Lilly’s oral GLP-1 Foundayo missed analysts’ expectations in Q2, but the company kept widening its injected tirzepatide lead with strong Mounjaro and Zepbound revenue growth. Novo reported quarterly results showing Wegovy pill sales also lagged consensus, intensifying the pricing- and launch-execution battle over next-gen incretins. Leerink highlighted that Foundayo’s sales were “disappointed” on the headline number, while noting stronger signals in the UAE. For Lilly, the key underwriting remains whether incremental uptake outside the U.S. can offset the faster initial pace of Novo’s earlier oral launch. The updates reinforce that investors are recalibrating the competitive balance from “who gets first approval” to “who captures durable starts and persistence across geographies.”