Key Takeaways
- Eli Lilly’s stock surged Wednesday while shares of weight-loss rival Novo Nordisk slumped, widening the gap between the drugmakers.
- The stocks of the companies behind popular weight loss drugs Mounjaro and Ozempic have pulled apart since late last year.
There’s a growing divergence between the shares of rival weight-loss drugmakers Eli Lilly and Novo Nordisk.
Eli Lilly’s (LLY) stock jumped over 10% Wednesday on the company’s stronger-than-expected earnings and rosy outlook. Meanwhile, Novo Nordisk (NVO) saw its U.S.-listed shares sink 6%, a day after the Danish drugmaker warned its sales could take a hit this year.
The moves have widened the gap between the shares, which started to pull apart last fall after a series of promising trials and boom in sales of Mounjaro and Zepbound for Eli Lilly, while Ozempic and Wegovy maker Novo Nordisk’s growth slowed.
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Novo Nordisk’s stock rallied late last year after it was the first to win approval for a pill version of its weight-loss drugs, but today’s move reversed those gains.
Eli Lilly said Wednesday that its revenue surged 45% last year to $65.18 billion, while Novo Nordisk reported Tuesday that its sales grew just 6% in 2025 to 309.06 billion Danish kroner ($48.84 billion).
Novo Nordisk also warned its sales could decline this year, while Eli Lilly forecasted growth. Novo Nordisk pointed to lower prices in the U.S. as part of an agreement with the Trump administration, less Medicaid coverage for its weight-loss drugs, and increased competition for the gloomier outlook.
With Wednesday’s gains, Eli Lilly shares have added about a third of their value in the last 12 months, while Novo Nordisk shares have lost over 40%.
