Eli Lilly is better at executing now than Novo Nordisk, says BMO's Evan Seigerman

Competitive Landscape & Company Performance - Eli Lilly is outperforming Novo Nordisk due to superior execution and internal issues at Novo [2][3][5] - The market anticipates Alzheimer's data, but Lilly consistently beats expectations while Novo misses and cuts guidance [2] - Novo Nordisk's failed acquisition bid for Met Sarah indicates potential loss of momentum [3] - The analyst questions whether Novo Nordisk can recover to become an equal player in the GLP-1 duopoly [3] Valuation & Investment Strategies - The valuation gap between Eli Lilly and Novo Nordisk may be justified, but Novo Nordisk could become a value trap [4][5] - For value investing in healthcare, the analyst suggests considering Pfizer or Merck instead of Eli Lilly [4][5] - The analyst is not comfortable with Novo's trajectory and believes Lilly will continue to outperform in the coming years [5] Alternative Investment Opportunities - The analyst's top picks outside of GLP-1s include Disc Medicine (rare hematology play) and Gilead Sciences [6] - Gilead Sciences is a leader in HIV treatment and has a promising long-acting PrEP business and cell therapy [7]