Novo Nordisk stock soars post-rival’s report

Eli Lilly, Novo Nordisk’s main competitor, significantly increased its revenue in the second quarter. They recorded $11.3 billion in sales, a 36% rise from the same period last year, mainly due to higher sales of their diabetes and obesity medications. Novo Nordisk’s own stock rose 3.3% around 1:30 pm local time after Eli Lilly’s results were announced, contrasting with a significant 6.7% drop following Novo’s own second-quarter report earlier. Eli Lilly’s new product Zepbound exceeded $1.2 billion in sales, while their diabetes medication Mounjaro sales more than tripled to $3.1 billion. Eli Lilly CEO David A. Ricks highlighted Mounjaro, Zepbound, and Verzenio as the key drivers of strong financial performance. Both companies are investing billions to expand production to meet the high demand for their products.