Diabetes, weight loss drugs drive growth for Novo and Lilly despite shortages

Novo Nordisk (NVO) and Eli Lilly (LLY) stocks were both boosted by sales of their Type 2 diabetes and weight loss drugs in the third quarter, despite shortages of supply of the three popular products — Novo’s Type 2 diabetes drug Ozempic, its weight loss drug Wegovy, and Lilly’s Type 2 drug Mounjaro — the companies announced Thursday.

The three drugs have seen a spike in popularity this year due to the unprecedented total body weight loss they provide compared to older GLP-1s — drugs that mimic a hormone in the body that slows digestion and promotes insulin production.

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