Bristol Myers Squibb vs. Eli Lilly: How Long Can Zepbound and Mounjaro Keep Juicing Revenue Results?
Key Points
When evaluating the two companies based strictly on the most recent quarterly data, Eli Lilly currently shows a higher overall revenue base and a demonstrably faster upward sales trajectory than Bristol Myers Squibb.
While Bristol Myers Squibb recorded a mostly steady and gradual quarter-over-quarter revenue pattern across the past eight financial periods, Eli Lilly experienced a consistent upward trend that pushed its overall sales higher during that exact same time frame.
Individual investors should closely monitor whether the existing revenue gap between the two companies continues to widen further in upcoming quarters, or if their respective growth trajectories begin to stabilize and align more closely over time.
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Bristol Myers Squibb: Mostly Steady and Gradual Revenue
Bristol Myers Squibb (NYSE:BMY) primarily generates its revenue by developing and selling prescription therapeutic medications for oncology and cardiovascular health worldwide.
It recently secured expanded regulatory approvals from the U.S. Food and Drug Administration for its targeted cardiovascular treatments, and it separately entered a strategic partnership with Nvidia to deploy advanced artificial intelligence computing systems specifically designed to accelerate its ongoing early drug discovery efforts.
Eli Lilly: Consistent Upward Revenue Growth
Eli Lilly (NYSE:LLY) earns most of its revenue by discovering and commercializing specialized human medicines for diabetes and oncology.
It recently finalized its strategic acquisition of the mental health biotechnology firm AtaiBeckley to advance its clinical pipeline for treatment-resistant depression, while simultaneously filing 11 separate lawsuits against numerous compounding pharmacies to halt the unauthorized distribution of its existing metabolic medications.
Why Revenue Matters for Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, and tracking this fundamental top-line metric helps everyday individual investors clearly understand the absolute total volume of goods and services a business actually sells during a specific financial period before any operating expenses, taxes, employee salaries, marketing budgets, or other internal corporate costs are officially deducted from the final results.
Bristol-Myers Squibb vs. Eli Lilly Revenue over the last 8 quarters.
Quarterly Revenue for Bristol Myers Squibb and Eli Lilly
| Calendar quarter | Bristol-Myers Squibb Revenue | Eli Lilly Revenue |
|---|---|---|
| Q3 2024 | $11.9 billion (quarter ended Sept. 30, 2024) | $11.4 billion (quarter ended Sept. 30, 2024) |
| Q4 2024 | $12.3 billion (quarter ended Dec. 31, 2024) | $13.5 billion (quarter ended Dec. 31, 2024) |
| Q1 2025 | $11.2 billion (quarter ended March 31, 2025) | $12.7 billion (quarter ended March 31, 2025) |
| Q2 2025 | $12.3 billion (quarter ended June 30, 2025) | $15.6 billion (quarter ended June 30, 2025) |
| Q3 2025 | $12.2 billion (quarter ended Sept. 30, 2025) | $17.6 billion (quarter ended Sept. 30, 2025) |
| Q4 2025 | $12.5 billion (quarter ended Dec. 31, 2025) | $19.3 billion (quarter ended Dec. 31, 2025) |
| Q1 2026 | $11.5 billion (quarter ended March 31, 2026) | $19.8 billion (quarter ended March 31, 2026) |
| Q2 2026 | $13.0 billion (quarter ended June 30, 2026) | $23.0 billion (quarter ended June 30, 2026) |
Data source: Financial Modeling Prep. Data as of Oct. 13, 2026.
Foolish Take
The revenue chart above tells a compelling story about Eli Lilly's explosive revenue growth over the last several quarters, driven primarily by its portfolio of GLP-1 drugs for obesity and diabetes. In Q2, Mounjaro brought in $9.9 billion in worldwide revenue (up 91% year over year), while Zepbound earned $4.9 billion in U.S. sales (up 44% to 46% year over year). Foundayo, an oral GLP-1 formulation, launched in April 2026, brought in $98 million in its initial launch quarter. Lilly also raised full-year revenue guidance in the quarter.
In contrast, Bristol Myers Squibb has produced relatively steady quarterly revenue numbers. Bristol Myers Squibb does not currently have a GLP-1 drug on the market, instead relying on blood thinner Eliquis and cancer immunotherapy Opdivo to carry the bulk of its sales. Bristol Myers Squibb also raised full-year revenue and earnings-per-share guidance in Q2.
Bristol Myers Squibb trades at about 9.4 times forward earnings, compared to almost 25 times for Eli Lilly, meaning investors are paying more than 2.5 times as much for every dollar of Lilly's forecast earnings as for BMY's.
Eli Lilly certainly has momentum on its side, but with two products responsible for nearly two-thirds of its quarterly sales, concentration and price discounts are a real risk to growth. Bristol Myers Squibb has a lower valuation hurdle to overcome, and with its growth portfolio accounting for 58% of total revenue in Q2, it's proving capable of overcoming the atrophy of its older products.
Both companies will report their third-quarter earnings results on Oct. 29.
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Sarah Sidlow has positions in Nvidia. The Motley Fool has positions in and recommends Bristol Myers Squibb, Eli Lilly, and Nvidia. The Motley Fool has a disclosure policy.
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