Meanwhile, Eli Lilly's Zepbound injection has gained traction, prompting both firms to race toward more convenient weight?loss pills. Investors will watch upcoming trial readouts and regulatory decisions closely.

The momentum is now with Lilly. Visible Alpha, a data firm, expects its sales of obesity drugs to overtake Novo’s by 2027 (see chart 2). Lilly’s edge rests on a more effective drug, better execution, keener pricing and a stronger pipeline.

Eli Lilly announced that its obesity drug Zepbound outperformed Novo Nordisks Wegovy in a direct comparison across five key weight-loss metrics, including waist circumference reduction. Results from the