Eli Lilly and Novo Nordisk reported Q2 results. LLY beat expectations and the stock went up, while NVO dropped. LLY seems to be taking the lead in the weight-loss drug space. Their drug Zepbound targets two gut hormones instead of one, which led to a 20.2% average weight loss in a study compared to Wegovy's 13.7%. Zepbound's Q2 revenue hit $4.9 billion, up 46% year over year. Wegovy did about $3 billion, up 1%. LLY also has a broader drug pipeline outside of weight loss, including new treatments for Alzheimer's and cancer. NVO is trading at a lower forward P/E of 13.8x compared to LLY's 32.7x, but LLY is growing revenue and earnings a lot faster right now.