Lilly climbs after rival Novo hikes 2026 outlook
LLY•Eli Lilly shares rose 2% after rival Novo raised its full-year adjusted sales and operating profit outlook to between 2% growth and a 2% decline, from flat to a 6% fall.
1. Novo raises outlook
Novo raised its full-year adjusted sales and operating profit forecast to between 2% growth and a 2% decline at constant exchange rates, from flat to a 6% decline, after beating third-quarter expectations. The company said improved performance was driven by higher volumes, particularly for obesity drug Wegovy.
2. Lilly shares climb
Eli Lilly shares rose 2% to $1,437.28. Citi analyst Geoffrey Meacham said strong Wegovy demand reinforced the view that category volumes can outpace pricing pressure as access broadens. He said continued pressure across Novo's U.S. injectable diabetes and obesity drugs reinforced strength in Lilly's tirzepatide, the active ingredient in Zepbound.
