Novo Nordisk posted net sales growth of 32% year-over-year in constant exchange rates to DKK 96.82 billion, equivalent to approximately $13.8 billion, though the headline figure was inflated by a $4.2 billion non-recurring provision reversal. Adjusted operating profit at Novo Nordisk declined 6% at constant exchange rates to DKK 32.86 billion, underscoring margin headwinds that contrast sharply with Lilly’s expanding profitability. Institutional positioning data from Insider Monkey shows that hedge fund conviction is diverging sharply, with 132 funds holding Eli Lilly shares in Q1 2026 compared to just 55 funds holding Novo Nordisk positions.