How Does LLY’s Q2 GLP-1 Portfolio Performance Stack Up Against NVO’s?
Ahan Chakraborty
Wed, August 19, 2026 at 9:16 p.m. GMT+5:30
4 min read
Eli Lilly LLY remains a dominant player in the GLP-1 market, led by Mounjaro for type II diabetes (T2D) and Zepbound for obesity. The two tirzepatide-based therapies continued to drive Lilly’s top-line performance in the second quarter of 2026. Mounjaro generated $9.94 billion in worldwide revenues, up 91% year over year, while Zepbound sales increased 46% to $4.93 billion. Together, the two drugs accounted for nearly 65% of Lilly’s second-quarter revenues and remain the company’s biggest growth engines.
The strength of the franchise was primarily volume-driven. Mounjaro was particularly strong outside the United States, where revenues jumped 172% to $5.2 billion, largely reflecting higher volume. U.S. Mounjaro revenues rose 45% to $4.8 billion, despite lower realized prices. U.S. Zepbound revenues also increased 44% to $4.9 billion, driven by strong demand despite lower realized prices. Lilly expects Mounjaro and Zepbound to remain key growth drivers in the second half, with continued volume growth and market expansion likely to support sales despite increasing pricing pressure.
Novo Nordisk NVO remains Lilly’s primary competitor in the GLP-1 market, with Ozempic serving T2D patients and Wegovy targeting obesity. However, NVO’s core injectable franchise showed little growth in the second quarter. Ozempic generated $4.88 billion (DKK 31.4 billion) in sales, essentially flat at constant exchange rates (CER), while Wegovy injectable sales of $3.03 billion (DKK 19.5 billion) were also flat at CER. This contrasts with Lilly’s stronger momentum across its competing injectable therapies.
The second-quarter results suggest that Lilly has gained a considerable edge in the GLP-1 battle, supported by stronger demand and expanding market share across both the diabetes and obesity markets
LLY’s Oral GLP-1 Push Could Challenge NVO’s Early Lead
Novo Nordisk had a first-mover advantage in oral obesity treatment, with Wegovy pill gaining traction since its January 2026 launch. However, Lilly should be able to close the gap with Foundayo. Though Foundayo generated only $98 million in sales in the second quarter, its launch is gaining momentum as access broadens. All three major U.S. PBMs now cover Lilly’s obesity portfolio, while the Medicare GLP-1 Bridge program began providing eligible patients access to Foundayo and Zepbound in July. These developments should support prescription growth and improve Foundayo’s sales in the second half.
Lilly could also narrow or even overtake Novo Nordisk’s oral lead if Foundayo’s rollout follows Zepbound’s trajectory. Zepbound gained a significant market share despite launching considerably later than Wegovy, and Lilly now has the opportunity to replicate that playbook in the oral market. Foundayo also offers a dosing advantage because it can be taken at any time of day without food or water restrictions, potentially making it more convenient than oral Wegovy. With regulatory review underway in more than 40 additional countries and Lilly pursuing a T2D indication, Foundayo has multiple avenues to broaden its reach and challenge oral Wegovy’s first-mover advantage.
