Eli Lilly vs Novo Nordisk Q3 2026 is the defining comparison in obesity and diabetes medicine this earnings season. Eli Lilly and Company (NYSE: LLY) reported third-quarter 2026 revenue of $24.4 billion, up 39%, while Novo Nordisk adjusted sales rose 4% at constant exchange rates (CER) to DKK 79,195 million. Both companies raised their full-year outlook. Lilly reported on October 29, 2026, and Novo Nordisk followed on November 4, 2026.
The two reports are not built on the same foundations. Lilly reports in U.S. dollars under U.S. GAAP and non-GAAP measures, while Novo Nordisk reports in Danish kroner under IFRS and uses “adjusted” measures that exclude certain exceptional items. This Eli Lilly vs Novo Nordisk comparison therefore uses each company’s own published figures, with no currency conversion and no estimates. Anything a release does not disclose is labeled “Not disclosed.”
The headline story in Eli Lilly vs Novo Nordisk is momentum versus rebuilding. Lilly’s growth came mainly from Mounjaro and Zepbound, while Novo Nordisk leaned on the Wegovy pill and international obesity volumes to offset weaker U.S. diabetes sales and falling prices.
Eli Lilly vs Novo Nordisk: Q3 2026 Revenue, Margin and Earnings Compared
Lilly’s worldwide revenue reached $24,397 million, against $17,601 million a year earlier. The company said volume rose 53% while realized prices fell 15%. U.S. revenue grew 34% to $15.1 billion and revenue outside the U.S. grew 47% to $9.3 billion. Lilly noted that the quarter included roughly $900 million of benefits, mainly $410 million of Jardiance milestones, with no further milestones remaining.
Novo Nordisk’s net sales were DKK 79,195 million, up 6% in kroner and 4% at CER, according to its financial report. U.S. Operations grew 1% at CER to DKK 41,880 million, and International Operations grew 8% to DKK 37,315 million. Adjusted operating profit climbed 27% at CER to DKK 31,720 million, helped by an easy comparison with about DKK 9 billion of transformation costs in Q3 2025. Reported operating profit fell 9% at CER to DKK 23,011 million after DKK 8.7 billion of non-cash impairments tied to ziltivekimab (DKK 4.6 billion) and its manufacturing network (DKK 4.1 billion).
On profitability, Lilly’s gross margin was 83.9% on a reported basis and 84.4% non-GAAP. Reported earnings per share were $7.22 and non-GAAP EPS was $7.48, both absorbing $4.57 of acquired IPR&D charges versus $0.71 a year ago. Novo Nordisk’s adjusted gross margin was 82.1% against 76.1% in Q3 2025, while diluted EPS fell 16% to DKK 3.79 and adjusted EPS fell 12% to DKK 5.79. In the Eli Lilly vs Novo Nordisk scorecard, Lilly leads on growth and reported margin, while Novo Nordisk shows the larger year-over-year margin recovery.
Eli Lilly vs Novo Nordisk, Q3 2026 Financial Comparison
| Metric (Q3 2026) | Eli Lilly (USD) | Novo Nordisk (DKK) |
|---|---|---|
| Revenue / net sales | $24,397 million (+39%) | DKK 79,195 million (+6% DKK, +4% CER) |
| Reported net income / net profit | $6,451 million (+16%) | DKK 16,740 million (-16%) |
| Non-GAAP / adjusted net income | $6,679 million (+6%) | DKK 25,602 million (-12%) |
| Reported gross margin | 83.9% | 77.0% |
| Non-GAAP / adjusted gross margin | 84.4% | 82.1% |
| Diluted EPS, reported | $7.22 | DKK 3.79 |
| EPS, non-GAAP / adjusted | $7.48 | DKK 5.79 |
| R&D expense | $4,247 million (17% of revenue) | DKK 19,903 million (25.1% of sales) |
| Effective tax rate, reported | 23.3% | 21.9% |
Eli Lilly vs Novo Nordisk: Mounjaro, Zepbound, Wegovy and Ozempic Franchise Sales
Mounjaro generated $10,723 million in worldwide Q3 revenue, up 65%. U.S. Mounjaro revenue was $5.0 billion (+41%), while revenue outside the U.S. rose 93% to $5.7 billion, even as its addition to China’s National Reimbursement Drug List lowered realized prices. Zepbound revenue was $5,352 million, up 49%. Year to date, Mounjaro has delivered $29,328 million, an 89% increase.
Novo Nordisk’s obesity sales grew 22% at CER to DKK 26,146 million. Wegovy injectable sales were DKK 20,407 million (down 2% at CER), while the Wegovy pill added DKK 5,394 million, of which DKK 4,178 million came from the U.S. Ozempic sales were DKK 29,706 million (down 5%) and the Ozempic pill and Rybelsus line delivered DKK 4,938 million (down 10%). Total diabetes sales fell 5% at CER to DKK 47,545 million.
Oral GLP-1 competition is now visible in both reports. Lilly’s Foundayo (orforglipron) posted $184 million in Q3 and $281 million year to date. Novo Nordisk said total Wegovy pill prescriptions reached about 3.6 million in Q3, with more than 8 million since the January 5 U.S. launch, and it estimates a new-to-brand share near 80%. Foundayo prescription data are Not disclosed in Lilly’s release. The Eli Lilly vs Novo Nordisk contest in oral obesity treatment is therefore only partly measurable from the two documents.
Beyond metabolic drugs, Lilly said Key Products in immunology, oncology and neuroscience grew 100%. Kisunla earned $193 million, Ebglyss $202 million, Jaypirca $228 million, Omvoh $114 million and Inluriyo $73 million. Novo Nordisk’s blood and endocrine disorders sales rose 15% at CER to DKK 5,504 million, led by Sogroya and Norditropin. For wider context, see our guide to GLP-1 obesity drugs.
Eli Lilly Product Revenue, Q3 2026
| Product (Q3 2026) | Eli Lilly revenue (USD) | Growth vs Q3 2025 |
|---|---|---|
| Mounjaro | $10,723 million | +65% |
| Zepbound | $5,352 million | +49% |
| Jaypirca | $228 million | +59% |
| Ebglyss | $202 million | +59% |
| Kisunla | $193 million | +175% |
| Foundayo | $184 million | Not applicable (launch) |
| Omvoh | $114 million | +76% |
| Inluriyo | $73 million | Not applicable (launch) |
Novo Nordisk Product and Segment Sales, Q3 2026
| Product (Q3 2026) | Novo Nordisk sales (DKK) | Growth at CER |
|---|---|---|
| Ozempic | 29,706 million | -5% |
| Wegovy injectable | 20,407 million | -2% |
| Wegovy pill | 5,394 million | Not applicable (launch) |
| Ozempic pill / Rybelsus | 4,938 million | -10% |
| Total obesity | 26,146 million | +22% |
| Total diabetes | 47,545 million | -5% |
| Blood and endocrine disorders | 5,504 million | +15% |
Eli Lilly vs Novo Nordisk: 2026 Guidance Raised on Different Baselines
Lilly lifted the midpoint of its 2026 revenue guidance by $5.5 billion to a range of $91.0 to $92.0 billion, from $85 to $87 billion. Performance margin guidance moved to 52.0% to 52.5%. EPS guidance is $35.00 to $36.00, because a $4.07 underlying increase was more than offset by $4.57 of Q3 acquired IPR&D charges. These are forward-looking statements and exclude IPR&D incurred after September 30, 2026.
Novo Nordisk now expects adjusted sales growth and adjusted operating profit growth of -2% to +2% at CER, up from -6% to 0% in August. Free cash flow is expected at DKK 60 to 70 billion, and capital expenditure at around DKK 50 billion. The company still expects U.S. sales to decline, citing lower realized prices, the Most Favoured Nations agreement and Medicaid coverage changes, while international sales grow despite semaglutide patent expiry in some markets.
Pricing is a key difference in the Eli Lilly vs Novo Nordisk outlook. From January 1, 2027, Novo Nordisk will cut U.S. list prices for Wegovy and Ozempic to USD 675, reductions of roughly 50% and 35%, and expects a 2027 cash-flow impact. Lilly’s release reports a 7% U.S. realized price decline in Q3 but gives no 2027 pricing plan, which is Not disclosed. Investors can verify filings through Lilly’s SEC EDGAR page and Novo Nordisk’s SEC EDGAR page.
2026 Full-Year Guidance (Forward-Looking)
| Guidance item (FY 2026, forward-looking) | Eli Lilly | Novo Nordisk |
|---|---|---|
| Revenue / sales | $91.0 to $92.0 billion (prior $85 to $87 billion) | Adjusted growth -2% to +2% at CER (prior -6% to 0%) |
| Profit measure | Performance margin 52.0% to 52.5% | Adjusted operating profit growth -2% to +2% at CER |
| Earnings per share | $35.00 to $36.00 (prior $35.50 to $36.50) | Not disclosed |
| Tax rate | 19% to 20% | 21% to 23% |
| Free cash flow | Not disclosed | DKK 60 to 70 billion (prior DKK 45 to 55 billion) |
| Capital expenditure | Not disclosed | Around DKK 50 billion (prior around DKK 55 billion) |
Eli Lilly vs Novo Nordisk: Pipeline, Regulatory Wins and Leadership Changes
On the pipeline side of Eli Lilly vs Novo Nordisk, Lilly’s regulatory run included FDA approvals of Mounjaro to reduce cardiovascular risk in adults with type 2 diabetes, Onswik once-weekly basal insulin, and Inluriyo with Verzenio for ESR1-mutated breast cancer. Jaypirca received an expanded indication in untreated CLL or SLL. Clinically, Lilly reported positive topline Phase 3 results for retatrutide versus Ozempic 2 mg, and EloraTZP will enter Phase 3 in Q4 2026. Approval records are searchable on Drugs@FDA.
Novo Nordisk reported 21% weight loss at week 68 for CagriSema in REDEFINE 9. In REIMAGINE 5, CagriSema produced 12.4% weight loss versus 9.1% for tirzepatide 5 mg at week 60. The company is preparing a U.S. CagriSema launch in early 2027, subject to approval, and expects an FDA decision on Ozempic pill 25 mg in Q4 2026. Ziltivekimab’s ZEUS and HERMES trials missed their primary endpoint.
Leadership and deal activity also diverged. Lilly completed its AtaiBeckley acquisition, closed Merida Biosciences after quarter-end, and named Ilya Yuffa president of Lilly Global Markets as Patrik Jonsson retires. Novo Nordisk said CFO Karsten Munk Knudsen will leave at the end of December 2026, with Luigi La Corte joining as his successor.
For readers tracking Eli Lilly vs Novo Nordisk, the next checkpoint is Novo Nordisk’s full-year statement on February 3, 2027. Lilly’s next reporting date is Not disclosed in its release. This analysis relies only on the two company documents and is not investment advice.
Pipeline, Regulatory and Leadership Snapshot
| Pipeline or regulatory item | Eli Lilly | Novo Nordisk |
|---|---|---|
| Lead obesity candidate | Retatrutide: positive Phase 3 topline vs Ozempic 2 mg | CagriSema: 21% weight loss at week 68 (REDEFINE 9) |
| Head-to-head data | Retatrutide vs Ozempic 2 mg (type 2 diabetes) | CagriSema 12.4% vs tirzepatide 5 mg 9.1% (REIMAGINE 5) |
| Oral obesity drug | Foundayo (orforglipron) launched globally | Wegovy pill launched in eight markets |
| Next regulatory event | Not disclosed | Ozempic pill 25 mg US decision (Q4 2026); CagriSema US decision (2027) |
| Setback | Not disclosed | Ziltivekimab Phase 3 missed primary endpoint |
| CFO / executive change | Ilya Yuffa named president, Lilly Global Markets | Luigi La Corte to succeed CFO Karsten Munk Knudsen |
