August 5, 2026

Eli Lilly Q2 Blowout $23B +48% + Foundayo $98M, Amgen Drops AMG 513, Alnylam -30% Selloff, Pathos $2.09B ADC Deal

Lilly Q2 $23B (+48%): Mounjaro $9.9B, Zepbound $4.9B US, Foundayo $98M first quarter. Amgen kills AMG 513. Alnylam -30%. Pathos AI + Alphamab $2.09B ADC.

4 stories · Covering industry

Editor's Note

Wednesday's peptide-and-obesity news anchors on Eli Lilly's Q2 2026 blowout. Lilly (NYSE: LLY) reported Q2 revenue of $23 billion (+48% year-over-year), lifted full-year 2026 revenue guidance to $85-87 billion from the prior $82-85 billion, and delivered the first commercial-quarter view of Foundayo (orforglipron), the first oral small-molecule GLP-1 receptor agonist. Mounjaro (tirzepatide, type 2 diabetes) revenue rose 91% to $9.9 billion ($4.8 billion US, $5.2 billion international); Zepbound (tirzepatide, obesity) delivered $4.9 billion in US revenue (+44% YoY) with prescription-volume strength more than offsetting price declines; Foundayo generated $98 million in its first fully operational quarter. Combined GLP-1 obesity/diabetes franchise revenue reached $14.9 billion. LLY shares rose approximately 4% intraday. Separately, Amgen (NASDAQ: AMGN) followed its Tuesday Q2 beat with the disclosure that the company is ending development of AMG 513, an early-stage obesity candidate, allowing the MariTide monthly antibody-peptide conjugate to remain the sole obesity focus in the Amgen pipeline. Alnylam Pharmaceuticals (NASDAQ: ALNY) shares extended a 30% selloff (approximately $12 billion in lost market capitalization) since the Thursday July 30 Q2 earnings on the combination of the TTR guidance cut and the July eplontersen (AZ/Ionis Wainua) study setback. And Pathos AI signed a $2.09 billion licensing deal with Jiangsu Alphamab Biopharmaceuticals for a TROP2/HER3 bispecific antibody-drug conjugate, extending the ADC modality deal-making cycle that has produced substantial capital deployment across 2025-2026.

Industry

Eli Lilly (NYSE: LLY) Reports Q2 2026 Earnings Wednesday August 5 With Revenue of $23 Billion (+48% Year-Over-Year), Full-Year 2026 Revenue Guidance Raised to $85-87 Billion From Prior $82-85 Billion; Mounjaro (Tirzepatide) Type 2 Diabetes Revenue Rose 91% to $9.9 Billion ($4.8B US + $5.2B International), Zepbound (Tirzepatide) Obesity Revenue Reached $4.9 Billion US (+44% YoY on Strong Prescription Volume More Than Offsetting Price Declines), Foundayo (Orforglipron) Generated $98 Million in Its First Fully Operational Commercial Quarter Since the April 2026 FDA Approval; Combined Mounjaro + Zepbound Franchise Reached $14.9 Billion for the Quarter, and LLY Shares Rose Approximately 4% Intraday

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.

#eli-lilly #lly #q2-2026-earnings #mounjaro #zepbound #tirzepatide #foundayo #orforglipron #oral-glp-1 #guidance-raised #revenue-blowout

Industry

Amgen (NASDAQ: AMGN) Follows Tuesday Q2 Beat With Wednesday August 5 Disclosure That the Company Is Ending Development of AMG 513, an Early-Stage Obesity Candidate; The Discontinuation Allows the MariTide (Maridebart Cafraglutide) Monthly-Injectable Antibody-Peptide Conjugate for Obesity to Remain the Sole Obesity Focus in the Amgen Pipeline; Amgen's Full-Year 2026 Guidance Raised to $38.2-39.4 Billion Revenue (Midpoint $38.8 Billion vs $37.7 Billion Consensus) With Continued Analyst Focus on the Upcoming MariTide, Olpasiran, and Xaluritamig Data Readouts as Key Drivers of Growth Beyond the Established Repatha, EVENITY, and TEZSPIRE Franchises

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.

#amgen #amgn #amg-513 #maritide #maridebart-cafraglutide #pipeline-discontinuation #olpasiran #xaluritamig #obesity-pipeline #q2-2026-follow-up

Industry

Alnylam Pharmaceuticals (NASDAQ: ALNY) Shares Extend a Roughly 30% Selloff Since Thursday July 30 Q2 2026 Earnings, Losing Approximately $12 Billion in Market Capitalization; The Selloff Reflects the July 30 Amvuttra (Vutrisiran) TTR Guidance Cut to $4.2-4.5 Billion Full-Year From Higher Prior Expectations on Normalized Second-Line Volume, Plus the July AstraZeneca-Ionis Eplontersen (Wainua) Phase 3 CARDIO-TTRansform Setback That Complicates the Broader ATTR-CM Competitive Landscape Where Amvuttra Has Been Positioned as the Primary siRNA Alternative; Alnylam Presents Full Eplontersen Study Data at a Late-August Medical Meeting

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.

#alnylam #alny #amvuttra #vutrisiran #attr-cm #eplontersen #wainua #cardio-ttransform #astrazeneca #ionis #stock-selloff #one-two-punch

Industry

Pathos AI Announces Wednesday August 5 a $2.09 Billion Licensing Deal With Jiangsu Alphamab Biopharmaceuticals Co. Ltd. for a TROP2/HER3 Bispecific Antibody-Drug Conjugate (ADC), Extending the ADC Modality Deal-Making Cycle That Has Produced Substantial Cross-Border Capital Deployment Across 2025-2026 Including Merck's Chugai Deal, AbbVie's ImmunoGen Acquisition, Pfizer's Seagen Acquisition Legacy, and the Emerging Peptide-Drug Conjugate (PDC) Franchise Alongside Novartis-Myricx's $1.5 Billion Peptide-Drug-Conjugate Alliance Announced July 6

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.

#pathos-ai #jiangsu-alphamab #adc #antibody-drug-conjugate #trop2 #her3 #bispecific #licensing-deal #oncology #cross-border-deal #peptide-drug-conjugate