Eli Lilly and Novo Nordisk report second-quarter results as investors weigh market share and growth paths
Eli Lilly and Novo Nordisk reported second-quarter earnings this week, revealing a diverging path for the two obesity drug leaders. Eli Lilly reported a "blowout" performance with $23 billion in revenue, exceeding expectations and leading to a 60.9% share of the U.S. obesity and diabetes drug market. The company raised its full-year revenue guidance to a range of $85 billion to $87 billion, bolstered by strong demand for its blockbuster treatments Mounjaro and Zepbound. In contrast, Novo Nordisk faced a more cautious reception from investors. While the company topped expectations for its diabetes drug Ozempic, its Wegovy pill sales fell slightly below analyst estimates. Novo Nordisk also reported mixed trial results for its experimental obesity drug CagriSema, which failed to match the blood sugar control of Lilly's Zepbound. Despite these results, Novo Nordisk raised its full-year outlook, though it warned of a potential sales decline this year. The two companies continue to compete for a global market expected to reach over $100 billion by the 2030s.