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Eli Lilly reports earnings Thursday. Here's what Wall Street is watching

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Eli Lilly And Co,Novo Nordisk A/S,Breaking News: Investing

Novo Nordisk saw price pressure for its GLP-1 drugs Ozempic and Wegovy. Investors want to know how Eli Lilly's Zepbound performed.

Investors want to know whether Eli Lilly is seeing the same pricing pressures on its blockbuster weight loss drug Zepbound that Novo Nordisk experienced with its competing drug Wegovy in the second quarter. Novo Nordisk shocked investors on Wednesday when its latest results fell short of Wall Street's expectations. Shares are reeling, down 8%, after the company lowered its forecast for 2024 operating profit growth.

Barclays analyst Emily Field told clients in a research note that she would be a buyer of Novo Nordisk shares on the weakness. "Was this the picture perfect quarter we'd hoped for? Not necessarily," she said. "But at the end of the day, obesity is going to be a volume driven market and the overwhelming message we got from the company this morning is that volume is on track.

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