Comparison
Eli Lilly vs Novo Nordisk Stock: Pharma Comparison
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
| Metric |
Eli Lilly |
Novo Nordisk |
| Market Cap |
~$750B |
~$450B |
| Revenue (2025) |
~$45B |
~$40B |
| Founded |
1876 |
1923 |
| Headquarters |
Indianapolis, IN |
Denmark |
| Employees |
~43,000 |
~65,000 |
GLP-1 Drug Portfolios
Eli Lilly
| Drug |
Indication |
Status |
| Mounjaro (tirzepatide) |
Diabetes |
Approved |
| Zepbound (tirzepatide) |
Obesity |
Approved |
| Retatrutide |
Obesity |
Phase 3 |
| Orforglipron |
Oral GLP-1 |
Phase 3 |
Novo Nordisk
| Drug |
Indication |
Status |
| Ozempic (semaglutide) |
Diabetes |
Approved |
| Wegovy (semaglutide) |
Obesity |
Approved |
| Rybelsus |
Oral diabetes |
Approved |
| CagriSema |
Obesity |
Phase 3 |
Revenue by Segment
Eli Lilly
| Category |
Revenue % |
| GLP-1/Obesity |
~45% |
| Diabetes (other) |
~15% |
| Oncology |
~15% |
| Immunology |
~15% |
| Neuroscience |
~10% |
Novo Nordisk
| Category |
Revenue % |
| Diabetes & Obesity |
~90% |
| Rare Blood Disorders |
~7% |
| Other |
~3% |
Financial Comparison
| Metric |
Eli Lilly |
Novo Nordisk |
| Revenue Growth (YoY) |
~35% |
~25% |
| Gross Margin |
~80% |
~85% |
| Operating Margin |
~30% |
~42% |
| R&D % of Revenue |
~25% |
~12% |
Valuation
| Metric |
Eli Lilly |
Novo 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
| Factor |
Eli Lilly |
Novo Nordisk |
| Obesity Market |
~35% |
~65% |
| Diabetes Market |
~25% |
~35% |
| First Mover |
No |
Yes |
| Supply Constraints |
Yes |
Yes (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
| Risk |
Eli Lilly |
Novo Nordisk |
| GLP-1 competition |
High |
High |
| Supply challenges |
High |
High |
| Valuation risk |
Very High |
High |
| Concentration risk |
Medium |
Very High |
| Political/pricing |
Medium |
Medium |
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?
| Preference |
Choose |
| Diversified pharma |
Eli Lilly |
| Pure obesity/diabetes |
Novo Nordisk |
| Lower valuation |
Novo Nordisk |
| Stronger pipeline diversity |
Eli Lilly |
| Higher dividend |
Novo Nordisk |
| U.S.-based |
Eli 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.