Eli Lilly beats Novo Nordisk! A new king or a momentary sensation?

While Novo Nordisk shares have written 60% of their value over the past year and investors are reassessing its growth story, US rival Eli Lilly is celebrating success. Its drug Zepbound has overtaken Weg's in US prescriptions for the first time and market share is growing fast. The company's valuation has climbed to new records and the market is fitting it into the role of the new king in obesity treatment. But is this lead sustainable, or could it just be a short-term sensation caused by competitor problems?

Top points of Eli Lilly's analysis

• Rapid revenue growth: the company will grow revenues by more than 25-30% year-on-year in H1 2025, driven mainly by drugs Zepbound a Mounjaro.

• Taking market share: V Q1 2025 Lilly surpassed competitor Novo Nordisk for the first time ever in the number of obesity prescriptions in the US, the world's largest and most lucrative market.

• Record valuation: The company's market capitalization climbed to more than USD 700 billionwith a P/E of around 35-37×ma…