Pharma

Eli Lilly vs Novo Nordisk

By Yoram Wijngaarde and Dealroom API September 12, 2026

Eli Lilly and Novo Nordisk make the leading medicines for diabetes and obesity. In 2025 Lilly’s revenue rose 45% to $65.2B; Novo’s rose 6% in Danish kroner to DKK 309.1B, or $46.8B. Their acquisitions show different priorities: Novo’s focus is metabolic disease, while Lilly buys across cancer, immunology and neuroscience as well.