Eli Lilly and Novo Stock Sold Off. Don’t Blame Their Diet Drugs.

Stock in

Eli Lilly


Novo Nordisk

outperformed last year, largely because of remarkable demand for new drugs that drive weight loss in patients afflicted with diabetes and obesity.

Both stocks were lower this week, after the companies reported December quarter results. Lilly (ticker: LLY) was off 4% through Thursday, to $330.70, on investor disappointment that the quarter’s sales were affected by reduced need for the company’s Covid antibody treatments. Novo (


) slid 6% to a Thursday close of $132.34.