Eli Lilly and Company (NYSE:LLY) and Novo Nordisk A/S (NYSE:NVO) were once viewed as the two big winners of the GLP-1 boom. However, the market's view of the two companies has changed sharply. Since mid-2024, Novo's stock has fallen roughly 74%, while Lilly's has gained about 35%. That difference is also reflected in their valuations, with Eli Lilly trading at about 24.4x forward earnings compared with just 11.8x for its Danish competitor. DON'T MISS: A Failed Cholesterol Drug Raises the Stakes for Amgen (AMGN) and Eli Lilly (LLY) Too The difference doesn't appear to be just about valuation, though.
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