Eli Lilly reported Q2 results that beat expectations, with tirzepatide-related revenue accounting for 64% of total sales and helping lift the company’s full-year outlook. Analysts pointed to continued momentum for Mounjaro and Zepbound, while Novo Nordisk’s GLP-1 franchise faced pressure as its oral obesity launch lagged. The numbers reinforce that incremental differentiation in administration route, dosing cadence, and launch execution is driving near-term market share shifts—especially as both companies prepare next-wave product variations.