Gilead Sciences (NASDAQ:GILD) announced an additional $11B in capital and operational investments in the U.S. on Wednesday. The $11B investment adds onto an already planned spend of $21B in U.S.

Investors are betting that Lilly will maintain its momentum. Its share price has climbed by a third since the start of 2024; Novo’s has fallen by as much (see chart 2). Lilly’s edge rests on a more ...