1. Novo Nordisk's Q2 earnings fell short of expectations with a cautious growth outlook, but the market reaction was overly pessimistic; 2. Wegovy, its blockbuster weight-loss drug, continues to drive strong revenue despite competition and counterfeit products; 3. Eli Lilly's underwhelming weight-loss drug results and Novo's CEO transition improve sentiment, while its 12.2X forward P/E valuation presents a contrarian opportunity amid rising obesity trends.