Overview
- Novo, which reported second-quarter results on Tuesday, beat profit forecasts and raised full-year guidance but saw U.S.-traded shares fall after its outlook and mixed late-stage trial news failed to lift investor confidence.
- Lilly, which reported results on Wednesday, delivered a blockbuster quarter driven by Mounjaro and Zepbound, raised 2026 revenue guidance to $85–$87 billion, and posted the first quarterly sales for oral Foundayo at about $98 million.
- Lilly claimed roughly 60.9% U.S. market share for obesity and diabetes GLP-1 treatments in Q2 versus Novo’s 38.8%, a gap that widened as Lilly’s injectable volumes climbed even as realized prices fell.
- Novo has rolled out the Wegovy pill—surpassing five million U.S. prescriptions—and is pursuing bolt-on deals and legal action against Lilly, but recent Phase III failures for ziltivekimab and weaker CagriSema results have raised questions about its pipeline depth.
- The outcome matters for patients and payers because expanded access and lower prices are driving higher volumes; expect payers, Medicare pilot enrollment, and near-term pipeline readouts to shape which company leads growth into 2027.