📊 PRO: This Week in Visuals
Welcome to the Saturday PRO edition of How They Make Money . Over 300,000 subscribers turn to us for business and investment insights. In case you missed it: 🚖 Uber, Nintendo, Shopify 🚀 SpaceX, Palantir, AMD, Grab Subscribe now Premium members get: 📊 Monthly reports : 200+ companies visualized. 📩 Tuesday articles : Exclusive deep dives and insights. 📚 Access to our archive : Hundreds of business breakdowns. PRO members get everything PLUS : 📩 Saturday PRO reports : Timely insights on the latest earnings. Today at a glance: 💊 Eli Lilly : Volume Crushes Price 🦠 Merck: The Bridge Broadens 🧬 Amgen : Growth Outruns the Cliff 🇩🇰 Novo Nordisk : Pill Holds Up 💉 Pfizer : Pipeline Questions 🌐 Arista Networks : Supply Catches Up 💾 Sandisk : AI Eats NAND ☁️ Cloudflare : Agentic Acceleration 🌊 DigitalOcean : AI Accelerates 🐶 Datadog : AI Concentration Bites ☁️ Atlassian : Enterprise Breakout 📢 HubSpot : Pricing Pivot Bites 🎨 Figma : AI Credits Scale 🏴 Klaviyo : Agents Gain Traction 💬 Twilio : Expansion Returns 💻 Paycom : Margins Do the Work ⚡️ Axon : Dedrone Breaks Out 🤝 MercadoLibre : Brazil Bet Pays Off 🥡 DoorDash : DashPass Takes Over 🇰🇷 Coupang : Customers Return 🥕 Instacart : Customers Come Back 📦 Etsy : Back to Etsy 🍞 Toast : Locations Reaccelerate 🔲 Block : Square Catches Up 💳 Fiserv : Reset Gets Deeper 🪙 Circle : Arc Hits the P&L 🏠 Zillow : Growth Without Traffic 🏝️ Booking : Travel Holds Up 🛖 Airbnb : Hotels Check In 🏨 Marriott : US Momentum Holds ✈️ Expedia : Consumer Catches Up 📱 AppLovin : Model Timing Miss 📺 The Trade Desk : Growth Stalls 📌 Pinterest : Growth Speed Bump 👻 Snap : Reset Starts Working 🎧 Spotify: 300 Million Paid 🔥 Match Group : Tinder Stabilizes 🦉 Duolingo : Streak Revival 🗞️ NYT : Subscriber Growth Slows 🚲 Peloton : Profit Without Growth 🎮 Sony : Beyond PlayStation 🎮 Take-Two : GTA VI Preorders Explode 📺 Fox: World Cup Windfall 🏈 Flutter : FanDuel Needs a Reset 👑 DraftKings : Predictions Get Expensive 🍟 McDonald’s : Value Misfires 🍔 RBI : Burger King Breaks Out 🌭 Kraft Heinz: Green Shoots ⚡️ Celsius : Alani Carries the Portfolio 1. 💊 Eli Lilly: Volume Crushes Price Lilly’s Q2 revenue jumped 48% Y/Y to $23.0 billion ($2.3 billion beat), while adjusted EPS was $8.38 ($1.80 beat). Revenue growth came from a 60% increase in volume , more than offsetting a 13% decline in realized prices. Mounjaro surged 91% to $9.9 billion and Zepbound grew 46% to $4.9 billion, bringing combined GLP-1 revenue to nearly $15 billion. International Mounjaro sales more than doubled to $5.2 billion as Lilly expands access globally, despite significant price reductions including China reimbursement. Source: Fiscal.ai Foundayo , Lilly’s newly launched oral GLP-1 obesity pill, generated $98 million in its first quarter on the market. The next-generation pipeline also advanced materially: retatrutide (triple-hormone obesity injection targeting GLP-1, GIP, and glucagon) delivered positive results in three additional Phase 3 obesity trials. Lilly plans to file with the FDA in Q1 2027. Lilly raised FY26 revenue guidance to $85–$87 billion , a $2.5 billion midpoint increase. Underlying EPS guidance was also raised by $2.78 at the midpoint, but $3.03 of acquisition-related R&D charges offset that improvement, leaving reported guidance at $35.50–$36.50. Bottom Line: The GLP-1 story remains a volume machine. Lilly is deliberately giving up price to expand access, and demand is more than compensating. Foundayo adds a new format today, while retatrutide increasingly looks like the next major leg of the obesity franchise. 2. 🦠 Merck: The Bridge Broadens
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