ELI LILLY & Co vs Novartis AG, two Drug Manufacturers stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Eli Lilly earns 81% on equity, Novartis 30%, and for once the eye-popping number is mostly real: Lilly's 1.39 turns of leverage inflate it, but the 21.7% return on assets against Novartis' 12.6% confirms the operating superiority, GLP-1 economics at full sprint. The market has priced the sprint completely: 42.9 times earnings against 21.5, double the multiple, $1.08T against $301B of value. Novartis pays back more today, a 5.8% free-cash yield against 1.9%. Lilly's 35% net margin edges Novartis' 25.6%. The pair is the sector's cleanest growth-at-a-price test: the best income statement in large-cap pharma at double the price of the second-best.
Comparison updated 2026-07-10.
| Metric | LLY | NVS |
|---|---|---|
| Price | $1206.57 | $155.27 |
| Market cap | $1.08T | $301.1B |
| Sector | Drug Manufacturers | Drug Manufacturers |
| Stage | Mature | Mature |
| Implied growth (priced in) | +29.9% | +8.3% |
| P/E | 42.9 | 21.5 |
| P/B | 34.65 | 6.47 |
| P/S | 14.96 | 5.52 |
| EV/EBITDA | 2198.5 | 16.4 |
| Revenue growth | +47.4% | +6.4% |
| Gross margin | — | 78.8% |
| Operating margin | — | 32.4% |
| Net margin | 35.0% | 25.6% |
| Return on equity | 81.0% | 30.0% |
| Return on assets | 21.7% | 12.6% |
| Return on invested capital | — | 32.4% |
| FCF yield | 1.9% | 5.8% |
| Dividend yield | 0.5% | — |
| Debt / equity | 1.39 | 0.00 |
| Current ratio | 1.50 | 1.12 |
| Altman Z (solvency) | 7.16 | 3.86 |
| Piotroski F (quality) | 6 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.