Industry coverage tracks the money around peptides: Eli Lilly and Novo Nordisk earnings, pipeline shifts, M&A, IPOs, peptide CDMO capacity, and the telehealth and pharmacy economy that GLP-1s built.
The two stories that keep moving the most market cap: how fast oral GLP-1s reach approval (orforglipron, oral semaglutide, oral wegovy, danuglipron's exit), and what happens to the compounded-peptide channel as the FDA tightens. Hims, Ro, LifeMD, GoodRx, and Amazon Pharmacy have all rerouted distribution in the past year. Behind them, contract manufacturers like Bachem, PolyPeptide, and BASF have been the bottleneck no one talked about until they were.
Stories here name the company, the deal, and the dollars. Earnings, partnership, regulatory hit — whatever moved the share price gets covered.
Eli Lilly (NYSE: LLY) reported Q2 2026 earnings Wednesday August 5, 2026 with revenue of $23 billion (+48% year-over-year), well ahead of analyst consensus of $20.5 billion. Full-year 2026 revenue guidance was raised to $85-87 billion from the prior $82-85 billion range. Mounjaro (tirzepatide for type 2 diabetes) revenue rose 91% to $9.9 billion, split $4.8 billion US and $5.2 billion international, with the international majority driven by aggregate international Mounjaro market share now above 50% per prior Lilly executive commentary. Zepbound (tirzepatide for obesity) delivered $4.9 billion in US revenue (+44% year-over-year), with strong prescription-volume growth more than offsetting the low-to-mid-teens price erosion Lilly had guided to for FY26. Foundayo (orforglipron, the first oral small-molecule GLP-1 receptor agonist approved by FDA in April 2026) generated $98 million in its first fully operational commercial quarter, providing the first commercial-earnings-line view of the oral small-molecule GLP-1 category. Combined Mounjaro + Zepbound franchise revenue reached $14.9 billion, representing approximately 65% of total Lilly revenue for the quarter. LLY shares rose approximately 4% intraday on the earnings and guidance beat. Analyst commentary flagged the substantial widening of the Lilly-Novo obesity franchise gap.
Amgen (NASDAQ: AMGN) followed its Tuesday August 4, 2026 Q2 earnings beat with the Wednesday August 5 disclosure that the company is ending development of AMG 513, an early-stage obesity candidate. The discontinuation allows MariTide (maridebart cafraglutide, the monthly-injectable antibody-peptide conjugate targeting GLP-1 and GIP receptors) to remain the sole obesity focus in the Amgen pipeline as it advances through the Phase 3 MARITIME program (MARITIME-1 obesity, MARITIME-CV cardiovascular outcomes, MARITIME-HF heart failure). Amgen's Q2 2026 revenue reached $10.05 billion (+10% YoY) with adjusted EPS of $6.29 (+4% YoY, beating the $5.62 consensus). Full-year 2026 guidance was raised to $38.2-39.4 billion revenue (midpoint $38.8 billion versus $37.7 billion consensus) with adjusted EPS guidance of $22.30-23.50. Management emphasized the potential of upcoming data readouts for MariTide, Olpasiran (Lp(a)-lowering siRNA), and Xaluritamig (prostate cancer BiTE) to drive future growth beyond the established Repatha (PCSK9), EVENITY (osteoporosis), TEZSPIRE (severe asthma), and UPLIZNA (neuromyelitis optica) franchises. AMG 513 mechanism and stage details were not extensively disclosed, but the discontinuation signals disciplined pipeline management focused on the higher-conviction MariTide bet.
Alnylam Pharmaceuticals (NASDAQ: ALNY) shares extended a roughly 30% selloff since the Thursday July 30, 2026 Q2 2026 earnings report, losing approximately $12 billion in market capitalization over the intervening days. The selloff reflects two consecutive negative signals for the RNAi therapeutics leader: the July 30 Amvuttra (vutrisiran, the TTR-directed siRNA that crossed $1 billion in quarterly revenue for the first time at $1.012 billion) full-year 2026 TTR product sales guidance cut to $4.2-4.5 billion (down from prior higher expectations) to reflect normalized second-line volume after the initial pent-up demand from patients waiting for a new therapy, combined with the July AstraZeneca-Ionis eplontersen (Wainua, antisense oligonucleotide) Phase 3 CARDIO-TTRansform study setback that complicates the broader ATTR-CM competitive landscape. The Amvuttra franchise has been positioned as the primary siRNA alternative to Pfizer's Vyndaqel/Vyndamax (tafamidis, small-molecule TTR stabilizer) and BridgeBio's Attruby (acoramidis, next-generation TTR stabilizer). Alnylam presents full eplontersen study data at a late-August medical meeting; analysts flagged the timing as a continued overhang until the presentation clarifies the ATTR-CM segment dynamics. Analyst commentary described the combination as a 'one-two punch' for the company.
Pathos AI announced Wednesday August 5, 2026 a $2.09 billion licensing deal with Jiangsu Alphamab Biopharmaceuticals Co. Ltd. for a TROP2/HER3 bispecific antibody-drug conjugate (ADC). The deal extends the ADC modality deal-making cycle that has produced substantial cross-border capital deployment across 2025-2026, notably including Merck's Chugai ADC franchise deal, AbbVie's 2023 ImmunoGen acquisition, the ongoing Pfizer-Seagen (Seattle Genetics) commercial integration, and the emerging peptide-drug conjugate (PDC) franchise developments. The Pathos AI-Alphamab deal complements the July 6 Novartis-Myricx $1.5 billion peptide-drug-conjugate alliance (upfront + biobucks) covered on the site's July digest. TROP2 (trophoblast cell surface antigen 2) is a well-validated oncology target with existing approved ADCs including AstraZeneca-Daiichi Sankyo's Trodelvy (sacituzumab govitecan) for triple-negative breast cancer; HER3 is a differentiated payload delivery target with limited approved-drug precedent. The bispecific ADC combines the two payload-targeting mechanisms in a single molecule with the goal of expanding tumor-cell-targeting selectivity and reducing off-target toxicity relative to single-target ADCs. Pathos AI is a US oncology-focused biotech backed by AI-driven target identification and drug-discovery platforms.
Merck (NYSE: MRK) reported Q2 2026 earnings Tuesday August 4, 2026 before market open with quarterly revenue of $16.61 billion (+5% year-over-year), beating analyst consensus of $16.36 billion. Keytruda (pembrolizumab) generated $8.37 billion in Q2 sales (+5% YoY), exceeding analyst expectations of $8.27 billion; the total includes $463 million from the newly-launched more convenient injectable Keytruda formulation. Merck highlighted the July 16, 2026 LIPFENDRA (enlicitide) FDA approval as the first once-daily oral macrocyclic peptide PCSK9 inhibitor in the class, priced at $315 per month with peak sales potential of $5 billion by 2034. Full-year 2026 revenue guidance was raised to $66.3-67.3 billion from the prior $65.8-67 billion range, but adjusted EPS guidance was cut to $2.66-2.76 to reflect a one-time $5.7 billion ($2.31 per share) charge tied to the Terns Pharmaceuticals acquisition that closed in H1 2026. Merck shares rose 0.6% in early trading to $128.54. Broader pipeline highlights include continued growth of Winrevair (sotatercept for pulmonary arterial hypertension), Welireg (belzutifan for renal cell carcinoma), and Capvaxive (pneumococcal vaccine), plus the integration of Terns and Cidara acquisitions. Merck has beaten consensus in each of the trailing four quarters.
Pfizer (NYSE: PFE) reported Q2 2026 earnings Tuesday August 4, 2026 with revenue of $15 billion and adjusted diluted EPS of $0.77, beating analyst expectations. The company raised the midpoint of its full-year 2026 revenue guidance to $60.5-62.5 billion, up from a previous $59.5-62.5 billion range. The guidance update reflected approximately $1.5 billion in upside from non-COVID products, partially offset by a reduction in the company's forecast for COVID-19 treatments (Paxlovid and Comirnaty) now pegged at approximately $4 billion for the year. Adjusted R&D expenses increased 12% operationally to $2.7 billion, driven by increased spending on oncology and obesity product candidates. CEO Albert Bourla said in the earnings call that the obesity program is advancing with substantial momentum and that the oncology portfolio remains a source of strength. Shares rose approximately 1.86% to $25.50 following the announcement. Pfizer's obesity program includes danuglipron (oral GLP-1) and multiple next-generation candidates advanced through the Metsera acquisition; the Metsera monthly-injectable ultra-long-acting GLP-1 candidate produced up to 11% weight loss over 28 weeks in Phase 2b data reported earlier in 2026.
Amgen (NASDAQ: AMGN) reported Q2 2026 earnings Tuesday August 4, 2026 with a beat and raised full-year 2026 revenue guidance to $38.2-39.4 billion (midpoint $38.8 billion above the $37.7 billion analyst consensus). Adjusted EPS guidance is $22.30-23.50 (midpoint $22.90 above the $22.35 consensus). Growth-portfolio product performance drove the beat: Repatha (evolocumab, PCSK9 monoclonal antibody) reached $953 million (+37% year-over-year); EVENITY (romosozumab for osteoporosis) $714 million (+38%); TEZSPIRE (tezepelumab for severe asthma) $486 million (+42%); UPLIZNA (inebilizumab for neuromyelitis optica spectrum disorder) $335 million (+90%). The MariTide (maridebart cafraglutide, monthly-injectable antibody-peptide conjugate targeting GLP-1 and GIPR) Phase 3 obesity program continues advancing with multiple trials across weight management, cardiovascular outcomes, and heart failure indications; earnings-call commentary described 2026 as a year of disciplined MariTide data generation. Analyst scrutiny remains on the 4% bone mineral density decline observed in Phase 1 MariTide data (per Cantor Fitzgerald analysis) as a potential regulatory hurdle and safety disadvantage versus GLP-1 receptor agonist competitors. Amgen shares closed up 3.03% on August 4.
Novo Nordisk reported Q2 2026 earnings Tuesday August 4, 2026 with sales of 78.49 billion Danish kroner ($12.09 billion, +3% constant currency, +7% adjusted). Franchise performance: Wegovy injectable reached 19.484 billion DKK (+1% year-over-year); Wegovy pill (oral semaglutide 25 mg for obesity, launched Q1 2026) generated 3.218 billion DKK on more than 5 million cumulative prescriptions since launch; Ozempic (semaglutide for type 2 diabetes) grew 3% to 31.375 billion DKK. Novo Nordisk hiked its 2026 adjusted sales guidance to down 6% to flat at constant exchange rates, an improvement from the previous guidance that had reflected the substantially compressed pricing environment from the Trump administration Most-Favored-Nation deals and the July 1 Medicare GLP-1 Bridge Program launch. The Wegovy pill launch trajectory (5 million prescriptions in roughly six months) is one of the fastest oral obesity-drug uptake curves on record and effectively confirms the strength of the SNAC-enhanced oral peptide formulation strategy that Novo has pursued since the 2019 Rybelsus approval for type 2 diabetes. Novo shares tanked despite the raised outlook, reflecting concern about the tough Q2 2025 comparison and margin trajectory into 2027.
Receptor.AI and Sethera Therapeutics announced Monday August 3, 2026 an integrated discovery alliance for AI-guided polymacrocyclic peptide medicines. Under the collaboration: Sethera generates and experimentally screens architecture-diverse polymacrocyclic peptide libraries; Receptor.AI applies physics-based modeling, artificial intelligence, and multiparameter optimization to interpret sequence, architecture, enrichment, and activity data and guide focused optimization cycles. The companies then design, synthesize, and experimentally test new candidates, feeding the resulting data into each subsequent cycle in a closed-loop discovery workflow. Sethera's platform installs 1-6 stable cross-links to generate polymacrocyclic, nested, in-line, and interpeptide structures across large encoded libraries, and (unlike constrained-peptide approaches centered on a predetermined structural motif) explores multiple experimentally accessible topologies. The collaboration targets historically hard-to-drug therapeutic targets that resist small-molecule and antibody approaches. The macrocyclic peptide modality has been commercially validated in 2026 through Merck's LIPFENDRA (enlicitide, FDA-approved July 16, 2026) as the first once-daily oral macrocyclic peptide PCSK9 inhibitor with $315/month launch pricing; Sethera and Receptor.AI aim to extend the modality to additional receptor targets.
Indian pharmaceutical stocks continued the Monday August 3, 2026 morning selloff following President Trump's Truth Social post confirming the phased generic-drug tariff schedule. The Nifty Pharma index slumped nearly 2% in early trade, making it the worst-performing sectoral index on the National Stock Exchange. Individual stock movements: Gland Pharma led losses down 4.54% to Rs 2,362.5; Cipla, Sun Pharma, and Dr Reddy's Laboratories were among the top early losers at down 1.29-1.95%; Ajanta Pharma, Alkem Laboratories, Mankind Pharma, and Divi's Laboratories all traded 1.3-3% lower. Sensex fell over 400 points; Nifty slipped below 24,150. The tariff schedule: zero duty for two years starting August 1, 2026, then 100% starting August 1, 2028, then 200% starting August 1, 2029. Tariffs on patented and branded medicines (separately governed by Section 232) remain unchanged. India supplies approximately 50% of US generic prescriptions by volume (over 90% of US prescriptions overall are generics). US production costs would be 25-30% higher than in India, making the two-year transition challenging for large-scale onshoring. Analyst commentary suggests creating a viable US generic manufacturing ecosystem would take at least five years.
Merck (NYSE: MRK) Q2 2026 earnings pre-day positioning ahead of the Tuesday August 4, 2026 before-market-open report. Zacks analyst consensus: $16.33 billion revenue, $1.36 diluted EPS (down 36.2% year-over-year from $2.13 in Q2 2025). Analyst focus areas: Keytruda (pembrolizumab) sales trajectory (Zacks estimate $8.06 billion Q2, driven by earlier-stage indication uptake and continued metastatic-setting momentum) ahead of the 2028 US patent cliff that ends Keytruda exclusivity; the initial commercial ramp of LIPFENDRA (enlicitide) oral macrocyclic peptide PCSK9 inhibitor following the July 16, 2026 FDA approval, with peak sales potential estimated at $5 billion by 2034 and analyst commentary describing the safety label as 'the cleanest in the class'; contribution from Winrevair (sotatercept for pulmonary arterial hypertension), Welireg (belzutifan for renal cell carcinoma), and Capvaxive (pneumococcal vaccine); and the integration of the Terns Pharmaceuticals and Cidara Therapeutics acquisitions closed in H1 2026. Merck has beaten earnings expectations in each of the trailing four quarters with a 7.75% average earnings surprise; analyst attention also on potential FY 2026 revenue guidance revision from the prior $65.8-67 billion range and non-GAAP EPS guidance from $5.04-5.16.
Merck (NYSE: MRK) reports Q2 2026 earnings Tuesday August 4, 2026 before market open with Zacks analyst consensus at $16.33 billion revenue and $1.36 diluted EPS (-36.2% year-over-year from $2.13 in Q2 2025). Analyst focus areas: Keytruda (pembrolizumab) sales trajectory with the Zacks estimate at $8.06 billion Q2, driven by earlier-stage indication uptake and continued metastatic-setting momentum ahead of the 2028 US patent cliff; the initial commercial launch of LIPFENDRA (enlicitide) macrocyclic peptide oral PCSK9 inhibitor following the July 16, 2026 FDA approval at $315/month list price ($10.50 per tablet), with peak sales potential estimated at $5 billion by 2034; the emerging contribution of Winrevair (sotatercept for pulmonary arterial hypertension), Welireg (belzutifan for renal cell carcinoma and VHL disease), and Capvaxive (pneumococcal vaccine); and pipeline signal from the Terns Pharmaceuticals and Cidara Therapeutics acquisitions completed in H1 2026. Merck has beaten earnings expectations in each of the trailing four quarters with a 7.75% average earnings surprise. Beyond Q2 specifically, analyst attention will focus on the FY 2026 revenue guidance ($65.8-67 billion range on the prior call) and non-GAAP EPS guidance ($5.04-5.16 range) for revisions.
Eli Lilly (NYSE: LLY) reports Q2 2026 earnings Wednesday August 5, 2026 before market open with analyst consensus at $20.5 billion revenue and $7.74 EPS. Primary analyst focus numbers: Foundayo (orforglipron) weekly prescription volumes near 20,000 as the initial commercial ramp indicator following the April 2026 FDA approval as the first oral small-molecule non-peptide GLP-1 receptor agonist; Mounjaro (tirzepatide, type 2 diabetes indication) and Zepbound (tirzepatide, obesity indication) sales trajectory (Q1 2026 combined revenue $12.82 billion, approximately 65% of Lilly total revenue, driven by U.S. commercial volume plus international expansion with aggregate international Mounjaro market share now north of 50% per Lilly executive commentary at Goldman Sachs Healthcare Conference); full-year 2026 revenue guidance currently at $83-85 billion for potential revision; and the international pricing pressure headwind with management guiding low-to-mid-teens price erosion for FY26. Novo Nordisk reports H1 2026 results the same Wednesday August 5. Wegovy pill (oral semaglutide 25 mg for obesity) Q1 2026 sales of approximately $354 million provide the H1 baseline for the Novo pill franchise; injectable Wegovy Q1 2026 sales were $18.2 billion Danish kroner (+12% YoY).
Q2 2026 earnings from the peptide-and-obesity big three arrive next week. Merck (NYSE: MRK) reports Tuesday August 4 before market open with analyst consensus at $1.36 diluted EPS (down 36.2% year-over-year from $2.13 in Q2 2025), reflecting post-Keytruda loss-of-exclusivity strategic repositioning and LIPFENDRA (enlicitide, oral macrocyclic peptide PCSK9 inhibitor approved July 16, 2026) launch costs. Eli Lilly (NYSE: LLY) reports Wednesday August 5 before market open with analyst consensus at $20.26 billion revenue and $6.71 EPS. Prediction markets put a 70% probability on another Lilly earnings beat, 96.4% odds Mounjaro (tirzepatide) clears $7.5 billion Q2, 87% odds Zepbound (tirzepatide) tops $4 billion Q2, and Foundayo (orforglipron, oral small-molecule GLP-1) weekly prescriptions near 20,000 as the primary analyst focus number after the April 2026 FDA approval. Novo Nordisk reports Wednesday August 5 H1 2026 results (Novo reports half-year rather than quarterly), with Wegovy pill (oral semaglutide 25 mg) Q1 2026 sales of approximately $354 million providing the H1 baseline. The three earnings prints together will frame second-half 2026 obesity market trajectory and the competitive positioning across incretin, macrocyclic peptide, and small-molecule oral GLP-1 franchises.
AbbVie (NYSE: ABBV) reported Q2 2026 earnings Friday July 31, 2026 before market open with total net revenues of $17 billion (+10.2% year-over-year), beating consensus by $300 million. Skyrizi (risankizumab, IL-23p19 monoclonal antibody for psoriasis, psoriatic arthritis, and inflammatory bowel disease) reached global Q2 net revenues of $5.505 billion (+24.4% YoY reported, +24.0% YoY operational). Rinvoq (upadacitinib, oral JAK1-selective inhibitor for rheumatoid arthritis, atopic dermatitis, and inflammatory bowel disease) reached global Q2 net revenues of $2.525 billion (+24.5% YoY reported, +23.7% YoY operational), with Rinvoq on pace for 30% growth in gastroenterology this year. AbbVie now expects the combined Skyrizi and Rinvoq franchise to generate approximately $32 billion in peak annual sales, with management anticipating combined peak sales for Rinvoq in vitiligo and alopecia areata to approach $2 billion. Humira (adalimumab, the anchor immunology franchise before biosimilar competition began in 2023) continued its expected decline at $756 million Q2 revenue, -35.9% YoY reported / -36.1% YoY operational. The neuroscience portfolio delivered approximately 20% Q2 growth with Vraylar, Botox Therapeutic, Ubrelvy, and Qulipta all achieving double-digit sales growth. Full-year 2026 guidance was reiterated at $14.08-14.28 adjusted EPS on approximately $67 billion in revenue.
July 2026 closed as the most consequential peptide-and-obesity policy month in the site's coverage window. Regulatory milestones: the July 1 Medicare GLP-1 Bridge Program launch providing Wegovy (semaglutide), Zepbound KwikPen (tirzepatide), and Foundayo (orforglipron) at $50/month capped copay for approximately 3.8 million eligible Medicare Part D beneficiaries through December 31, 2027; the July 23-24 FDA Pharmacy Compounding Advisory Committee (PCAC) two-day session recommending 6 of 7 research peptides for the Section 503A Bulks List (BPC-157 8-6-1, KPV 8-6-1, TB-500 8-6, MOTS-c 7-5-2, Semax 8-5, Epitalon 7-4; Emideltide/DSIP rejected); the July 30 close of the 503B GLP-1 Bulks List exclusion comment period on the April 30 proposed rule to permanently exclude semaglutide, tirzepatide, and liraglutide; and the Section 232 pharmaceutical tariffs effective date July 31. Product milestones: the July 16 FDA approval of Merck LIPFENDRA (enlicitide) as the first once-daily oral macrocyclic peptide PCSK9 inhibitor (56-59% LDL reduction in CORALreef Phase 3, $315/month launch pricing); the July 7 FDA accelerated approval of Vera Therapeutics TRUTAKNA (atacicept-vymj) for primary IgA nephropathy; the July 17 FDA traditional approval of Novartis Fabhalta (iptacopan) for IgAN; the July 23 Arrowhead Redemplo (plozasiran) Phase 3 SHASTA-3 and SHASTA-4 positive readout (79-81% triglyceride reduction). Industry milestones: the July 19-20 Samsung Biologics $1.8 billion all-cash tender offer for PolyPeptide; the July 21 Novo Nordisk lawsuit and July 24 TRO filing against Eli Lilly over GLP-1 advertising; the July 20-23 EMA CHMP recommendation for lerodalcibep (Lyrokaul) monthly PCSK9 fusion protein.
Alnylam Pharmaceuticals (NASDAQ: ALNY) reported Q2 2026 earnings Thursday July 30, 2026 before market open. Amvuttra (vutrisiran) quarterly revenue crossed $1 billion for the first time at $1.012 billion (approximately a $4 billion annualized run rate approximately 15 months after the ATTR-CM launch). Total Q2 revenue reached $1.29 billion (+67% year-over-year) but fell short of the $1.31 billion analyst consensus. Net product revenues were $1.17 billion (+74% YoY) versus the $1.22 billion estimate. GAAP diluted EPS was $1.21 versus the $1.49 estimate. Full-year 2026 TTR product sales guidance was revised down to $4.2-4.5 billion to reflect normalized second-line volume after the initial pent-up demand from patients waiting for a new therapy. Pipeline updates: Alnylam expects to announce clinical data from Phase 1 and Phase 2 trials of ALN-6400 in healthy volunteers and patients with hereditary hemorrhagic telangiectasia (HHT) in second-half 2026, plus results from the Phase 1 trial of ALN-2232 (Alnylam's second obesity-track siRNA) in the same second-half window. The ALN-6222 obesity siRNA Phase 1 trial (NCT07624071) opened enrollment in July 2026 with a first-in-human single-ascending-dose design in adults with BMI 30-40 kg/m² at a single site in Mount Royal, Canada through December 2027.
Sanofi (NASDAQ: SNY) reported Q2 2026 earnings Thursday July 30, 2026 with net sales of €11,597 million (+17.8% at constant exchange rates, +16.0% at actual rates) and business EPS of €2.09 (+33.3% CER), both beating consensus. Growth drivers: Dupixent (dupilumab, IL-4/IL-13 receptor blocking antibody co-marketed with Regeneron) reached Q2 sales of €5,154 million (+37.6% CER); new pharma launches reached €1,305 million (+48.3% CER). Sanofi raised full-year 2026 guidance: sales now expected to grow approximately 10% at CER, with business EPS at CER expected to grow slightly faster than sales. Three pipeline discontinuations disclosed with the earnings release: amlitelimab (OX40-ligand monoclonal antibody previously advanced in atopic dermatitis after acquisition from Kymab; the intangible asset was impaired by €952 million with an announced decision that the drug would not represent a substantial improvement to the standard of care), itepekimab (IL-33 antibody previously advanced in COPD, chronic urticaria, and other Type 2 inflammation indications), and balinatunfib. Stock reaction was mixed with Sanofi shares slipping in premarket trading on the pipeline setbacks despite the earnings beat.