Eli Lilly (LLY) reported second-quarter 2026 revenue of $23.0 billion, up 48% from a year earlier, as sales of its tirzepatide drugs Mounjaro ($9.9 billion, up 91%) and Zepbound ($4.9 billion, up 46%) kept growing [1]. Novo Nordisk (NVO), maker of Ozempic and Wegovy, reported sales of DKK 78.5 billion, up 3% at constant exchange rates, and 7% on an adjusted basis [2]. In the third quarter, Lilly shares slipped 3.5% while Novo's American depositary shares fell 20.9%, DataPorium data show [4][5]. Lilly is scheduled to report third-quarter results on October 28 and Novo on November 4 [2][6].
How did Lilly and Novo do in Q2 2026?
| Second quarter 2026 | Eli Lilly | Novo Nordisk |
|---|---|---|
| Revenue | $23.0 billion (+48%) | DKK 78.5 billion (+3% at CER; +7% adjusted) |
| Main GLP-1 products | Mounjaro $9.94 billion (+91%); Zepbound $4.93 billion (+46%) | Obesity care DKK 23.2 billion (+15% at CER); diabetes care DKK 50.4 billion (-1% at CER) |
| Profit | Net income $7.1 billion; EPS $7.94 (+26%) | Operating profit DKK 27.1 billion (-16% at CER); adjusted DKK 33.4 billion |
| Full-year 2026 outlook | Revenue raised to $85.0 to $87.0 billion | Adjusted sales growth raised to 0% to -6% at CER |
| Stock reaction on results day | +4.9% (August 5) | -6.0% (August 4) |
Source: company reports filed with the SEC [1][2]; share price changes from DataPorium closing prices of LLY and NVO (US-listed shares) [4][5]. CER means constant exchange rates; Novo's adjusted figures exclude one-time reversals of US 340B rebate provisions.
Why is Lilly growing so much faster?
Volume, not price
Lilly said its 48% revenue growth came from a 60% increase in volume, partly offset by a 13% decline in realized prices [1]. In the United States, revenue rose 33% to $14.4 billion; outside the US, it rose 80% to $8.6 billion, with prices down 36%, mainly because Mounjaro was added to China's national reimbursement drug list [1]. Lower prices in exchange for much larger volumes is the pattern of a drug moving from early adopters to mass use.
High margins and heavy investment
Lilly's gross margin was 85.8% of revenue in the quarter [1]. It spent $3.8 billion on research and development, and its earnings per share included $3.03 of charges for acquired research projects, after it bought Orna Therapeutics, Ajax Therapeutics, Centessa Pharmaceuticals and Kelonia Therapeutics [1]. It also committed another $4.5 billion to expand its Indiana manufacturing sites [1].
The next products
Lilly's oral GLP-1 pill Foundayo (orforglipron) recorded its first sales, $98 million, in the second quarter [1]. The company said it has completed the clinical data package for retatrutide, its next-generation obesity drug, and plans to submit it to the US Food and Drug Administration in the first quarter of 2027 [1].
What is happening at Novo Nordisk?
Novo's reported numbers are distorted by one-time items. Its second-quarter 2025 sales had been lifted by a DKK 2.6 billion reversal of a US rebate provision, which makes the year-over-year comparison weaker; excluding it, sales grew 7% at constant exchange rates [2]. Operating profit fell 16% at constant exchange rates, partly because of DKK 6.3 billion of non-cash impairment charges on pipeline assets [2].
The bright spot is the Wegovy pill. Novo said total weekly US prescriptions for the pill exceeded 265,000 in the week ending July 17, with more than 5 million prescriptions since launch, and it launched the pill in the United Arab Emirates and the United Kingdom [2]. Obesity care sales rose 15% at constant exchange rates to DKK 23.2 billion, while diabetes care, mainly Ozempic, fell 1% [2]. Novo raised its 2026 outlook to adjusted sales growth of 0% to -6% at constant exchange rates; the outlook still allows for a decline [2]. Its cardiovascular drug ziltivekimab missed its main goal in the ZEUS phase 3 trial, which Novo said may lead to a non-cash impairment charge in the third quarter [2].
On September 21, at its Capital Markets Day in London, Novo said it aims to launch more than five drugs with "multi-blockbuster" potential by 2030 and expects revenue growth from 2026 to 2030 in line with large pharmaceutical peers [3]. Chief executive Mike Doustdar called the expiry of semaglutide patents, starting in 2032 in the US, the "elephant in the room" [3]. Copenhagen-listed shares fell 7.7% that day, their worst day since February, CNBC reported [3].
Where are the two companies growing outside the US?
Both companies now rely on markets outside the United States for much of their growth. Novo's US Operations sales fell 2% at constant exchange rates in the second quarter, to DKK 40.9 billion, while International Operations sales rose 10% to DKK 37.6 billion, led by Europe and Canada (up 17%) and China (up 13%) [2]. Outside the US, Novo's obesity care sales rose 37% at constant exchange rates [2].
Lilly's sales outside the US rose 80% to $8.6 billion, driven by Mounjaro volumes, even though realized prices there fell 36% [1]. Lilly is also less dependent on obesity than its headline products suggest: revenue from its key products in immunology, oncology and neuroscience grew 121% in the quarter, including the eczema drug Ebglyss ($201 million, up 131%) and the cancer drug Jaypirca ($192 million, up 56%) [1].
How have Lilly and Novo stocks performed in 2026?
| Date | LLY close | NVO close (US shares) |
|---|---|---|
| December 31, 2025 | $1,074.68 | $50.88 |
| June 30, 2026 | $1,199.43 | $47.94 |
| September 30, 2026 | $1,157.08 | $37.91 |
| October 9, 2026 | $1,179.27 | $38.64 |
| Change in 2026 to September 30 | +7.7% | -25.5% |
Source: DataPorium daily closing prices [4][5].
The gap shows how investors view the two companies' positions in the obesity market. Lilly is growing its main drugs at high double-digit rates and adding new ones, while Novo is still growing obesity sales but faces lower prices, competition and patent expiry later in the decade [1][3].
Lilly's Q2 2026 revenue rose 48% to $23.0 billion on Mounjaro and Zepbound, while Novo Nordisk's adjusted sales grew 7%, and Novo's shares fell 20.9% in the third quarter.
Frequently asked questions
How much did Mounjaro and Zepbound sell in Q2 2026?
Mounjaro sales were $9.94 billion and Zepbound sales $4.93 billion in the second quarter of 2026, up 91% and 46% from a year earlier [1].
Is Novo Nordisk still growing?
Slowly. Second-quarter 2026 sales grew 3% at constant exchange rates, or 7% excluding a one-time item in the prior year, and Novo expects full-year adjusted sales growth of 0% to -6% [2].
When does Eli Lilly report Q3 2026 earnings?
DataPorium's markets calendar lists Lilly's third-quarter 2026 earnings release for October 28, 2026 [6]. Novo Nordisk's financial calendar lists November 4, 2026 [2].
Why did Novo Nordisk stock fall in 2026?
Investors have focused on slower growth, lower prices, competition from Lilly and other drugmakers, and the 2032 US patent expiry of semaglutide; the shares fell 7.7% in Copenhagen after the September 21 strategy update [2][3].
Sources & References
- [1] Eli Lilly, Lilly reports second-quarter 2026 financial results (Form 8-K exhibit, August 5, 2026)
- [2] Novo Nordisk, Financial report for the period 1 January 2026 to 30 June 2026 (Form 6-K, August 4, 2026)
- [3] CNBC, Novo shares slide as drugmaker lays out post-Wegovy growth strategy (September 21, 2026)
- [4] DataPorium Eli Lilly (LLY) stock page (prices)
- [5] DataPorium Novo Nordisk (NVO) stock page (prices)
- [6] DataPorium Markets Calendar (earnings dates)
