“As I mentioned in our Q1 earnings call, we expect Mounjaro access and saving cards dynamics to have an even greater effect on reported U.S. price changes in the second half of this year.”

In context

“190 basis points compared to the same period in 2022 driven by the impact of the new Puerto Rico tax regime in the sales of rights for Baqsimi. At the bottom line, we delivered earnings per share of $2.11 in Q2, a 69% increase versus Q2 of 2022, inclusive of $0.43 of EPS associated with the sales of rights for Baqsimi. On Slide 8, we quantify the effect of price, rate and volume on revenue growth. This quarter, U.S. revenue increased 41%. When excluding revenue from COVID-19 antibodies and Baqsimi, U.S. revenue grew 30% driven by robust growth from Mounjaro, Verzenio and Jardiance. Net price in the U.S. increased 2% for the quarter driven by Mounjaro access and savings cards dynamics. Excluding Mounjaro, net price in the U.S. decreased by low single digits, consistent with prior trends. As I mentioned in our Q1 earnings call, we expect Mounjaro access and saving cards dynamics to have an even greater effect on reported U.S. price changes in the second half of this year. Europe continued its growth trajectory with revenue in Q2 up 6% in constant currency driven primarily by volume growth for Verzenio, Jardiance and Taltz. Volume in Europe increased 12% in the second quarter. For Japan, Q2 revenue increased 7% in constant currency as we continue to see robust growth in our newer medicine, led by Verzenio, and to a lesser extent, Jardiance, Olumiant and Mounjaro, the last of which launched in Japan in April. Moving to China. Revenue increased 20% in constant currency with volume growth only minimally offset by price declines. Volume growth in Q2 was driven by Tyvyt and Verzenio. We are pleased to see our China business return to growth. Revenue in the rest of the world increased 19% in constant currency as volume growth of 20% was driven by Mounjaro, Verz”