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Comparison

Eli Lilly vs Novo Nordisk Stock: Pharma Comparison

By Visuwire · · 2 min read

Compare Eli Lilly and Novo Nordisk stock, GLP-1 drug portfolios, revenue growth, and which pharmaceutical company is the better investment.

Eli Lilly vs Novo Nordisk Overview

Eli Lilly and Novo Nordisk are the dominant players in GLP-1 weight loss and diabetes drugs—the fastest-growing pharmaceutical category. Both have seen explosive growth from this revolutionary drug class.

Company Comparison

MetricEli LillyNovo Nordisk
Market Cap~$750B~$450B
Revenue (2025)~$45B~$40B
Founded18761923
HeadquartersIndianapolis, INDenmark
Employees~43,000~65,000

GLP-1 Drug Portfolios

Eli Lilly

DrugIndicationStatus
Mounjaro (tirzepatide)DiabetesApproved
Zepbound (tirzepatide)ObesityApproved
RetatrutideObesityPhase 3
OrforglipronOral GLP-1Phase 3

Novo Nordisk

DrugIndicationStatus
Ozempic (semaglutide)DiabetesApproved
Wegovy (semaglutide)ObesityApproved
RybelsusOral diabetesApproved
CagriSemaObesityPhase 3

Revenue by Segment

Eli Lilly

CategoryRevenue %
GLP-1/Obesity~45%
Diabetes (other)~15%
Oncology~15%
Immunology~15%
Neuroscience~10%

Novo Nordisk

CategoryRevenue %
Diabetes & Obesity~90%
Rare Blood Disorders~7%
Other~3%

Financial Comparison

MetricEli LillyNovo Nordisk
Revenue Growth (YoY)~35%~25%
Gross Margin~80%~85%
Operating Margin~30%~42%
R&D % of Revenue~25%~12%

Valuation

MetricEli LillyNovo Nordisk
P/E Ratio~65x~40x
P/S Ratio~17x~11x
PEG Ratio~2x~1.5x
Dividend Yield~0.7%~1.2%

Eli Lilly trades at a premium for its diversified pipeline.

Market Share - GLP-1 Category

FactorEli LillyNovo Nordisk
Obesity Market~35%~65%
Diabetes Market~25%~35%
First MoverNoYes
Supply ConstraintsYesYes (improving)

Pipeline Comparison

Eli Lilly Advantages

  • Retatrutide: Triple agonist (potentially superior)
  • Orforglipron: Oral (convenience)
  • Diversified beyond GLP-1
  • Alzheimer’s drug (donanmab)

Novo Nordisk Advantages

  • CagriSema: Dual mechanism
  • Oral semaglutide improvements
  • Deep diabetes expertise
  • Manufacturing expansion

Competitive Advantages

Eli Lilly

  • Diversified portfolio
  • Strong R&D pipeline
  • Tirzepatide efficacy
  • Oncology presence
  • Neuroscience potential

Novo Nordisk

  • GLP-1 category creator
  • Diabetes market leadership
  • Manufacturing scale
  • Global diabetes expertise
  • Lower valuation

Risks

RiskEli LillyNovo Nordisk
GLP-1 competitionHighHigh
Supply challengesHighHigh
Valuation riskVery HighHigh
Concentration riskMediumVery High
Political/pricingMediumMedium

Manufacturing Capacity

Both companies are investing heavily to meet demand:

  • Eli Lilly: ~$20B in new facilities
  • Novo Nordisk: ~$15B expansion

Total Addressable Market

GLP-1 obesity market potential:

  • ~750M obese adults globally
  • Current penetration: <2%
  • Market could reach $100B+ by 2030

Which Stock to Buy?

PreferenceChoose
Diversified pharmaEli Lilly
Pure obesity/diabetesNovo Nordisk
Lower valuationNovo Nordisk
Stronger pipeline diversityEli Lilly
Higher dividendNovo Nordisk
U.S.-basedEli Lilly

Both are quality long-term holdings in a transformative medical category.

Stock data as of early 2026. This comparison is for informational purposes only and does not constitute investment advice.