Eli Lilly (**LLY**) posted strong Q2 numbers driven by their GLP-1 weight-loss drugs. Average realized prices dropped 13% year-over-year since they lowered prices for patients paying out of pocket. However, sales volume jumped 60%. Total revenue grew 48% to $23B and EPS hit $8.38. Management noted that the volume growth is more than making up for the price cuts. Competition is coming from Novo Nordisk (**NVO**), but LLY's Zepbound recently beat Novo's upcoming drug in a head-to-head study. They also have new oral options bringing in first-time users, so they seem well positioned to keep their lead.