Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease. The Diabetes and Obesity care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides insulin pens, growth hormone pens, and injection needles. In addition, it offers smart solutions for diabetes treatment, such as smart insulin pens and Dose Check, an insulin dose guidance application. The company has a collaboration agreement with Aspen Pharmaceuticals to produce insulin products. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

Novo Nordisk A/S

Novo Nordisk NVO announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending the EU approval of a higher dose of its blockbuster obesity injection, Wegovy (semaglutide). NVO expects a final decision from the European Commission early in 2026.
The regulatory filing in the EU seeks approval for a 7.2 mg dose of the drug, which Novo Nordisk claims provides an option for “greater weight loss potential” than what is currently being offered by the available doses (0.25 mg, 0.5 mg, 1 mg, 1.7 mg and 2.4 mg).
Please note that Wegovy is currently approved in the EU for weight management, for reducing major cardiovascular events, easing HFpEF symptoms, and relieving osteoarthritis-related knee pain in obesity patients.
How Effective is NVO’s Higher-Dose Wegovy?
The positive CHMP opinion is supported by data from the phase III STEP UP study, which showed that obesity patients, who do not have diabetes, receiving a 7.2 mg dose of Wegovy for 72 weeks achieved an average weight loss of 20.7% compared with 2.4% with placebo and 17.5% with a 2.4 mg Wegovy dose.
Novo Nordisk also reported additional analyses from the study, showing that 33.2% of patients who took the 7.2 mg dose achieved at least 25% weight loss at 72 weeks compared with 16.7% in the 2.4 mg dose group. Data indicated that most of the weight loss with Wegovy, about 84%, was attributable to fat mass reduction, while muscle function was shown to remain intact. No patients in the placebo arm met this criterion. Per NVO, these substantial weight loss results complement the already established health benefits of Wegovy in its approved indications.
The safety and tolerability profile of the higher dose was consistent with that of the approved 2.4 mg dose. The data package also included results from the phase III STEP UP T2D study, which evaluated Wegovy 7.2 mg in obesity patients with type II diabetes.
In the past year, shares of Novo Nordisk have plunged 53.6% against the industry‘s 12.2% growth.
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Novo Nordisk has also applied to the EMA, seeking approval for a single-dose delivery device for Wegovy 7.2 mg.
Last month, Novo Nordisk submitted a regulatory filing in the United States seeking approval for Wegovy 7.2 mg to treat obesity. For this filing, Novo Nordisk is seeking an extra-fast review through the FDA’s Commissioner’s National Priority Voucher (CNPV) pilot program.
This program is designed to significantly fast-track the review of drugs and biologics addressing serious or life-threatening diseases with high unmet medical needs, reducing the standard review period from 10-12 months (6-8 months in case the drug is granted priority review designation) to just 1-2 months, following the FDA’s acceptance of the filing. The CNPV voucher was granted to the company by the agency earlier in November. The higher dose Wegovy is also currently under regulatory review in the United Kingdom and multiple other geographies.
Competition Heating Up in the Obesity Space
The obesity space has garnered much of the spotlight over the past year due to the sizeable and still underpenetrated market opportunity. Novo Nordisk and Eli Lilly LLY currently dominate this space.
Wegovy directly competes with Eli Lilly’s tirzepatide medicine Zepbound. Like Novo Nordisk, LLY also generates a substantial portion of its revenues from sales of this drug.
NVO and LLY are racing to introduce oral weight-loss pills. Novo Nordisk has already submitted a regulatory filing with the FDA seeking approval for an oral version of Wegovy, with a final decision expected soon. Novo Nordisk’s most advanced next-generation obesity candidate is CagriSema injection, a fixed-dose combination of cagrilintide and Wegovy. The company plans to file for its regulatory application in 2026. Novo Nordisk is currently gearing up to advance another next-generation candidate, amycretin, for weight management into late-stage development, both as an injection and oral pill. The phase III program on amycretin is planned to be initiated during the first quarter of 2026.
Eli Lilly is investing broadly in next-generation drugs and is currently developing a range of oral and injectable medications with different mechanisms of action. This includes two late-stage candidates, orforglipron, a once-daily oral GLP-1 small molecule and retatrutide, a GGG tri-agonist. LLY remains on track to submit regulatory filings for orforglipron in obesity soon, setting up the timeline for a potential launch next year. Like Novo Nordisk, Eli Lilly also secured a CNPV from the FDA for orforglipron earlier in November.
Novo Nordisk A/S Price and Consensus
Smaller biotech firms, like Viking Therapeutics VKTX and Structure Therapeutics GPCR, are also advancing GLP-1–based therapies to challenge the incumbents. Viking Therapeutics is developing its dual GIPR/GLP-1 RA, VK2735, both as oral and subcutaneous formulations for the treatment of obesity. In June, VKTX started two late-stage studies evaluating the subcutaneous formulation of VK2735. While one of these studies recently completed enrolment at a rapid pace, Viking Therapeutics expects to complete enrolment in the other study by the first quarter of 2026.
Last week, Structure Therapeutics reported meaningful weight-loss data from the ACCESS clinical program of its investigational candidate, aleniglipron, for treating obesity. Structure Therapeutics is gearing up to initiate late-stage studies of aleniglipron for obesity around mid-2026, pending alignment with the FDA. Shares of NVO and LLY were down following the news, signaling investor concerns amid the intensifying competitive landscape.
NVO’s Zacks Rank
Novo Nordisk currently carries a Zacks Rank #5 (Strong Sell).
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CHMP Backs Higher-Dose Wegovy as Novo Nordisk Seeks 2026 EU Approval

Key Points
Eli Lilly’s weight loss drugs have delivered blockbuster sales in recent quarters.
The company is a leader in this market today and has a pipeline of promising candidates to potentially reinforce its position.
Generally, investors turn to pharmaceutical stocks to add an element of safety to their portfolios. These stocks aren't known for rapid growth, but instead, for steady growth that you can count on over time -- this reliability is due to the fact that patients need their medicines, and that supports drugmakers' revenue through any economic environment.
But in recent years, one pharma stock in particular has been behaving like a growth stock -- in fact, it's become a growth stock. I'm talking about Eli Lilly (NYSE: LLY), the maker of medicines across a range of treatment areas, from diabetes to cancer. It isn't the breadth of this portfolio, though, that's supercharging Lilly's revenue; instead, it's one particular specialty area. Lilly's weight loss drugs have helped the company deliver double-digit revenue growth in recent quarters, and this has pushed the stock to a gain of more than 30% this year.
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And the picture is getting even brighter, thanks to the following fantastic news Lilly just delivered to investors. Let's check out the details.
Lilly's weight loss portfolio
Before we get to the news, though, let's zoom in on the company's weight loss drug portfolio. At the moment, it's led by tirzepatide, commercialized under the name Zepbound for weight control and as Mounjaro for type 2 diabetes. Doctors have been known to prescribe either of these drugs to patients aiming to lose weight, and results have been spectacular.
Tirzepatide is a dual GIP/GLP-1 receptor agonist, acting on two hormones involved in the digestion process. The drug, sold in injectable formats, helps control appetite and blood sugar levels. Zepbound and Mounjaro both have become blockbuster products for Lilly, and they've been so popular that they even were on a national shortage list last year.
Lilly recently delivered positive results from a phase 3 study of its oral weight loss candidate, orforglipron, and aims to submit it for regulatory review in the coming weeks.
Now, let's consider the latest fantastic news from Lilly. This week, the pharma giant said its weight loss candidate retatrutide delivered an average weight loss of more than 28% over 68 weeks and reduced pain in patients with obesity and knee osteoarthritis. The weight reduction applies to participants receiving the highest dose of the drug and continuing with it throughout the trial.
The best weight loss performance
The big news here is that this is the best performance of a weight loss drug so far. (By comparison, a Lilly funded trial studying tirzepatide versus rival Novo Nordisk's semaglutide resulted in more than 20% weight loss for patients on the Lilly drug and almost 14% weight loss for patients on the Novo drug at 72 weeks.)
Getting back to the retatrutide trial, discontinuation rates, due to side effects such as nausea and vomiting, were between 12% for volunteers on the lowest dose to about 18% for those on the highest dose. The company pointed out that discontinuation rates were much lower for participants with a high body mass index (BMI) -- and that some trial dropouts were linked to what was perceived as too much weight loss. This suggests that retatrutide may be an attractive option for patients with higher BMIs.
The reason for retatrutide's strength may be linked to its three-pronged approach. While current weight loss drugs stimulate one or two hormonal pathways, retatrutide acts on GLP-1, GIP, and glucagon.
Potential catalysts ahead
Lilly says it will deliver seven more retatrutide phase 3 trial readouts in 2026, suggesting this top pharma stock may have many catalysts ahead -- if these readouts are positive, the stock could have a lot farther to run.
Of course, it's important to keep in mind that retatrutide still is involved in clinical studies, which means it's not yet ready to supercharge Lilly's revenue. The company hasn't yet said when it will approach regulators with a review request, and review periods take months. But the outstanding performance of retatrutide is key because it shows that Lilly has promising candidates in late-stage development that could be the weight loss winners of the future. That positions Lilly well to lead in what analysts predict may be a $100 billion market in the next decade.
All of this is fantastic news for Lilly's current shareholders -- and investors who are getting ready to add this pharma growth stock to their portfolios.
Should you invest $1,000 in Eli Lilly right now?
Before you buy stock in Eli Lilly, consider this:
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Adria Cimino has no position in any of the stocks mentioned. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Eli Lilly Just Delivered Fantastic News to Investors

Key Points
Novo Nordisk has the potential to maintain more consistent revenue growth throughout next year.
There is an indication that the company's pipeline candidates will see strong progress in 2026.
Novo Nordisk's shares appear attractive, despite the challenges it faces.
The past 18 months have been absolutely terrible for Novo Nordisk (NYSE: NVO). The Denmark-based drugmaker has faced poor financial results and clinical setbacks, all of which have driven its stock price down. Its stock price is barely hovering above multiyear lows at the moment. The pharmaceutical giant recognizes there is an issue, and management has made some moves to attempt a comeback.
Can Novo Nordisk get its comeback going in 2026? Let's discuss two things that could materialize for the company next year and also examine whether its shares are worth consideration at current levels.
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Top-line growth will stabilize
Novo Nordisk's revenue growth has dropped significantly over the past two years.
The company was forced to revise its guidance downward several times in recent quarters. Further, its key growth drivers, weight-loss drug Wegovy and diabetes treatment drug Ozempic, which share the same active ingredient (semaglutide), were the targets of government-mandated price cuts in the U.S. As a result, they will sell for much lower prices for some eligible Medicare and Medicaid patients. And that's on top of the company's own decision to reduce the cost of Wegovy for cash-paying patients.
The changes suggest that Novo Nordisk's revenue growth could slow even further in 2026. However, I expect the company's results to stabilize. Let me explain why.
For one, price was a significant barrier for many patients seeking access to these medicines, especially the weight loss brand Wegovy, which is not covered by many insurance plans. The lower price will be offset, at least somewhat, by an increase in sales volume from patients who can now afford to pay out of pocket.
Second, new indications for its use should help push semaglutide's sales higher. An oral version of the medicine is racing toward regulatory approval. Many patients prefer pills to injections. Pills are also easier and cheaper to manufacture for pharmaceutical companies. With a soaring demand for anti-obesity drugs, Novo Nordisk's oral option could be a hit. Then, there is Wegovy's approval in metabolic dysfunction-associated steatohepatitis (MASH), a liver disease with a large unmet need; it affects millions of patients in the U.S. alone.
Looking at the sales numbers for Rezdiffra (made by Madrigal Pharmaceuticals (NASDAQ: MDGL)) is instructive. Last year, Rezdiffra became the first medicine approved by the U.S. Food and Drug Administration for the treatment of MASH. Through the first nine months of 2025, it generated about $637.3 million in revenue. Yet, Wegovy's efficacy in MASH was comparable to that of Rezdiffra. Here's one significant difference: Novo Nordisk has a larger commercial footprint, more funds, and more sales reps than the smaller Madrigal Pharmaceuticals. So, Novo Nordisk could generate significant sales for Wegovy in this indication through next year, which will help boost sales growth.
Novo Nordisk is reporting significant pipeline progress
Novo Nordisk also did not perform well this year because it is losing ground to its biggest competitor in the GLP-1 market, Eli Lilly (NYSE: LLY). The good news is that the Denmark-based healthcare giant will likely make strong pipeline progress next year. It has several mid- and late-stage candidates for which we should see updated data readouts. One of the company's more advanced candidates is Amycretin, an investigational weight loss medicine.
One reason Amycretin is a promising product is that it mimics the action of two separate hormones: GLP-1 and amylin. The dual hormonal approach can confer significantly greater efficacy. That's one reason Eli Lilly's Mounjaro is so effective and is gaining market share. Further, Amycretin is being developed in subcutaneous and oral formulations. Recent mid-stage data from the medicine suggest it could also be highly effective in treating Type 2 diabetes. Novo Nordisk should update investors on Amycretin's progress next year, and positive results should jolt the stock. And Novo Nordisk has several others along those lines.
Is Novo Nordisk stock a buy?
After the beating it took this year, some may choose to stay away from Novo Nordisk altogether. However, at current valuation levels, the company's shares look attractive. True, Eli Lilly has taken market share away from it, but Novo Nordisk remains a leader in the fast-growing weight loss market and boasts a deep pipeline in this area, all of which should enable it to ride this tailwind for the next few years, at the very least. Meanwhile, shares are trading at just 12.7 times forward earnings, which is significantly lower than the average of 17.6 for healthcare stocks. Novo Nordisk could recover in the medium term, and if it does, those who initiate positions today will see superior returns.
Should you invest $1,000 in Novo Nordisk right now?
Before you buy stock in Novo Nordisk, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Novo Nordisk wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
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Prosper Junior Bakiny has positions in Eli Lilly and Novo Nordisk. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

2 Predictions for Novo Nordisk in 2026

Key Points
Together, these stocks offer you a balanced mix of growth and safety.
These companies span a number of industries, and many are leaders in their markets.
Overall, the past three years have been positive for investors, with the S&P 500 bull market going strong. The famous benchmark advanced more than 20% in each of the past two years, and today it's heading for yet another double-digit annual gain. Technology stocks have fueled this movement as artificial intelligence (AI) emerged as the next major game changer, and investors also piled into growth stocks across industries on optimism about lower interest rates.
It's impossible to predict with 100% certainty which direction the S&P 500 will take next year, but there's reason to be optimistic about its performance then and over time; history shows us that bull markets usually last much longer than bear markets.
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With all of this in mind, let's check out my top 10 stocks to buy for 2026. They offer you a balanced blend of characteristics, from growth and innovation to safety and passive income.
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1. Nvidia
Let's start with a company that has significantly driven market gains during this AI boom: Nvidia (NASDAQ: NVDA), the world's leading AI chip designer. This tech giant has seen earnings soar, and this movement may have much farther to go, as this technology is in the early chapters of its story.
Nvidia's positioned to benefit greatly from AI infrastructure spending, which may reach into the trillions of dollars over the next five years. And, over time, AI models will continue to rely on chips to power them through their job of applying AI to real-world problems. All of this suggests many bright days ahead for Nvidia and its shareholders.
2. Eli Lilly
Eli Lilly (NYSE: LLY) already has seen earnings take off thanks to its weight loss drug portfolio. Tirzepatide, sold as Mounjaro for type 2 diabetes and as Zepbound for weight loss, has delivered blockbuster revenue -- and has helped Lilly's total revenue climb in the double-digits.
Recently, Lilly delivered solid phase 3 results for its oral weight loss candidate -- orforglipron -- and regulatory review of that candidate is the next step. All of this means orforglipron soon may reach commercialization and boost Lilly's already booming weight loss portfolio.
This makes right now an excellent time to get in on this pharma player that offers you safety and growth.
3. American Express
American Express (NYSE: AXP) is a giant in the payment card market, generally serving high-income customers. Its membership base makes the company a solid investment during any economic environment, because high-income individuals continue spending regardless of the economic situation -- and this has resulted in steady earnings growth for American Express over time.
In recent quarters, American Express has spoken of growth in younger customers -- Millennials and Gen-Z made up 64% of new accounts in the latest quarter. This suggests the payments powerhouse is well-positioned for more growth in the years to come.
4. CoreWeave
CoreWeave (NASDAQ: CRWV) exploded onto the scene this year, climbing more than 300% from its market launch in March through June. The stock has since dropped from that high -- and it now has plenty of room to run.
This company offers AI customers what they need most today, and likely into the future, and that's capacity for workloads. CoreWeave rents out its fleet of high-powered chips, and this could drive the company's already surging revenue higher in 2026 -- and beyond. So, now is a great time to get in on this AI growth player.
5. Viking Therapeutics
Viking Therapeutics (NASDAQ: VKTX) aims to enter the billion-dollar weight loss drug market, and so far, the company is marching steadily toward that goal. Viking's injectable candidate is involved in phase 3 trials, and its oral candidate is involved in phase 2 -- both have delivered promising results so far.
Though Eli Lilly and Novo Nordisk dominate the market right now, demand is high, suggesting there's room for others to carve out share here. Viking, with candidates that function in the same way as the Lilly and Novo drugs, could emerge as a new winner in this market in a few years -- so it's a wise idea to get in on this story early.
6. Meta Platforms
Meta Platforms (NASDAQ: META), trading for 26x forward earnings estimates, is the cheapest of the Magnificent Seven tech stocks that have led market gains. That's one reason to buy the stock now.
And I have two more reasons: Meta is a well-established company with earnings growth you can count on, and it also offers you a top AI bet. Meta is committed to investing in AI and using it to supercharge revenue in the years to come. The company already has gotten started, building its own large language model and virtual assistant, for example. But much more should be on the horizon, making this an exciting and cheap growth stock to buy now.
7. Abbott Laboratories
Abbott Laboratories (NYSE: ABT) is a Dividend King, meaning it's raised its dividend payments for more than 50 consecutive years. This shows the company's commitment to dividend growth, and Abbott's strong free cash flow suggests it has what it takes to keep this on track, too.
I also like Abbott because of its diversification across businesses -- medical devices, diagnostics, nutrition, and established pharmaceuticals. This broad range of operations is positive because, if and when one faces headwinds, others may compensate. On top of this, Abbott sells industry-leading products, such as the FreeStyle Libre continuous glucose monitor and Ensure nutrition drinks. All of this makes it a solid healthcare stock to buy and hold.
8. UnitedHealth
UnitedHealth Group (NYSE: UNH), the biggest U.S. health insurer, has faced various headwinds in recent quarters -- including the rising costs of healthcare. But the company has taken note of the issues that have weighed on earnings and is addressing them.
The efforts -- such as cutting certain plans and using AI to gain in efficiency -- already are bearing fruit, with the company recently increasing its guidance for full-year earnings. Meanwhile, the stock, considering UnitedHealth's industry leadership and long-term prospects, looks cheap at 20x forward earnings estimates. So if you're looking for a promising recovery story for 2026, UnitedHealth may be it.
9. Chewy
Chewy (NYSE: CHWY) is the best friend of cats, dogs, and goldfish -- and you might take a liking to this company too. That's because this e-commerce player selling pet food, toys, healthcare, and more has a loyal following of customers, and this has led to steady growth.
The key number I always point out is Chewy's AutoShip sales -- this program allows for the automatic reordering of your favorite products according to a schedule you choose. AutoShip sales account for more than 80% of Chewy's net sales, offering us visibility on sales to come. Chewy also is profitable and debt-free, two other reasons to like this consumer goods stock.
10. Amazon
Finally, if you aim to invest in an established market giant that also offers you outstanding growth potential, consider Amazon (NASDAQ: AMZN). The e-commerce and cloud computing titan has an established track record of growth and billion-dollar profit – but it's not stopping there and instead is set to win in the high-potential area of AI.
AI already has helped Amazon Web Services (AWS) reach a $132 billion annual revenue run rate, and AI has been favoring efficiency across Amazon's e-commerce business. Moving forward, AI could continue to supercharge growth in both of these businesses, making the stock look reasonably priced now at 32x forward earnings estimates.
And that's why Amazon is a top tech stock to buy and hold for 2026 and beyond.
Should you invest $1,000 in Nvidia right now?
Before you buy stock in Nvidia, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $507,421!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,109,138!*
Now, it’s worth noting Stock Advisor’s total average return is 972% — a market-crushing outperformance compared to 195% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of December 8, 2025
American Express is an advertising partner of Motley Fool Money. Adria Cimino has positions in Amazon and American Express. The Motley Fool has positions in and recommends Abbott Laboratories, Amazon, Chewy, Meta Platforms, and Nvidia. The Motley Fool recommends Novo Nordisk, UnitedHealth Group, and Viking Therapeutics. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

My Top 10 Stocks to Buy for 2026

The GMO International Quality ETF is seeing unusually high volume in afternoon trading Friday, with over 1.7 million shares traded versus three month average volume of about 88,000. Shares of QLTI were off about 0.4% on the day.
Components of that ETF with the highest volume on Friday were Taiwan Semiconductor Manufacturing, trading down about 3.7% with over 11.2 million shares changing hands so far this session, and Novo Nordisk, down about 0.2% on volume of over 9.2 million shares. Ryanair Holdings is the component faring the best Friday, higher by about 1.3% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Friday's ETF with Unusual Volume: QLTI

Shares of Eli Lilly LLY rose nearly 2% on Thursday after the company announced that a late-stage study evaluating its experimental once-weekly weight-loss drug, retatrutide, met all primary and key secondary endpoints.
This study, called TRIUMPH-4, evaluated two doses (9 mg and 12 mg) of the drug for 68 weeks against placebo in adults with obesity or overweight and knee osteoarthritis (OA), and without diabetes. Ei Lilly reported results using two approaches — an efficacy estimand, which reflects outcomes in patients who stayed on treatment throughout the study period, and a treatment-regimen estimand, which incorporates data from patients who discontinued treatment.
Under the efficacy estimand, Eli Lilly reported that patients on the 12 mg dose lost an average of 28.7% of their body weight, while those on the 9 mg dose lost 26.4%. In comparison, patients on placebo lost 2.1% of their body weight. For the other co-primary endpoint of improvement in knee pain, retatrutide achieved a reduction of 74-76% across both doses compared with the 40.3% reported in the placebo group.
Concerning the treatment-regimen estimand, patients on the 12 mg dose lost an average of 23.7% of their body weight while the 9 mg dose generated a 20% reduction. In comparison, patients on placebo achieved a 4.6% reduction. For the other endpoint, both retatrutide doses delivered a 62-67% reduction in knee pain compared with 35.1% in the placebo arm.
However, patients treated with retatrutide also reported higher rates of adverse effects than the placebo group. Most common symptoms included nausea, constipation, vomiting and dysesthesia, which led to higher dropouts in the study. Eli Lilly reported that the discontinuation rates due to adverse events stood at 12.2% for the 9 mg drug dose and 18.2% for the 12 mg dose compared to 4.0% in the placebo group.
The TRIUMPH-4 is the first of the eight late-stage studies evaluating retatrutide across various cardiometabolic indications, including obesity with at least one weight-related medical problem, type II diabetes, sleep apnea and chronic low back pain. Data from the remaining seven studies are expected throughout next year.
LLY Stock Performance
Investors broadly welcomed the results, which surpassed early expectations and renewed optimism for retatrutide’s potential across multiple indications. Some have also highlighted the drug’s distinct mechanism versus Eli Lilly’s leading GLP-1 therapy, Zepbound. Retatrutide activates three hormone receptors — GLP-1, GIP and glucagon — compared with Zepbound, which targets GLP-1 and GIP. By comparison, Novo Nordisk’s NVO obesity drug Wegovy activates only GLP-1.
Year to date, shares of Eli Lilly have rallied 31% compared with the industry‘s 15% growth.
Image Source: Zacks Investment Research
Competition Escalates in the Obesity Space
According to research conducted by Goldman Sachs, the obesity market in the United States is expected to reach $100 billion by 2030. Eli Lilly and Novo Nordisk presently dominate this space with their respective injectables.
Eli Lilly and Novo Nordisk are racing to introduce oral weight-loss pills. NVO has already submitted a regulatory filing with the FDA seeking approval for an oral version of Wegovy, with a final decision expected before this year’s end. It is also developing several next-generation candidates in its obesity pipeline, including CagriSema (a combination of semaglutide and cagrilintide) and an oral pill, amycretin (a dual GLP-1 and amylin receptor agonist).
LLY is investing broadly in obesity and has several new molecules currently in clinical development, with a range of oral and injectable medications using different mechanisms of action. Another key late-stage asset is orforglipron, its once-daily oral GLP-1, which remains on track for a regulatory submission before the end of 2025 — positioning it for a potential launch next year.
Several other companies, like Viking Therapeutics VKTX, are also making rapid progress in the obesity space. In June, VKTX started two late-stage studies evaluating the subcutaneous formulation of its investigational obesity drug, VK2735. While one of these studies recently completed enrolment at a rapid pace, the company expects to complete enrolment in the other study by early 2026.
Last month, Pfizer PFE closed the acquisition of obesity drug developer Metsera for around $10 billion, after a heated bidding war against Novo Nordisk. The Metsera acquisition brought Pfizer back into the lucrative obesity space by adding the latter’s four novel clinical-stage incretin and amylin programs, which are expected to generate billions of dollars in peak sales. Earlier this week, Pfizer has declared that it is in-licensing exclusive global rights to develop and market an oral small molecule GLP-1 drug from a leading Chinese drugmaker.
Eli Lilly and Company Price
LLY’s Zacks Rank
Eli Lilly currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Eli Lilly's Next-Generation Obesity Drug Secures First Phase III Win

Key Points
A bipartisan bill has been introduced in the U.S. Congress that would curb some activities of compound pharmacies.
The maker of Wegovy has been particularly affected by competition from such parties.
It might be best known for its weight loss drug, but Novo Nordisk (NYSE: NVO) was a gainer on the stock market Thursday. Thanks to efforts in the legislative sphere, investors were bullish on the company, and pushed into its stock to power it to a nearly 3% gain that trading session. By contrast, the S&P 500 index could only muster a 0.2% increase.
Legislative effort
Two members of the U.S. House of Representatives, Republican Rudy Yakym and Democrat Andre Carson (both of Indiana), have introduced a bill that would impose significant limitations on the making of Food and Drug Administration (FDA)-approved drugs by compounding pharmacies (i.e., those that can produce custom medicines).
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This covers the massively popular GLP-1 weight-loss drugs currently on the market, most notably Novo Nordisk's Wegovy (Eli Lilly's Zepbound also falls into this category). The compounding of GLP-1 medications has been a particular headache for Novo Nordisk, as it has increased competitive pressure on its top-selling medications.
In a joint press release issued by Yakym and Carson, the congressmen wrote that "While compounding serves important individualized medical needs, some entities are exploiting it to illegally manufacture and sell untested, unapproved drugs at scale."
"These products endanger patients, undermine trust in FDA-approved medicines, and weaken incentives to develop new treatments," they added.
Federal protection?
It's too soon to gauge the bill's chances of being passed into law, especially since Congress is dealing with more weighty matters as it heads into its holiday recess for the remainder of the year.
Still, for Novo Nordisk shareholders -- and investors in healthcare companies that either have obesity drugs on the market, like itself and Eli Lilly, or are developing the same -- it's an encouraging sign that lawmakers are willing to help protect their business from perceived threats.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Novo Nordisk Stock Topped the Market on Thursday

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Novo Nordisk (NVO) Q3 2025 Earnings Transcript

Eli Lilly and Company LLY is one of the two companies that dominate the booming cardiometabolic space, driven by its successful GLP-1 therapies — Mounjaro for diabetes and Zepbound for weight loss, both comprising the same ingredient, tirzepatide, a dual GIP/GLP-1 RA.
Despite facing strong competition from Novo Nordisk’s NVO semaglutide medicines, Ozempic for diabetes and Wegovy for obesity, Lilly’s drugs have witnessed strong uptake since launch, becoming its key top-line drivers. In the first nine months of 2025, Mounjaro and Zepbound generated combined sales of $24.8 billion, accounting for 54% of Eli Lilly’s total revenues.
However, the pharma giant is facing mounting competitive pressure as several smaller biotech players are advancing rapidly in the obesity arena, attracted by the sizeable and still underpenetrated market opportunity. Earlier this week, Structure Therapeutics GPCR reported positive top-line data from the ACCESS clinical program of its investigational candidate, aleniglipron, for treating obesity.
In the core 36-week phase IIb ACCESS study, GPCR’s aleniglipron met its primary and all key secondary endpoints, with the 120 mg dose delivering an 11.3% placebo-adjusted weight loss. Higher doses drove deeper reductions, reaching 15.3% at 240 mg. Extension data showed continued weight loss through 44 weeks with no plateau, supporting durability and advancement to phase III.
Structure Therapeutics is gearing up to initiate late-stage studies of aleniglipron for obesity around mid-2026, pending alignment with the FDA. Shares of LLY were down following the news, signaling investor concerns amid the intensifying competitive landscape. GPCR is also building depth in its obesity pipeline, with ANPA-0073 currently awaiting initiation of mid-stage development, alongside several preclinical programs.
To address this, Eli Lilly is advancing a slate of next-generation obesity candidates while pursuing label expansions for its tirzepatide franchise. This includes two late-stage candidates, orforglipron, a once-daily oral GLP-1 small molecule, and retatrutide, a GGG tri-agonist, and some mid-stage candidates, bimagrumab, eloralintide, and mazdutide.
Orforglipron is emerging as a central pillar of Eli Lilly’s obesity strategy, offering a convenient once-daily oral alternative to injectable therapies like Zepbound and Wegovy. Backed by positive results across six studies, Lilly plans regulatory filings for orforglipron in obesity soon, positioning the candidate for a potential 2026 launch. A key phase III study, ATTAIN-MAINTAIN, is currently assessing reduced weight maintenance in patients switching from injectable semaglutide/tirzepatide, with data expected in 2026. Lilly believes that the results will be pivotal for defining orforglipron’s market opportunity.
Retatrutide is another major obesity candidate in Lilly’s pipeline, with three phase III obesity data readouts expected in the second half of 2026. The candidate is designed to deliver deeper and faster weight loss than current therapies. Please note that both orforglipron and retatrutide are simultaneously being evaluated for several other indications beyond obesity.
Competition Heating Up in the Obesity Space
Novo Nordisk is Eli Lilly’s fierce competitor in the obesity space. Like LLY, NVO is also evaluating several next-generation weight loss candidates. NVO has filed a regulatory application for an oral version of Wegovy to treat obesity, with a decision from the FDA expected soon. A notable candidate is CagriSema, a fixed-dose combination of cagrilintide and Wegovy, for which a regulatory submission for the obesity indication is planned in 2026. The company is also gearing up to launch a dedicated late-stage program for cagrilintide injection as a monotherapy to treat obesity, soon. Novo Nordisk is developing oral and subcutaneous formulations of a mid-stage candidate, amycretin, for obesity and diabetes indications.
Another small biotech company making rapid progress in the development of GLP-1-based candidates in its clinical pipeline is Viking Therapeutics (VKTX). VKTX’s dual GIPR/GLP-1 RA, VK2735, is being developed both as oral and subcutaneous formulations for the treatment of obesity. In June, Viking Therapeutics started two late-stage studies evaluating the subcutaneous formulation of its investigational obesity drug, VK2735. While one of these studies recently completed enrolment at a rapid pace, VKTX expects to complete enrolment in the other study by early 2026.
Overall, while competitive pressures are rising, Lilly’s expanding portfolio, late-stage pipeline depth, and continued investment in next-generation obesity therapies position the company to sustain its momentum, while long-term lead will depend on successful clinical readouts and timely launches.
LLY’s Stock Price, Valuation and Estimates
Shares of Eli Lilly have gained 27% in the past year compared with the industry’s 7.2% growth. The company has also outperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
LLY Stock Price Movement
Image Source: Zacks Investment Research
From a valuation standpoint, LLY stock is expensive. Going by the price/earnings ratio, the company’s shares currently trade at 30.26 forward earnings, higher than 16.31 for the industry. However, the stock is trading below its five-year mean of 34.54.
LLY Stock Valuation
Image Source: Zacks Investment Research
Estimates for Eli Lilly’s 2025 earnings have improved from $23.06 to $23.91 per share in the past 60 days, and estimates for 2026 earnings have improved from $30.79 to $33.36 over the same time frame.
LLY Estimate Movement
Image Source: Zacks Investment Research
Eli Lilly currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Novo Nordisk A/S (NVO) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Can Eli Lilly Sustain Its Obesity Momentum as Newer Players Emerge?

Shares of Wave Life Sciences WVE have soared 183% in the past week after the company reported encouraging interim data from an early-stage study evaluating its investigational weight-loss drug, WVE-007.
Data from this study (called INLIGHT) showed that three months after receiving a single 240-mg subcutaneous dose of the drug, patients achieved a mean reduction of 9.4% in visceral fat (or deep belly fat) as well as a 4.5% reduction in total body fat. In comparison, patients in the placebo group attained a 0.2% reduction in visceral fat and a 0.5% reduction in total body fat, neither of which was statistically significant.
While the results for visceral fat were statistically significant, the same could not be said for the total body fat. However, the drug made up for this in lean mass results. The reported data showed that treatment with WVE-007 helped patients achieve an increase of 3.2% in lean mass, which was statistically significant.
Wave Life Sciences is also evaluating two additional cohorts in the INLIGHT study — one evaluating a 400 mg dose of WVE-007 and another evaluating the 600 mg dose. It expects to report data on these cohorts, as well as further follow-up on the 240 mg dose group, throughout the first half of 2026.
What Makes WVE’s Results So Special?
Several investors expressed enthusiasm around this result, as WVE-007 addresses the ‘biggest disadvantage’ of using popular GLP-1 therapies like Eli Lilly’s LLY Zepbound and Novo Nordisk’s NVO Wegovy — the loss of lean muscle mass. Wave Life Sciences also noted that the interim results support dosing once or twice a year — an added advantage over the LLY and NVO therapies, which require weekly administrations.
Investors also responded positively to the drug’s safety profile and the fact that the study participants were not required to undergo any diet or exercise for the duration of the study. Wave Life Sciences noted that the drug was well-tolerated in patients who received the 600 mg dose.
All the above factors collectively contributed to the recent spike in WVE’s shares. Year to date, the stock has surged nearly 64% compared with the industry’s 18% growth.
Image Source: Zacks Investment Research
Stiff Competition in the Obesity Space
The obesity market has garnered much interest lately, as both Eli Lilly and Novo Nordisk currently dominate this space with their injectable GLP-1 drugs. According to research conducted by Goldman Sachs, the obesity market in the United States is expected to reach $100 billion by 2030. This is evident from the fact that LLY and NVO have not only optimized their production capacities but are also developing more potent and convenient GLP-1-based candidates in their clinical pipeline.
Eli Lilly and Novo Nordisk are racing to introduce oral weight-loss pills. NVO has already submitted a regulatory filing with the FDA seeking approval for an oral version of Wegovy, with a final decision expected before this year’s end. It is also developing several next-generation candidates in its obesity pipeline, including CagriSema (a combination of semaglutide and cagrilintide) and an oral pill, amycretin (a dual GLP-1 and amylin receptor agonist).
LLY is investing broadly in obesity and has several new molecules currently in clinical development, with a range of oral and injectable medications using different mechanisms of action. This includes two late-stage candidates, orforglipron, a once-daily oral GLP-1 small molecule, and retatrutide, a GGG tri-agonist, along with some mid-stage candidates, bimagrumab, eloralintide and mazdutide. Eli Lilly plans to file regulatory applications for orforglipron in obesity before the end of 2025, setting up the timeline for a potential launch next year.
WAVE Life Sciences Ltd. Price
WVE’s Zacks Rank
Wave Life Sciences currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Ranked (Strong Buy) stocks here.
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But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.