“The first readout, in obstructive sleep apnea, will come later this year, and we have an additional five ongoing Phase 3 programs studying Foundayo.”

In context

“Lucas Montarce (Chief Financial Officer): Thanks, Dave. As shown on Slide 7, Q2 was another strong quarter of financial performance. Revenue grew 48% compared to Q2 2025, driven by Zepbound and Mounjaro, with strong momentum across all therapeutic areas and geographies. Gross margin as a percentage of revenue was 86.3% in Q2, an increase of approximately 1.3 percentage points versus the same quarter last year. The change was driven primarily by favorable product mix and improved cost of production. Marketing, selling, and administrative expenses increased 25%, as we invested in promotional activities to support current and planned product launches. R&D expenses increased 14%, driven by continued investments in our pipeline, including more than 40 active Phase 3 programs. Our non-GAAP performance margin was 54.8%, an increase of 9 percentage points from Q2 2025, driven by revenue growth. Non-GAAP earnings per share were $8.38, including acquired IPR&D charges of $3.03. This compares to earnings per share of $6.31 in Q2 2025, inclusive of $0.14 of acquired IPR&D charges. On Slide 8, we quantify the effect of price, rate, and volume on revenue growth. U.S. revenue increased 33% in Q2, primarily driven by volume growth from Zepbound and Mounjaro, as well as contributions from our Immunology, Oncology, and Neuroscience portfolio. U.S. price declined by 3%, driven by Zepbound and Mounjaro. In Q2, U.S. price benefited from a change to estimates for rebates and discounts. Excluding these adjustments, U.S. price declined by 9%. Europe revenue grew 55% in constant currency, driven by sustained strong volume growth of Mounjaro. Europe revenue also benefited from a $250 million Jardiance milestone payment. In Japan, revenue grew 30% in constant currency, driven by Mounjaro and Kisunla. In China, revenue grew by 93% in constant currency, driven by the uptake of Mounjaro. And in the rest of world, revenue grew 136% in constant currency, driven by Mounjaro, primarily in Latin America and Asia. On Slide 9, we provide an update on the performance of our key products. Within Immunology, Ebglyss worldwide sales more than doubled compared to Q2 2025. In the U.S., Ebglyss continued to gain share of new prescriptions, increasing by approximately 4 percentage points in the specialty dermatology market since last year. In Oncology, Jaypirca had another strong quarter of growth, and worldwide sales increased 56% compared to Q2 2025. As we continue to generate positive clinical trial data and expand the label, we believe Jaypirca has the potential to be a foundational therapy across multiple settings and regimens within CLL. Inluyro continued its strong uptake in the metastatic breast cancer oral SERD market. After only two full quarters, Inluyro is the U.S. leader in new prescriptions, with more than 50% share. We look forward to the readout of EMBER-4 in the adjuvant setting to see if Inluyro can help even more people with breast cancer. In Neuroscience, Kisunla posted strong revenue growth, expanding its leadership position in the U.S. anti-amyloid targeted therapy market. Diagnostic testing momentum also continues to build, and the number of P-tau217 blood tests more than doubled compared to Q2 2025. This is translating to more people being diagnosed with Alzheimer's disease and accessing treatment. Outside the U.S., solid performance in China and Japan contributed to growth as well. Finally, in Cardiometabolic Health, Mounjaro and Zepbound had another strong quarter, combining for $14.9 billion of revenue, and contributing $6.3 billion of growth compared to Q2 2025. As seen on Slide 10, total prescriptions in the U.S. incretin analogs market grew 31% compared to Q2 2025. The early uptake of oral GLP-1s has been encouraging, expanding the market of people who are taking incretin therapy. Additionally, injectable incretins continue to be an important growth driver, and account for three out of four new patient starts. Within the U.S. incretin analogs obesity market, total prescriptions grew by 78% in Q2, and the Lilly anti-obesity portfolio continues to lead. In Q2, approximately six out of 10 total prescriptions and approximately seven out of 10 injectable prescriptions were for a Lilly medicine. Self-pay continues to be an important segment within obesity, and accounted for approximately 45% of total Zepbound prescriptions in Q2 and approximately 55% of new prescriptions. In the U.S. type 2 diabetes incretin analogs market, total prescriptions grew 9% compared to Q2 2025, reflecting a more mature market compared to obesity. The Lilly portfolio continues to lead here as well, as more than six out of 10 prescriptions for an incretin were for a Lilly medicine. Outside the U.S., Lilly's portfolio is also performing well in the incretin analogs market. Slide 11 shows aggregate trends in the international incretin analogs market, which has increased by 74% since the same period last year, as measured by IQVIA gross sales. Lilly is the global market leader, and we strengthened that position, gaining almost two percentage points of share compared to Q1 2026, reaching approximately 55%. Mounjaro Q2 revenue growth was robust, driven by China, Korea, Germany, the U.K., and Mexico. We expect continued strong performance outside the U.S., but with market share leadership already established, market expansion will be key to driving sustainable growth. We also saw incremental progress on securing reimbursed access, as Mounjaro is now reimbursed for both type 2 diabetes and obesity in France. Slide 12 provides an update on the Foundayo launch and the cadence of anticipated upcoming catalysts. The U.S. launch is progressing well. Total prescriptions and share of new patients continue to grow, as we're increasing our investments to drive brand awareness among physicians and consumers. The recent launch of the Medicare GLP-1 Bridge program is an opportunity to expand the oral market, unlocking access for eligible seniors with a low out-of-pocket cost. We're pleased to receive the first international approvals for obesity in UAE and Saudi Arabia, and in Mexico for obesity and type 2 diabetes. We look forward to potential approvals in additional markets this year. With more than 40 markets currently under regulatory review, we expect a global rollout in all major markets in 2027. We also expect readouts of many additional clinical trials. The first readout, in obstructive sleep apnea, will come later this year, and we have an additional five ongoing Phase 3 programs studying Foundayo. As a small molecule that can be produced at scale, Foundayo has the potential to help millions of people improve their cardiometabolic health. Moving to Slide 14, we provide our updated 2026 financial guidance. We have increased the low end of our revenue range by $3 billion, and the high end by $2 billion, reflecting strong underlying performance of our key products in the first half of 2026. We now expect full-year revenue to be between $85 billion and $87 billion. Based on higher revenue, we now expect our non-GAAP performance margin to be between 49% and 50.5%, an increase of two percentage points at the low and high end of the performance margin range. We now expect non-GAAP earnings per share of $35.50 to $36.50, an increase of $2.78 per share at the midpoint of our range before updating our guidance for the $3.03 impact of Q2 acquired IPR&D charges. We are pleased with our Q2 results and confident in our ability to deliver another year of industry-leading growth. Now, I'll turn the call over to Dan to highlight our progress on R&D.”