Eli Lilly shares rise 1.34% premarket as Novo Nordisk faces increased competition.

Eli Lilly And Company rose 1.34% in premarket trading. The company is facing growing competition from Novo Nordisk and copycat versions of its own Wegovy obesity drug. Novo Nordisk, a major competitor, has reported a significant increase in net profit for the second quarter, thanks to strong sales of its diabetes and obesity medications. However, Novo Nordisk's outlook is affected by intensifying competition from Eli Lilly in the US market. Despite these challenges, Novo Nordisk remains optimistic about its product portfolio and long-term prospects under new management.