New York, Jan 23, 2026, 11:35 ET — Regular session
- Eli Lilly shares dropped nearly 1% as investors digested robust early prescription numbers for Novo Nordisk’s new Wegovy pill.
- Traders are bracing for Lilly’s Feb. 4 quarterly earnings and updates on demand for its obesity and diabetes treatments.
- The U.S. FDA is set to make a decision on Lilly’s experimental oral obesity drug, orforglipron, by April.
Eli Lilly shares dropped Friday, rattled by investor concerns after rival Novo Nordisk’s Wegovy pill recorded over 18,000 U.S. prescriptions in its first full week on shelves. (Reuters)
This read-through is crucial: weight-loss drugs now account for a rising chunk of big pharma’s market value, and the fight is shifting to pills. Prescription data acts almost like a real-time scoreboard, as companies race past injections toward simpler, needle-free treatments. (Reuters)
The move comes just two weeks ahead of Lilly’s earnings report, a key moment when any clues on demand, supply, or pricing could quickly shift sentiment. Lilly confirmed it will announce fourth-quarter 2025 results on Feb. 4, followed by a conference call that morning. (Barchart)
Lilly slipped 1.1% to $1,075.78, having earlier hit a session peak of $1,094.57 and a low of $1,064.13.
According to IQVIA data cited by analysts, Novo’s pill saw 18,410 prescriptions in the week ending Jan. 16. Barclays analyst James Gordon described the early launch figures as “very strong,” but pointed out that the obesity market is now more developed compared to earlier GLP-1 introductions. (Reuters)
GLP-1 drugs, which stand for glucagon-like peptide-1, replicate gut hormones to suppress appetite and reduce blood sugar. They’ve transformed obesity treatment in the U.S. But investors remain uncertain about how much market share pills might capture from injections in the long run. (Reuters)
Lilly is zeroing in on its experimental pill, orforglipron, with an FDA decision due by April. Jefferies analyst Akash Tewari called Novo’s early pill launch “directionally encouraging” for Lilly’s oral program. (Reuters)
Lilly’s February 4 report is expected to shed light on its obesity and diabetes businesses, focusing on access, supply issues, and how quickly new patients are starting treatment. Investors will also be alert for any comments from management about shifting demand, especially with cash-pay options gaining ground in obesity care. (Reuters)
Another detail from the filings: several Lilly directors have recently reported stock units credited under the company’s director deferral plan. This plan swaps deferred cash pay for equity units instead of buying shares on the open market. (Streetinsider)
However, the immediate risk for the stock points downward. Should weekly prescription data indicate Novo’s pill is merely pulling demand forward, or if payers tighten coverage further, forecasts for Lilly’s growth could be swiftly revised lower.
Coming next: Lilly’s February 4 earnings report and conference call at 10 a.m. Eastern. The FDA’s verdict on orforglipron, expected by April, marks the next major checkpoint in the obesity drug race. (Barchart)
