Eli Lilly reported stronger-than-expected results and a bullish 2026 outlook, while Novo Nordisk warned of a 5–13% sales decline next year amid pricing concessions from U.S. deals and rising competition. The divergence crystallizes a high-stakes battle for market share in GLP‑1 obesity and diabetes therapies. Novo highlighted a rapid launch for oral Wegovy but acknowledged price limitations from policy agreements; Lilly defended growth driven by tirzepatide franchises. Market reaction was immediate: Novo shares slid on the profit warning while Lilly shares climbed on robust guidance. The juxtaposition underscores how pricing pacts, oral formulations and expanded indications are reshaping competitive strategy and investor expectations across the blockbuster obesity-drug category.