How the GLP-1 Boom Turned Eli Lilly Into Biopharma’s Biggest Buyer

Few drugs have transformed a pharmaceutical company as quickly as GLP-1s have transformed Eli Lilly.

In the second quarter of 2026, Eli Lilly reported $23 billion in revenue, which was a whopping 48% increase from the year before. How they did it? Tirzepatide. Tirzepatide is an injectable medication sold under two brand names. Mounjaro for diabetes and Zepbound for obesity. Mounjaro generated $9.9 billion in quarterly sales, while Zepbound added another $4.9 billion. Together, the two drugs accounted for nearly 65% of Lilly’s total revenue. 

But the GLP-1 boom is doing more than impacting Lilly’s sales. It is changing what the company can afford to do. 

With their pockets overflowing abundantly with money from Mounjaro and Zepbound, Lilly has quickly become the most aggressive acquirer in the pharmaceutical industry. But Lilly hasn’t restricted itself to the realm of obesity. It’s expanded into areas including oncology, immunology, neuroscience, genetic medicine, and infectious disease. This strategy allows Lilly to leverage its recent success with GLP-1 and turn it into a pipeline that can drive continuous growth years from now.

Its latest purchase was Merida Biosciences, which Lilly acquired on August 31, 2026, for up to $2.875 billion. Merida is a powerhouse in the world of immunology, developing treatments that selectively eliminate disease-causing antibodies without broadly suppressing the immune system. 

But Merida is only one of many acquisitions. Throughout the year so far, Lilly bought companies including Orna Therapeutics, Ajax Therapeutics, Centessa Pharmaceuticals, and Kelonia Therapeutics. 

These purchases reflect how dramatically the boom of GLP-1 has altered Lilly’s financial position. In the first half of 2026, company revenue reached $42.8 billion, compared with $28.3 billion during the same period a year earlier. Lilly has since raised its full-year revenue forecast to between $85 billion and $87 billion.

Mounjaro and Zepbound may therefore have an impact far beyond diabetes and obesity. Their success is giving Lilly the financial firepower to buy technologies and drug pipelines across medicine. The GLP-1 boom hasn’t just created two blockbusters—it has helped turn Lilly into biopharma’s most aggressive buyer.