Eli Lilly is giving Novo Nordisk a run for its money—so why is LLY stock still down today?

Lilly’s weight-loss medications Mounjaro and Zepbound are gaining market share on Novo’s Wegovy and Ozempic, but investors remain unconvinced.

It’s been a week of wins for Eli Lilly’s weight-loss drugs. The company’s second-quarter earnings report on Thursday disclosed that sales of Mounjaro, its type 2 diabetes medication often used for weight loss, reached nearly $5.2 billion in revenue, up 68% from the same quarter last year and exceeding analyst estimates of $4.7 billion.