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Lilly's Revenue Skyrockets, BMY Trails Behind
22 Oct
Summary
- Eli Lilly's revenue nearly doubled over two years, outpacing Bristol Myers Squibb.
- Lilly's growth is driven by GLP-1 drugs like Mounjaro and Zepbound.
- Bristol Myers Squibb relies on Eliquis and Opdivo for sales, with lower valuation.
Eli Lilly has experienced dramatic revenue growth, nearly doubling over the past two years and establishing a significant lead over Bristol Myers Squibb. Lilly's success is largely attributed to its blockbuster GLP-1 medications for obesity and diabetes, including Mounjaro and Zepbound, which together accounted for nearly two-thirds of its quarterly sales. The company also launched Foundayo, an oral GLP-1 formulation, in April 2026.
In contrast, Bristol Myers Squibb has maintained steady, gradual revenue increases, relying on its cardiovascular treatment Eliquis and cancer immunotherapy Opdivo. While Bristol Myers Squibb does not currently offer a GLP-1 drug, it has a strong growth portfolio that comprised 58% of its Q2 2026 revenue. Investors are paying a higher multiple for Eli Lilly's future earnings compared to Bristol Myers Squibb.
Both pharmaceutical companies raised their full-year revenue and earnings-per-share guidance in the second quarter of 2026. Investors are anticipating their third-quarter earnings reports, scheduled for release on October 29, 2026. Eli Lilly's significant revenue concentration presents a potential risk, whereas Bristol Myers Squibb offers a lower valuation with a diversified growth strategy.
