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Novo Nordisk Just Blinked On Price — Is Eli Lilly Gaining The Edge?

It has been a bruising few weeks for Novo Nordisk. First came the clinical disappointment: CagriSema, the company’s highly anticipated next-generation obesity drug, failed to beat Eli Lilly’s tirzepatide in a head-to-head trial. Then came the pricing reset: Novo announced it would slash U.S. list prices for Ozempic by 34% and Wegovy by 50%, bringing both to $675 per month starting in 2027. The stock, already down sharply over the past year, slid further. Taken together, these moves signal mounting competitive and margin pressure. They also deepen the market’s growing divergence between Novo and Eli Lilly. Lilly’s drugs are outperforming in trials and commanding pricing strength. Novo, by contrast, is leaning into price and volume to defend share. That shift forces investors to reassess three things at once: the credibility of Novo’s pipeline, the durability of its pricing power, and the strategic options left in the obesity arms race.