Rachel Warren

So systematic challenges in the industry at large.

Chipotle, I think, is dealing with more broader industry headwinds than company-specific issues, but I would not expect this to resolve in the next few quarters.

Yeah, this is really a tale of two very different businesses.

You think about Novo Nordisk, they had a much slower growing insulin business before they enjoyed the boom from their GLP-1 success.

Eli Lilly had a much more established, broader, diverse range of products that they were selling and a much more profitable foundation from which to launch into that growth.

We are seeing a real disparity in how these two companies are performing.

Novo Nordisk, they're targeting anywhere from a 5% to 13% decline in sales and profits for 2026.

They've said that the most favored nation pricing deal they reached with the Trump administration has been impactful here.

But there's a lot of factors here as well.

You've got key patents for semaglutide.

That's the active ingredient in Ozempic and Wegovy.

Those are expiring in major international markets soon, including China, Canada, and Brazil.

There's, of course, the loss of market share to key rivals like Eli Lilly, but also some of the cheaper copycat, if you will, compounded versions of its drugs.

The CEO is saying this is going to be a very challenging year.

So all of that does not bode particularly well for the company.

Now, contrast that.

You've got Eli Lilly.

They had record results.

They're looking for their full year revenue to rise as much as 25% in 2026.

Meanwhile, even as Novo Nordisk, they launched their oral semaglutide.