Eli Lilly (NYSE: LLY) began a roll in late 2020 that lasted almost four years. During that time, it became the world's largest healthcare company, with a market cap that topped $860 billion at one point.

Shares of Eli Lilly were already in an intermediate-term decline before the announcement. The stock has dropped 25% from its 2024 highs as investors have been unimpressed with Eli Lilly’s drug pipeline and management.

A high dose of Novo Nordisk’s obesity drug Wegovy led patients to lose substantial weight in a clinical trial, but still less than what’s been seen with Zepbound.

Wegovy, the weight-loss brand of semaglutide, has a recommended maintenance dose of 2.4 mg. Novo ran the Phase III STEP UP trial to evaluate the effect of increasing the maximum dose to 7.2 mg. The trial randomized 1,407 adults with obesity, but not diabetes, to receive either 7.2 mg or 2.4 mg of semaglutide or placebo.

In the ongoing quest to expand semaglutide’s clinical pedigree and cement the GLP-1's market position, Novo Nordisk is rolling out new data on a higher-dose injection in obesity. | In the phase 3b STEP UP study,