Forecast-topping Lilly leaves Novo Nordisk in the shade

4 February 2026

US pharma major Eli Lilly (NYSE: LLY) was trading 9% higher in Wednesday’s early trading after announcing its financial results for the fourth-quarter of 2025 and providing 2026 financial guidance.

The contrast with Lilly’s long-term obesity and diabetes rival Novo Nordisk (NOV: N) could not be more stark, with the Danish firm trading 16% lower late on the same day, after presenting its own financial results.

For the last three months of 2025, Lilly reported adjusted earnings per share (EPS) of $7.54, compared to the $6.91 analysts polled by FactSet were expecting, and 42% up on the same period of 2024.

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