Eli Lilly vs Novo Nordisk: What's the Better GLP-1 Stock to Buy?

Eli Lilly (LLY) has surged over 50% in the past year, yet one author argues Novo Nordisk (NVO) is the better GLP-1 buy on valuation grounds.

The growth gap is wide. LLY posted 39% revenue growth, powered by its GLP-1 drugs Zepbound and Mounjaro. NVO managed only 6% revenue growth and has lagged in the market.

The valuation gap is wider. LLY trades at roughly 45x earnings. NVO trades at about 10x earnings. The author favors NVO as the value play despite LLY's superior growth, pointing to valuation concerns and increased competition ahead for the leader.

NVO's upside case rests on its higher-dose Wegovy. If that product gains traction, the article says NVO could see significant upside from a depressed multiple.

Interpretation: the market is pricing LLY for sustained 39%-type growth, leaving little cushion if competition erodes it. NVO's 10x multiple suggests expectations are already low, so a modest Wegovy win could drive an outsized re-rating. That is the author's thesis, not a guarantee.