New York, Jan 26, 2026, 11:29 EST — Regular session.
- Shares of Eli Lilly slipped in late morning trading, following last week’s decline
- Attention remains fixed on upcoming quarterly earnings and the latest insight into weight-loss demand
- Competition with Novo Nordisk continues to weigh on pricing and complicate launch efforts
Eli Lilly shares slipped $1.42, roughly 0.1%, to $1,062.87 in late morning trading Monday, after fluctuating between $1,043.88 and $1,067.71.
The modest shift hides a larger picture unfolding toward February: investors are focused on how quickly Lilly can boost its obesity and diabetes business as the market increasingly favors easier-to-use treatments, like pills.
The focus on Lilly isn’t so much the recently closed quarter but what lies ahead — supply issues, pricing strategies, and how fast new products can expand beyond just injection-only patients.
Early U.S. sales of Novo Nordisk’s oral Wegovy have grabbed analysts’ attention, with weekly prescription data closely monitored. Barclays’ James Gordon described the initial launch numbers as “very strong.” Jefferies’ Akash Tewari found the early trends “directionally encouraging” for Lilly’s experimental pill, orforglipron, which awaits an FDA decision expected by April. 1
Lilly announced it will release its fourth-quarter 2025 earnings on Feb. 4, followed by a conference call at 10 a.m. Eastern. This date now anchors the stock’s immediate outlook. 2
Beyond weight loss, the company last week announced a regulatory boost in oncology, revealing the FDA granted Breakthrough Therapy designation to its ovarian cancer drug candidate, sofetabart mipitecan. “We are pleased the FDA has granted Breakthrough Therapy designation,” said Jacob Van Naarden, president of Lilly Oncology. NYU’s Bhavana Pothuri called the designation and early data “encouraging.” 3
Lilly is pushing speed—not only in manufacturing but in drug discovery. This month, Nvidia and Lilly announced a $1 billion investment over five years to launch a joint research lab in the San Francisco Bay Area. The goal: harness advanced AI computing to fast-track drug development. 4
Still, investors see warning signs. Pricing pressure is mounting as insurers and employers resist hikes. Legal battles over compounded copies also pose ongoing risks: a Texas compounding pharmacy sued Lilly and Novo this month, accusing them of using market dominance to block cheaper alternatives. Both companies denied the allegations, with Lilly calling the lawsuit “wrong.” 5
Within the wider GLP-1 space, Novo’s U.S.-listed shares climbed roughly 1.8% Monday, showing that competition can swing both ways—even on quieter days for Lilly.
Traders are eyeing Feb. 4 closely, when Lilly’s earnings and outlook will likely reshape forecasts for Zepbound and Mounjaro growth — and clarify how much of 2026 is already baked into the stock price.
