Glucagon-like peptide-1 (GLP-1) agonists have taken the healthcare world by storm, emerging as mainstream treatments for patients with diabetes or obesity. Some of these medications include Novo Nordisk's (NYSE: NVO) Ozempic, Wegovy, Rybelsus, and Saxenda, and Eli Lilly's (NYSE: LLY) Mounjaro and Zepbound.

Below, I'll dig into which pharmaceutical stock I think is the better buy for the long run. While Novo Nordisk and Lilly each carry encouraging prospects, I see one of these companies as the superior opportunity.

The case for Novo Nordisk

Right now Novo Nordisk has a considerable lead on Lilly in GLP-1 market share, and a couple of notable wins have me thinking this lead will widen.

Earlier this year, J.P. Morgan released a report outlining the potential for GLP-1 treatments in other markets. Specifically, research suggests that GLP-1 drugs have applications outside of weight loss. Such areas include sleep apnea, arthritis, kidney disease, cardiovascular disease, and Alzheimer's.

Although becoming a multi-platform breakthrough could serve as a catalyst for both Novo Nordisk and Lilly, I think Novo Nordisk has the edge for now. Back in March, Wegovy received an expanded indication from the Food and Drug Administration (FDA) to treat obesity care patients who are also at risk of major cardiovascular events.

A few months later, Wegovy was approved to enter yet another market: China, a geographic region where obesity rates are quite high.

All things considered, I think Novo Nordisk's momentum in the GLP-1 realm could be kicking into a new gear.

The case for Eli Lilly

To be fair, while Novo Nordisk has the lead in the GLP-1 arena, I have to note that Lilly's Mounjaro and Zepbound have not been on the market nearly as long as its competitor's medications have. And although Mounjaro and Zepbound have already reached blockbuster status, Lilly's own CEO admits that the company hasn't been investing as heavily in marketing campaigns for these medications as it could be.

I see this as a strategic move on Lilly's end; it seems the company is content taking its time building a presence in the market, and is not in a rush to oversell its products. Such patience could be a wise move in the long run as Mounjaro and Zepbound become more popular.

Where Eli Lilly starts to really separate itself from Novo Nordisk is in other markets. For example, over the summer Lilly's Alzheimer's drug received approval from the FDA. More recently, the company also received the nod to enter the eczema market via its newly approved drug Ebglyss.