Posted 1/31/2024, 11:16:00 PM
Eli Lilly Stock Inches Up as Rival Novo Nordisk's Diabetes and Obesity Drugs Show Strength
- Eli Lilly stock edged up 0.1% on Wednesday, outpacing the market's 1.6% decline
- The gains were thanks to strong results from rival Novo Nordisk, a leader in diabetes and obesity drugs
- Novo Nordisk's sales rose 31% in 2022, fueled by hit drugs Ozempic and Wegovy
- Eli Lilly has similar diabetes and weight loss drugs awaiting approval and launch
- Competing against Novo Nordisk's established brands will be challenging for Eli Lilly