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ELI Lilly vs Novo Nordisk A S: LLY and NVO compared
ELI Lilly is the larger company: $24.4B of revenue in its latest quarter (Q3 2026) against $79.2B for Novo Nordisk A S (Q3 2026). ELI Lilly is growing faster (+39% against +6% a year earlier). ELI Lilly is more profitable, with an operating margin of 34.5% against 29.1%.
Where the money goes: LLY and NVO
ELI Lilly (LLY) · Q3 2026
ELI Lilly, Q3 2026: revenue $24.4B (+39% year over year), operating margin 34.5%, net earnings $6.5B, operating cash flow $11.4B. The chart follows the revenue to costs, profit and cash.
Novo Nordisk A S (NVO) · Q3 2026
Novo Nordisk A S, Q3 2026: revenue $79.2B (+6% year over year), operating margin 29.1%, net earnings $16.7B, operating cash flow $41.7B. The chart follows the revenue to costs, profit and cash.
| ELI Lilly (LLY) | Novo Nordisk A S (NVO) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $24.4B | $79.2B |
| Revenue growth, Y/Y | +39% | +6% |
| Gross margin | — | 77.0% |
| Operating margin | 34.5% | 29.1% |
| Net earnings | $6.5B | $16.7B |
| Net margin | 26.4% | 21.1% |
| Operating cash flow | $11.4B | $41.7B |
| Free cash flow | $8.2B | $28.5B |
| Market value | $1.22T | $186.0B |
| P/E | 44.3× | 1.8× |
| Analysts’ mean target | $1453.40 | $45.56 |
Where the revenue comes from
ELI Lilly
- Net product revenue: $22.7B (93%)
- Other oncology: $1.1B (4%)
- Other immunology: $579M (2%)
Novo Nordisk A S
- Ozempic ®: $29.7B (38%)
- Wegovy ® injectable: $20.4B (26%)
- Insulin: $12.3B (15%)
- Ozempic ® pill / Rybelsus ®: $4.9B (6%)
Questions
Which is bigger, ELI Lilly or Novo Nordisk A S?
ELI Lilly is the larger company: $24.4B of revenue in its latest quarter (Q3 2026) against $79.2B for Novo Nordisk A S (Q3 2026).
Is ELI Lilly or Novo Nordisk A S growing faster?
ELI Lilly is growing faster (+39% against +6% a year earlier).
Which is more profitable, ELI Lilly or Novo Nordisk A S?
ELI Lilly is more profitable, with an operating margin of 34.5% against 29.1%.
More: ELI Lilly earnings · how ELI Lilly makes money · Novo Nordisk A S earnings · how Novo Nordisk A S makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 6-K filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.