Q2 2026 Peptide-and-Obesity Earnings Week Wrap: Merck (MRK) $16.61B Revenue Beat + Raised Guidance With LIPFENDRA Launch Focus and $5.7B Terns Acquisition Charge; Pfizer (PFE) $15B Revenue Beat + Raised Guidance With Obesity Program Momentum; Amgen (AMGN) $10.05B Revenue Beat + Raised Guidance and Discontinued AMG 513 Early-Stage Obesity Candidate Leaving MariTide as Sole Focus; Eli Lilly (LLY) $23B Revenue (+48%) Blowout + Raised Guidance to $85-87B With Foundayo $98M First Commercial Quarter; Novo Nordisk (NVO) H1 78.49B DKK ($12.09B) + Raised Guidance but Shares -5% on Margin Concerns; Alnylam (ALNY) Extends 30% Selloff on Amvuttra Guidance Cut + Eplontersen Setback
The peptide-and-obesity Q2 2026 earnings week (Merck August 4, Pfizer August 4, Amgen August 4, Eli Lilly August 5, Novo Nordisk H1 August 4-5) delivered mixed signals across the pharma sector. Merck (NYSE: MRK) posted $16.61 billion Q2 revenue (+5% YoY, beat consensus by $250M), raised FY revenue guidance to $66.3-67.3 billion but cut adjusted EPS guidance to $2.66-2.76 due to a $5.7 billion Terns Pharmaceuticals acquisition charge; Keytruda reached $8.37 billion (+5%) and LIPFENDRA (enlicitide) launched at $315/month with $5 billion peak sales potential by 2034. Pfizer (NYSE: PFE) reported $15 billion revenue and $0.77 adjusted diluted EPS, raised FY revenue guidance midpoint to $60.5-62.5 billion, and CEO Bourla said the obesity program (danuglipron plus Metsera pipeline) is advancing with substantial momentum. Amgen (NASDAQ: AMGN) reported $10.05 billion Q2 revenue (+10% YoY), raised FY guidance to $38.2-39.4 billion, discontinued AMG 513 early-stage obesity candidate leaving MariTide as sole obesity focus. Eli Lilly (NYSE: LLY) delivered $23 billion Q2 revenue (+48% YoY blowout), raised FY guidance to $85-87 billion, Mounjaro reached $9.9 billion (+91%), Zepbound $4.9 billion US (+44%), and Foundayo generated $98 million in first fully operational commercial quarter. Novo Nordisk H1 reached 78.49 billion DKK ($12.09 billion, +3% CER) with Wegovy pill at 5 million+ prescriptions and raised guidance; NVO shares fell 5% on margin concerns. Alnylam (NASDAQ: ALNY) extended a 30% selloff (approximately $12 billion market cap lost) since the July 30 Q2 report on the Amvuttra TTR guidance cut plus eplontersen setback.