Eli Lilly and Novo Nordisk are aggressively cutting prices on their weight loss drugs to defend market share. Lilly dropped Zepbound costs to as low as $299 for starter doses on their direct platform. Novo is countering by lowering Wegovy and Ozempic to $350 per month to deal with tariff pressure and secure government contracts. The strategy is to make up for lower margins with higher volume, but it creates questions about future profitability. Competitors are also moving fast. Viking Therapeutics has late-stage studies running, and Amgen is developing a drug that could be dosed monthly instead of weekly. Lilly is trading at a high multiple compared to the industry, but earnings estimates for the next two years are trending up.