Investors are betting that Lilly will maintain its momentum. Its share price has climbed by a third since the start of 2024; Novo’s has fallen by as much (see chart 2). Lilly’s edge rests on a more effective drug, better execution, some keener pricing and a stronger pipeline.

Investors are worried Novo Nordisk's competition with Eli Lilly is heating up and that the first-to-market GLP-1 leader is losing ground.

CVS Health said it will significantly expand access to Novo Nordisk's blockbuster weight loss drug Wegovy for patients covered by its pharmacy benefit manager, Caremark. Starting July 1, Caremark will prioritize Wegovy on its standard formularies — or lists of covered drugs — making it the preferred GLP-1 drug for obesity.