(https://www.cnbc.com/2026/07/21/novo-nordisk-sues-eli-lilly-glp-1-ads.html) over "deceptive" ads is noise. Both companies are shipping billions in GLP-1 revenue, and litigation rarely shifts market share in pharma once adoption curves are set. What actually matters: the divergence in capital efficiency as both scale manufacturing. The data shows LLY with 37.4% net margins and NVO at , while UNH lags at —a structural gap, not temporary.

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