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Cracker Barrel Old Country Store on Monday issued a statement responding to the backlash it faced last week over its rebranding and new logo.
Users on social media were quick to criticize the new logo, describing it as “generic,” “soulless” and “bland.”
“We could’ve done a better job sharing who we are and who we’ll always be,” the restaurant chain said.

The new Cracker Barrel logo is seen on a menu inside the restaurant on Aug. 21, 2025 in Pembroke Pines, Florida.
Joe Raedle | Getty Images

Cracker Barrel Old Country Store on Monday issued a statement responding to the widespread backlash it faced last week over its rebranding and new logo.
“If the last few days have shown us anything, it’s how deeply people care about Cracker Barrel. We’re truly grateful for your heartfelt voices,” the company wrote. “You’ve also shown us that we could’ve done a better job sharing who we are and who we’ll always be.”

The new logo removes the image of the restaurant’s “Uncle Herschel” character leaning against a barrel that was prominently featured in the original, leaving behind just the words “Cracker Barrel” against the outline of a yellow barrel. The phrase “old country store” has also been removed.
The colors, which the company said were inspired by the restaurant’s eggs and biscuits, stayed close to the original.

Cracker Barrel’s old and new logo.
Courtesy: Cracker Barrel

Users on social media were quick to criticize the new logo, describing it as “generic,” “soulless” and “bland.”
Some conservatives also slammed the new logo, saying it took away the classic, American feel that has been so central to Cracker Barrel over the years.
Shares of Cracker Barrel fell 7% on Thursday as criticism mounted.

Cracker Barrel said Monday that while the rebranding has been making headlines, its focus remains “in the kitchen and on your plate.”
In the statement, Cracker Barrel said that Uncle Herschel will still be featured on the menu, as well as on road signs and in the country store.
“He’s not going anywhere — he’s family,” the statement read.
The company also addressed criticism about décor changes that have been put in place at some Cracker Barrel locations throughout the country, saying that its stores will still feature “rocking chairs on the porch, a warm fire in the hearth, peg games on the table, unique treasures in our gift shop, and vintage Americana with antiques pulled straight from our warehouse in Lebanon, Tennessee.”
The restaurant chain reiterated to customers that its values haven’t changed.
“We know we won’t always get everything right the first time, but we’ll keep testing, learning, and listening to our guests and employees,” the restaurant said. “At the end of the day, our promise is simple: you’ll always find comfort, community, and country hospitality here at Cracker Barrel. Uncle Herschel wouldn’t have wanted it any other way.” More

Keurig Dr Pepper’s acquisition of JDE Peet’s could give a boost to the U.S. company’s struggling coffee business.
Once the acquisition completes, the combined company is set to separate into two independent U.S.-listed coffee and beverages firms.
The deal is expected to generate $400 million in cost synergies over three years.

Keurig Dr Pepper will acquire Dutch coffee and tea company JDE Peet’s in a roughly $18 billion deal that could give a boost to the U.S. giant’s struggling coffee business, the two companies said Monday.
Shares of Keurig Dr Pepper closed down 11%, while the stock of JDE Peet’s closed up 15% on the day.

The deal was first reported by The Wall Street Journal.
Keurig Dr Pepper will pay JDE Peet’s shareholders 31.85 euros ($37.30) per share in cash, representing a 33% premium on the Dutch’s firm’s 90-day volume-weighted average stock price, which represents a total equity purchase of 15.7 billion euros ($18.4 billion). JDE Peet’s will, meanwhile, pay out a previously declared dividend of euro cents per share prior to the deal closing.
The takeover is expected to generate $400 million in cost synergies over three years.
Keurig Dr Pepper, which owns brands such as Dr Pepper, 7Up, Snapple and Green Mountain Coffee, has seen shrinking sales at its U.S. coffee division, down 0.2% to $900 million in the second quarter due to a decline in the shipments of its single-serve coffee pods and Keurig coffee makers.
Keurig Dr Pepper has been looking to raise its appeal with thrifty shoppers who prefer to drink their coffee at home, while also venturing into cold coffee offerings in a bid to attract the Starbucks and Dunkin’ clientele.

In addition to their coffee businesses, Keurig Dr Pepper and JDE Peet’s also have a shared history with JAB Holding, the investment arm of the Reimann family that at one time owned both companies. These days, JAB owns just 4.4% of KDP and no longer has any seats on its board, although it is still the majority owner of JDE Peet’s.
Following the JDE Peet’s acquisition, which is expected to occur in the first half of 2026, Keurig Dr Pepper intends to split up its beverage and coffee units as two separate, U.S.-listed companies at the earliest opportunity. Such a step would effectively unwind the 2018 merger between Keurig and Dr Pepper Snapple, which at the time created the third-largest beverage company in North America with roughly $11 billion in annual revenue.
“Frankly the surprise to us was the decision back in 2018 when Keurig Green Mountain acquired the Dr Pepper Snapple Group in an $18.7 billion deal to create Keurig Dr Pepper in the first place,” Barclays analysts Patrick Folan and Lauren Lieberman wrote in a note to clients on Monday. “At the time, it was seen as both odd and a very left field deal with the questionable logic of combining coffee and [carbonated soft drinks].”
After the division, the resulting coffee company is anticipated to turn $16 billion in combined annual net sales and will be led by current Keurig Dr Pepper Chief Financial Officer Sudhanshu Priyadarshi.
The beverages firm is, meanwhile, expected to have $11 billion in annual net sales and will be helmed, upon separation, by incumbent Keurig Dr Pepper CEO Tim Cofer.
JDE Peet’s CEO, Rafael Oliveira, will stay in his post to helm the Dutch coffee company until the acquisition closes.
Faced with fierce competition and volatile commodity prices, Keurig Dr Pepper isn’t the only the company looking to spin off its coffee business. Sky News reported on Saturday that Coca-Cola is exploring a sale of Costa Coffee, which it bought in 2018 for $5.1 billion.
— CNBC’s Victor Loh contributed to this report. More

Netflix brought a sing-along version of the popular animated film “KPop Demon Hunters” to theaters to promote the sing-along’s launch on its streaming platform.
The streamer does not disclose theatrical ticket sales numbers to the public, but some box office analysts have reported that two-day event generated between $16 million and $20 million in receipts.
The box office is a marketing tool for Netflix and the company is unlikely to shift its theatrical strategy.

Still from Netflix’s “KPop Demon Hunters.”

And that’s “How It’s Done.”
Netflix capitalized on its chart-topping “KPop Demon Hunters” over the weekend with a two-day theatrical release of its new sing-along version.

Box office analysts spent much of Sunday trying to determine exactly how well the animated feature performed, relying on anonymous executives from rival studios and scraped data from ticket sales sites. Estimates range from $16 million to $20 million for the sing-along’s domestic run.
That’s smaller than recent domestic theatrical re-releases like “Star Wars: Revenge of the Sith” and the 15th anniversary screenings of “Coraline” — which generated $25 million and $33 million, respectively — but higher than most re-released films including “Interstellar,” which snared $15 million in late 2024 and “Pride & Prejudice,” which tallied $6 million earlier this year.
The streaming company has never reported box office grosses publicly and declined to do so for this film. It also declined to comment on the release when reached by CNBC.
But the buzz has Wall Street wondering whether Netflix may change its tune and push further into theaters.
Netflix has long used theatrical releases as a marketing tool to promote its streaming service. The company’s strategy has always been to host content on its platform for subscribers, rather than broader audiences on the big screen, and it rarely delays releasing works in the home market in favor of a theatrical run, except when it’s looking at awards contention or special occasions.

“KPop Demon Hunters” is the most recent exception. But experts say it’s unlikely to rewrite Netflix’s rules.
“It absolutely does not change anything,” said industry analyst David Poland. “It’s all about events for Netflix.”
There’s a lot of talk in the cinema business about “eventizing” film — basically making the theatrical release a spectacle or a can’t-miss event. Netflix has been able to do this successfully because it’s not a traditional studio. It doesn’t stick to typical release windows, opting to make one-off deals with theater chain operators for each of its films.
That allows Netflix to avoid costly marketing campaigns, which are typically estimated to be about half of whatever is spent on the production budget.
However, this strategy does often put Netflix at odds with theatrical partners. For example, “KPop Demon Hunters” was released in around 1,700 theaters, which is a little more than a third of all domestic theaters. It did not appear in a single AMC theater, the largest cinema chain both domestically and globally.
AMC declined CNBC’s request for comment on the release.
The exhibitor will be working with Netflix, however, for Greta Gerwig’s “Narnia” film, which is getting an exclusive two-week global debut in IMAX starting Thanksgiving Day 2026.
Poland noted that Netflix does offer favorable terms with theaters when it comes to splitting ticket receipts, which can help entice exhibitors to work with the company despite the smaller release windows.
“They don’t care about the money, and in this case, my guess is they paid much higher than the 50% that’s normal to the exhibitors that read it, because it doesn’t matter,” Poland said. “It’s not enough money to matter to them. But as a promotional event, it’s very successful.”
Already, “KPop Demon Hunters,” which launched on Netflix in late June, has become the second-most watched English language film on Netflix, just behind 2021’s “Red Notice.” The film has been viewed more than 210.5 million times, according to Netflix, about 20 million short of the record.
The sing-along and pop culture buzz from the theatrical release could help boost that number even higher.
“There was obviously a huge demand for the movie and offered up yet another example of how important the theatrical moviegoing side of the business is to generate huge publicity, create a cultural event and, in turn, a social media phenomenon,” said Paul Dergarabedian, senior media analyst at Comscore. More

European mail carriers are pausing some shipments to the U.S. as they prepare for the end of the “de minimis” exemption, which long excluded packages valued under $800 from duties.
National post offices across Europe issued statements in recent days saying they will suspend those smaller shipments to the U.S. as they work to change their systems to comply with new requirements.
The bulk of de minimis shipments have long come from China, but the exemption for imports from the country ended in May. It’s set to be extended globally on Friday.

An aerial view of a cargo ship being loaded with shipping containers at the Port of Baltimore in Baltimore, Maryland, on August 7, 2025.
Jim Watson | Afp | Getty Images

Postal carriers across Europe are planning to suspend some shipments to the U.S. as the nations prepare for the end of a longstanding trade rule.
Certain shipments from Germany, Spain, France, Belgium, Sweden, Denmark, Finland, Norway and Switzerland are due to be paused in the coming days and weeks after President Donald Trump signed an executive order ending the century-old “de minimis” exemption.

The trade policy, sometimes referred to as a “loophole,” has allowed shipments valued under $800 to enter the U.S. virtually duty-free. The practice is set to end for imports from around the globe on Friday following Trump’s executive order.
The de minimis exemption for goods coming from China and Hong Kong, which have long accounted for the bulk of those shipments, ended in May.
The suspensions will impact shipments valued under $800, and largely exclude gifts and letters. Most of the countries said they have to pause shipments because their systems weren’t built for the new requirements and they’re unsure how to properly process the shipments under the new rules.
In a Friday statement, German-based international shipping company DHL said Deutsche Post and DHL Parcel Germany will no longer be able to accept and transport parcels destined for the U.S. It said “key questions remain unresolved, particularly regarding how and by whom customs duties will be collected in the future, what additional data will be required, and how the data transmission to the U.S. Customs and Border Protection will be carried out.”
Customers will still be able to ship goods via DHL Express, which is more expensive.

National post offices in Spain, France and Belgium issued similar notices.
In a news release, Spain’s national post office Correos said it learned of the detailed requirements necessary to comply with the executive order on Aug. 15 and hasn’t had enough time to change its systems. 
“This situation forces Correos, along with all postal operators that manage shipments destined for the United States, to substantially modify their processes and increase shipment controls to implement the new customs requirements, significantly impacting international postal logistics and e-commerce flows,” Correos said, adding the suspension took effect on Monday.
It said it is working to resume the shipments “as quickly as possible.”
Belgium’s post office said it was suspending shipments beginning on Saturday while France’s La Poste said shipments would be suspended beginning on Monday. 
Meanwhile, Finland’s post office Posti stopped accepting goods bound for the U.S. on Saturday but later added it could no longer accept gifts or letters either because “several airlines have now refused to transport any postal items to the United States.” 
The carriers said they expect the suspensions to be temporary. The pauses could delay some shipments, but are not expected to affect most international commerce.
Larger retailers, both domestic and international, don’t tend to use the de minimis exemption that often because they ship their goods via containers to U.S. warehouses and pay tariffs on the goods. Two major exceptions are Temu and Shein, which popularized the use of de minimis and relied on it for the bulk of their shipments to U.S. consumers. Since de minimis ended for goods shipped from China, demand has fallen for Shein and Temu as prices have risen.
The suspended shipments are expected to impact smaller orders from Americans who are shopping from smaller European businesses directly. More

Most STARTUPS need time to prove that they can be trusted with investors’ money, let alone dangerous technologies. But not Fusion Energy Tech, a Chinese company in the city of Hefei that was carved out two years ago from a nuclear-research lab. In July it announced that it would be commercialising a plasma technology derived from fusing the nuclei of atoms, which produces a reaction much hotter than the sun. It has already developed a security-screening device using related technology that is popping up in local metro stations. Commuters walk past them every day. More

Mania over “blind box” shopping is catching on across the Chinese economy with everyone from travel agents to supermarkets offering their own versions.
Gifts are packaged in such a way that buyers don’t know exactly what variety of the item they’re purchasing until after they commit.
Beijing-based Pop Mart has been at the forefront of this phenomenon. It’s the company behind Labubu, the elf-like monster doll created by Hong Kong Dutch artist Kasing Lung.

Labubu toys packaging are seen at a souvenir store in Krakow, Poland on August 21, 2025.
Jakub Porzycki | Nurphoto | Getty Images

Even Confucius is getting in on China’s “blind box” craze.
At the main temple in Beijing to China’s greatest sage, the souvenir shops sell a range of “blind boxes,” gifts packaged in such a way that buyers don’t know exactly what variety of the item they’re purchasing until after they commit.

One popular blind box at the store is an ice cream treat with a blessing from Confucius. Worshippers pay $4.50 and, only after unwrapping the dessert, read that they are a top student or are destined to have a splendid future.
The mania over mystery boxes is catching on across the economy with everyone from travel agents to supermarkets offering their own versions. Fliggy, Alibaba Group’s travel services platform, is offering “blind box” flight tickets as low as $64 for a round trip to Japan where travelers select a Chinese departure city and get assigned one of multiple options for dates and destinations.
Beijing-based Pop Mart has been at the forefront of this phenomenon. It’s the company behind Labubu, the elf-like monster doll created by Hong Kong Dutch artist Kasing Lung. Labubu toys are sold exclusively through the collectibles company, driving massive profits, and they’re sold in the same blind box format that can encourage repeat purchases to get just the right one.
Ruan Yue, a 23-year-old student, says she spends $55 a month on blind boxes — and enjoys the gamble. Ruan owns 150 Labubu and other dolls from mystery packaging.
“The moment you open the box if it’s a version you want or a limited edition, you get so excited,” she said. “And it’s something I can afford.”

Prices for Labubus and other characters sold at Pop Mart average anywhere from $9 to $30.

Labubu plush figures are for sale in a Pop Mart brand store on July 10, 2025 in Peking, China.
Johannes Neudecker | Picture Alliance | Getty Images

Blind boxes, or “manghe” in Chinese, increased in popularity in China during the pandemic. Pop Mart livestreamed the toys and sold them online and in vending machines at a time when the Chinese population was under constant threat of Covid lockdowns.
Young Chinese consumers, feeling down because of the pandemic controls and slow economy, turned to budget-friendly splurges for a pick-me-up. Buyers could trade toys or earn bragging rights if they were lucky enough to score a rare version coveted by their peers.
Chinese retailer Miniso, which is listed on the New York Stock Exchange, offers blind boxes of watches, adhesive tape, stationery and ballpoint pens.
Retail staff at Miniso told CNBC that curiosity about what’s inside convinces customers to try their luck and ultimately to keep buying.
The Chinese government, however, has warned through its state media against “irrational consumption” and blind box “addiction.”
The People’s Daily in June called for stricter regulations of the trend especially for children. Quoting experts, the official state newspaper reported the practice was a “‘commercial trap’ that precisely targets the psychological vulnerabilities of minors.” More

Kevin O’Leary revealed on CNBC on Monday that he was one of three buyers to snap up the record-breaking Kobe Bryant and Michael Jordan sports card at auction over the weekend.
The card was a signed collectible and went for $13 million, surpassing the previous record for a sports trading card sold at auction, according to Heritage.
O’Leary said he doesn’t believe the card will go back on the market in his lifetime.

Canadian investor Kevin O’Leary revealed on CNBC on Monday that he was one of three buyers to snap up the record-breaking Kobe Bryant and Michael Jordan sports card at auction over the weekend.
The card, a signed collectible featuring both NBA legends, sold for nearly $13 million, surpassing the previous record for the most-expensive trading card sold at auction, a 1952 Topps Mickey Mantle #311, which went for $12.6 million in August 2022, according to auction house Heritage, which sold both cards.

As of the completion of the Bryant-Jordan sale, the buyers remained anonymous. O’Leary told CNBC he bought the card along with two other investors, Matt Allen and Paul Warshaw, to form a syndicate and avoid competing.
“We bought it together, yes we did,” O’Leary said on “Squawk Box” on Monday, adding the three got together on a 3 a.m. Zoom call to buy the card. “I’m very proud to own it.”

The 2007-08 Upper Deck Exquisite Collection Dual Logoman Autographs, Michael Jordan and Kobe Bryant.
Courtesy: Heritage Auctions | HA.com

Sports collectibles have been gaining steam in recent years, with notable jerseys and even personal watches of athletes coming up on the block and fetching millions. The Bryant-Jordan card featured the NBA uniform logos and signatures of both players and came up for sale on the late Bryant’s birthday.
O’Leary said he doesn’t believe the card will come to the market again in his lifetime.
“It’s going to be a part of an index that I’m going to continue to grow along with my partners,” he said. “We look at it no different than our bitcoin holdings, our ethereum holdings, our gold holdings.”

He added that he doesn’t believe sports card trading is only driven by the growing 1% of wealth, like art trading might be, saying that it is getting “institutional in nature.”
“It’s no different than collectible watches, in some way,” he said. “It’s so rare that the prices continue to appreciate, and they seem to defy recessions.”
O’Leary said he’s been looking into owning this asset class for a few years and that he’s adding Saturday’s card to a host of other basketball cards he already owns.

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Some analysts say Eli Lilly’s daily obesity pill, if approved, could still be a viable competitor in the weight loss drug market despite late-stage trial data that disappointed investors.
In the trial, orforglipron caused weight loss that missed Wall Street’s expectations and came below what Novo Nordisk reported for its oral drug in a separate study.
But Eli Lilly’s drug could have a few advantages over Novo Nordisk’s pill, including a lack of dietary restrictions, easier manufacturing and a potentially lower price, according to some analysts.

A sign with the company logo sits outside of the headquarters of Eli Lilly in Indianapolis, Indiana, on March 17, 2024.
Scott Olson | Getty Images

Eli Lilly’s stock is still recovering after the drugmaker released trial data earlier this month on its closely watched obesity pill that underwhelmed Wall Street.
In a key late-stage trial, Eli Lilly’s pill, orforglipron, caused less weight loss and had higher side effects than what analysts were expecting. The pill’s efficacy also appeared to come in slightly below that of Novo Nordisk’s oral semaglutide for obesity, which showed strong data in a separate study.

Shares of Eli Lilly fell about 13% on the day the trial results were released, although they’re up about 12% since then.
But some analysts say Eli Lilly’s daily pill, if approved, could still be a viable competitor in the weight loss drug space — even if it will likely be second to enter the market. It’s a highly lucrative area that is eager for more convenient options that could ease the supply shortfalls and access hurdles created by the pricey weekly injections currently dominating it.
Analysts note that Eli Lilly’s pill could have a few advantages over the daily oral version of Novo Nordisk’s weight loss drug semaglutide, which is on track to become the first needle-free alternative for obesity to win approval in the U.S. later this year. Eli Lilly hopes to launch its pill globally “this time next year,” CEO David Ricks told CNBC in early August.
Both drugs work by mimicking a gut hormone called GLP-1 to suppress appetite and regulate blood sugar. But while Novo Nordisk’s pill is a peptide medication, orforglipron is a small-molecule drug.
That means Eli Lilly’s pill is absorbed more easily in the body and doesn’t require dietary restrictions like Novo Nordisk’s does. Orforglipron will also be easier to manufacture at scale, which is crucial as demand for obesity and diabetes injections outpaces supply.

Neither company has released prices for its respective pill, but some analysts said Eli Lilly’s drug could potentially have a lower price than Novo Nordisk’s pill. That would be a notable edge, as many health plans in the U.S. still don’t cover obesity treatments.
“It’s a little bit of an apples and oranges comparison because Novo Nordisk could have difficulty manufacturing enough of the product, given the high cost and requirements to manufacture oral semaglutide,” Leerink Partners analyst David Risinger said in an interview. 
“Whereas Lilly plans to blanket the world with orforglipron, and very quickly it will generate dramatically more sales,” he continued. “It can launch globally in an extraordinary manner with lower prices and with no food intake consideration.”
Goldman Sachs analysts seem to agree, based on a note in August. They forecast daily oral pills will capture 24% share — or around $22 billion — of the 2030 global weight loss drug market, which they expect to be worth $95 billion. 
The Goldman analysts said they expect Eli Lilly’s pill to have a 60% share — or roughly $13.6 billion — of the daily oral segment of the market in 2030. They expect Novo Nordisk’s oral semaglutide to have a 21% share — or around $4 billion — of that segment. The remaining 19% slice will go to other emerging pills, the analysts said.
The race to develop a more convenient obesity pill has been fraught, as companies such as Pfizer have had to scrap previous contenders and bring forward new ones. Novo Nordisk and Eli Lilly are also exploring other experimental oral drugs, along with a slate of other companies such as Viking Therapeutics, Structure Therapeutics, AstraZeneca and Roche. 
In a statement, Novo Nordisk CEO Mike Doustar said “we strongly believe in the efficacy” of the oral drug. The Danish company added it will be “laser-focused on getting this product to patients without supply constraints” in the U.S. 
Dr. Mihail “Misha” Zilbermint, director of endocrine hospitalists at Johns Hopkins Community Physicians, said it’s hard to crown a winner between Eli Lilly and Novo Nordisk without knowing how their respective pills will be priced and whether insurance will cover them. 
“I think both of the drugs are going to be gamechangers,” he said. “When it comes to which company is going to win the game — cost is the biggest issue.”

Weight loss, side effect comparisons

It’s difficult to directly compare the results of separate clinical trials, especially as investors wait for Eli Lilly and Novo Nordisk to release the full data from their phase three studies.
Eli Lilly’s ATTAIN-1 trial also followed 3,000 patients, while Novo Nordisk’s OASIS 4 study evaluated a much smaller group of roughly 300. There are currently no studies directly comparing the two drugs, a Novo Nordisk spokesperson said.
But Novo Nordisk’s oral semaglutide appears to cause a greater level of weight loss than Eli Lilly’s pill based on the available data, said BMO Capital Markets analyst Evan Seigerman. 
In the trial, the highest dose of Eli Lilly’s pill helped patients lose 12.4% of their body weight on average at 72 weeks. The pill’s weight loss was 11.2% when analyzing all patients regardless of discontinuations.
Wall Street had hoped Eli Lilly’s pill would generate weight loss of around 15%, the same level as Novo Nordisk’s blockbuster weight loss injection Wegovy. Semaglutide is the active ingredient in Wegovy and its diabetes counterpart Ozempic. 

Novo Nordisk flags flutter outside its office in Bagsvaerd, on the outskirts of Copenhagen, Denmark, on July 14, 2025.
Tom Little | Reuters

Meanwhile, the 25-milligram dose of Novo Nordisk’s oral semaglutide helped patients lose up to 16.6% of their weight on average at 64 weeks, according to results from the trial presented at a medical conference in 2024. That weight loss was 13.6% when the company analyzed all patients regardless of whether they stopped the drug. 
A Novo Nordisk spokesperson added that 20% of weight loss was observed in nearly one-third of patients in the trial.
Still, the slightly lower efficacy of Eli Lilly’s pill may not be significant enough to deter patients from taking it. 
“For many patients, 12% is a really great number,” said Seigerman. “There’s definitely a market there” for orforglipron.
In a note earlier this month, Bank of America analysts shared a similar sentiment. 
“Yes, weight loss fell a bit short, but ask 100 prescribers whether this new data will really make a difference in who they’d put on orforglipron, and our belief is the vast majority would say, ‘not really,'” they wrote, referring to Eli Lilly’s trial data. 
Some investors raised concerns about the side effects and discontinuation rates in the trial of Eli Lilly’s pill. But Seigerman said the drug’s tolerability data — how well patients tolerate it — appears to be relatively in line with that of Novo Nordisk’s oral semaglutide. 
About 10.3% of patients who took the highest dose of Eli Lilly’s pill — 36 milligrams — discontinued treatment due to side effects, compared with around 2.6% of those who took a placebo.
Those side effects were mainly gastrointestinal, such as nausea and vomiting, and mild to moderate in severity. An estimated 24% of those who took the highest dose of Eli Lilly’s pill reported vomiting, while 33.7% had nausea. 
Leerink’s Risinger said he is watching to see how persistent those gastrointestinal issues are once Eli Lilly presents the full data. 
The side effects in the trial on Novo Nordisk’s pill were mostly gastrointestinal-related: 30.9% of those who took oral semaglutide reported vomiting and 46.6% reported nausea, according to the trial results. 
Johns Hopkins’ Zilbermint said it’s difficult for him to decide which one has a better safety and tolerability profile based on the available data. 
Meanwhile, Seigerman pointed to a different factor “that will also matter a lot”: dietary requirements. 

Food requirements, manufacturing, price 

Unlike Eli Lilly’s pill, patients need to take Novo Nordisk’s oral semaglutide in the morning on an empty stomach with no more than four ounces of plain water. They’re instructed to wait 30 minutes before eating, drinking or taking other oral medicines.
Seigerman said that could be a hurdle for some patients. 
For example, “if you’re a parent with kids and you have to take this drug and wait half an hour before you can drink your coffee, you’re going to drive yourself crazy, especially if you have to take this every day,” he said. “I try to think about the real-world use of these drugs in a market like this. It’s going to matter.” 
Leerink’s Risinger said oral semaglutide will also be “extremely expensive to manufacture” since it is a peptide medication, and “is likely going to have to be priced higher than orforlipgron.”
A Novo Nordisk spokesperson said the pill will be made mostly in the U.S., and the company is excited about the potential the pill “provides millions of Americans living with obesity.”
“Currently, all typical launch readiness activities [for the pill] are fully underway and building momentum,” the spokesperson said. They added that over the past decade, the company has invested $24 billion in the U.S. to expand manufacturing capacity and fuel research and development. That includes investments aimed at increasing manufacturing of active pharmaceutical ingredients and capacity for the final stages of production for both current and future injectable and oral products. 
Small molecules are chemically simpler and easier to produce at scale, making them generally cheaper for companies to formulate. But it is still unclear how Eli Lilly will price orforglipron. 
During an earnings call in August, Eli Lilly’s Ricks said the pricing will be based on the value orforglipron brings, considering health-care savings and the comorbidities it can address.
In the note earlier this month, Goldman Sachs analysts said they expect the pill to be “priced at parity” to Eli Lilly’s tirzepatide, the active ingredient in the company’s obesity injection Zepbound and diabetes counterpart Mounjaro, which list for just over $1,000 for a month’s supply. 
“They should be cheaper than injections because they are easier to produce. But it does not mean they will be cheaper,” Johns Hopkins’ Zilbermint said. “We just don’t know — for example, we don’t know how much went into research and development.”
Seigerman said commercialization strategies will also be key when the pills compete on the market. 
He questioned whether Novo Nordisk will lean into the deal it recently struck with CVS’s pharmacy benefit manager, Caremark. Under the deal, Caremark started to prioritize Novo Nordisk’s Wegovy on its standard formularies on July 1, making that weekly injection the preferred GLP-1 drug for obesity over Zepbound. 
But it is unclear whether oral semaglutide could receive a similar preferential status.
Seigerman also questioned whether Eli Lilly will offer orforglipron through its direct-to-consumer pharmacy, LillyDirect. That offering bypasses insurers and pharmacy benefit managers, allowing patients to directly purchase Zepbound and some of Eli Lilly’s other drugs from the company. 
Seigerman said he expects “a lot of nuances in the go-to-market campaign for these drugs,” adding “that’s going to matter.”

Other competitors trail behind

Other obesity pills are in earlier stages of development, making it difficult to directly compare them to the drugs from Eli Lilly and Novo Nordisk without longer and larger trials. 
But so far, some experts think they pale in comparison.

Cheng Xin | Getty Images

For example, Viking Therapeutics on Tuesday released mid-stage trial data that disappointed investors, sending its stock down as much as 40%. 
Jared Holz, Mizuho health care equity strategist, said in an email Tuesday that the results on Viking’s drug “look inferior” to those of Eli Lilly’s pill “on almost all metrics.” 
Viking’s once-daily pill helped patients lose up to 12.2% of their weight at around three months, with no plateau, which means patients could lose even more in a longer-term study.
Holz pointed to the high rate of patients who discontinued Viking’s drug for any reason over 13 weeks, which was around 28%. Meanwhile, around a quarter of people discontinued Eli Lilly’s pill, orforglipron, for any reason over 72 weeks.
That’s “a much longer trial and therefore [Lilly] looks far better head-to-head,” Holz said. More