A research disappointment and a miss on Wegovy pill sales hurt Novo, while Lilly’s injectable franchise once again surpassed analyst expectations.

The two pharmaceutical giants are locked in a fierce battle for dominance in the burgeoning obesity drug market

Novo Nordisk and Eli Lilly are reporting Q2 earnings this week, as Novo's Wegovy pill outsells Lilly's Foundayo and a dealmaking divide develops between the obesity rivals.