(https://www.cnbc.com/2026/07/21/novo-nordisk-sues-eli-lilly-glp-1-ads.html) over "deceptive" GLP-1 advertising is the distraction the pharma market needed today. But here's what actually matters: GLP-1 adoption is accelerating *into* a commoditized price environment, not *out* of it. Lilly's net margin sits at 37.4%, while Novo's stands at 33.1%—both healthier than the post-launch commoditization narrative suggests.

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