Lilly beats forecasts while Novo Nordisk misses sales and trial targets

Eli Lilly reported second-quarter revenue of nearly $23 billion, up 48% year-over-year, easily surpassing analysts’ $20.6 billion estimate. The boost came from continued strength of its tirzepatide franchise, sold as Mounjaro for diabetes and Zepbound for obesity.

Novo Nordisk’s earnings disappointed investors on two counts. A head-to-head study showed its experimental CagriSema did not lower blood sugar as effectively as Lilly’s tirzepatide. In addition, sales of its Wegovy obesity pill fell short of consensus forecasts for the quarter.

The divergent results moved the stocks of the two companies in opposite directions, with Lilly’s shares climbing and Novo’s dropping after the reports.

Analysts note that while Lilly’s injectable franchise remains a growth engine, Novo faces pressure to regain momentum in both its diabetes and obesity pipelines.

Both companies continue to compete in the fast-growing GLP-1 market, where market share shifts are closely watched by investors.