of operations, balance sheet (sales rebates and discounts), revenue note (changes in estimates), acquisitions note (Kelonia, Centessa, Ventyx; three infectious-disease companies in July), MD&A revenue drivers (volume, price), Mounjaro and Zepbound pricing, risk factors (pricing agreements, Medicare Bridge)

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Eli Lilly (LLY) sells the diabetes and obesity medicines Mounjaro and Zepbound.

Its Q2 2026 quarterly report (10-Q) shows revenue of **$22,974m**, up 48% from $15,558m a year earlier, and net income of **$7,095m** (+25%). Mounjaro contributed $9,943m and Zepbound $4,928m; together they were 65% of first-half revenue.

The revenue-recognition note contains this sentence: adjustments to revenue from changes in estimates of U.S. returns, rebates and discounts on products shipped in previous periods were **3%** of U.S. revenue in the quarter and 2% in the first half (1% and less than 1% a year earlier). Three percent of Q2 U.S. revenue of $14,413m is **about $430m**; the same ratio a year earlier was about $110m.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. Did the rebate adjustment inflate revenue?**

It is a normal change in accounting estimate, and the 10-Q discloses the ratio. But the ratio rose from 1% a year earlier to 3% and may not recur. This article reports the ratio, the amount, and how much the rebate liability grew over the same period; the criteria for judging it are in the subscriber section.

**Q. How did revenue rise 48% while prices fell?**

Volume rose 60% (U.S. +37%, outside the U.S. +113%). Mounjaro and Zepbound were 65% of first-half revenue.

**Q. Why is acquired IPR&D so large?**

In Q2 the company expensed $2,776m for compound acquisitions including Orna and Ajax. Separately, Kelonia (June 25), Centessa (June 24) and Ventyx (March 4) were treated as business combinations, adding $11.7bn of IPR&D intangibles and $2.9bn of goodwill; in July it acquired three infectious-disease companies for up to $3.9bn.

**Q. Where can I verify these numbers?**

On SEC EDGAR: Eli Lilly's Q2 2026 Form 10-Q (accession 0000059478-26-000081), the change-in-estimate paragraph of the revenue note, sales rebates and discounts on the balance sheet, the MD&A revenue-driver table and the acquisitions note.