Bristol Myers Squibb vs. Eli Lilly: How Long Can Zepbound and Mounjaro Keep Juicing Revenue Results?

Bristol Myers Squibb and Eli Lilly are pharmaceutical giants, both generating their revenue from the development and sale of prescription medications. BMY primarily focuses on oncology and cardiovascular health treatments, while Eli Lilly concentrates on diabetes and oncology medicines. In recent quarters, Eli Lilly's revenue has surged, largely due to its GLP-1 drugs like Mounjaro and Zepbound.

Mounjaro brought in $9.9 billion in global revenue in Q2, a 91% increase year-over-year. Zepbound generated $4.9 billion in U.S. sales, up 44% year-over-year. Foundayo, an oral GLP-1 formulation, launched in April 2026 and earned $98 million in its first quarter. Eli Lilly also raised full-year revenue guidance for the quarter.

On the other hand, Bristol Myers Squibb has maintained relatively steady quarterly revenue figures. The company does not have a GLP-1 drug on the market and relies on blood thinners and cancer immunotherapies for most of its sales. Despite this, Bristol Myers Squibb has raised full-year revenue and earnings-per-share guidance as well.

The company trades at a lower valuation multiple than Eli Lilly, at about 9.4 times forward earnings compared to Lilly's 25 times. This indicates that investors are paying more for every dollar of Eli Lilly's forecast earnings. Both companies have significant revenue concentration risks, with Eli Lilly's two products accounting for nearly two-thirds of its quarterly sales.

Bristol Myers Squibb, with its lower valuation, is proving capable of overcoming the atrophy of its older products. Both companies are set to report their third-quarter earnings on October 29.