GLP-1 drugs have become one of the biggest growth engines in pharmaceuticals, moving from a diabetes-focused treatment category into a much broader obesity and metabolic-health platform. The two commercial leaders are Novo Nordisk and Eli Lilly, whose products generated tens of billions of dollars in 2025–2026 sales.
The competitive landscape is now expanding beyond injectable semaglutide and tirzepatide. Publicly traded companies including Amgen, Viking Therapeutics, Roche and Pfizer are developing next-generation oral, injectable or multi-receptor treatments aimed at improving weight loss, tolerability, dosing convenience and access.
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What Is the GLP-1 Opportunity?
GLP-1 receptor agonists mimic the action of glucagon-like peptide-1, helping regulate blood glucose, appetite and food intake. Depending on the molecule and indication, newer treatments can also target additional metabolic pathways.
Novo Nordisk reported DKK 82.35 billion ($12+ billion) in 2025 obesity-care sales, up 26%, while Eli Lilly generated $14.87 billion from Mounjaro and Zepbound combined in Q2 2026 alone.
The global branded GLP-1 obesity market grew 104% in volume during 2025, according to Novo Nordisk, which held 59.6% branded volume share.
1. Novo Nordisk: The Semaglutide Leader
Novo Nordisk remains one of the most important publicly traded GLP-1 companies.
Its major products include:
- Ozempic – semaglutide for type 2 diabetes
- Wegovy – semaglutide for chronic weight management
- Rybelsus – oral semaglutide for type 2 diabetes
- Victoza – liraglutide for diabetes, now declining
Key 2025 numbers
- Total company sales: DKK 309.1 billion
- Obesity-care sales: DKK 82.35 billion
- Obesity sales growth: +26%
- GLP-1 diabetes sales: DKK 152.2 billion
- Ozempic sales: DKK 127.1 billion
- Global branded GLP-1 obesity volume growth: 104%
- Branded obesity GLP-1 volume share: 59.6%
- Wegovy available in 52 countries by the end of 2025
Novo’s 2025 diabetes-care sales were DKK 207.1 billion, with GLP-1-based diabetes products accounting for a major portion of the business.
What makes Novo different?
Novo has one of the deepest commercial histories in diabetes, insulin and GLP-1 therapy.
Its next phase is increasingly focused on:
- Oral semaglutide
- Higher-dose obesity treatments
- Combination therapies
- CagriSema
- Amycretin
- Lower-dose treatment strategies
- Expanding global manufacturing capacity
In August 2026, Novo began a Phase 3 study investigating whether lower maintenance doses of oral Wegovy could maintain weight-loss benefits while potentially improving tolerability and treatment flexibility.
2. Eli Lilly: The Fastest-Growing Commercial Challenger
Eli Lilly and Company has become Novo Nordisk’s strongest competitor through tirzepatide, a dual GIP/GLP-1 receptor agonist.
Its leading products include:
- Mounjaro – type 2 diabetes
- Zepbound – obesity and related conditions
- Foundayo (orforglipron) – oral GLP-1 obesity treatment
- Retatrutide – next-generation triple agonist in development
Q2 2026 numbers
- Total revenue: approximately $23 billion
- Revenue growth: +48%
- Mounjaro sales: $9.94 billion
- Zepbound sales: $4.93 billion
- Combined Mounjaro + Zepbound: approximately $14.87 billion
- Together, the two injectable products represented nearly 65% of Lilly’s quarterly revenue
- 2026 revenue guidance: $85–87 billion
Lilly’s strategy is increasingly differentiated by tirzepatide’s strong clinical performance, aggressive manufacturing expansion and a growing oral pipeline.
Its next-generation retatrutide targets GIP, GLP-1 and glucagon receptors and is being studied for obesity, type 2 diabetes and other metabolic conditions.
What makes Lilly different?
Lilly is competing on:
- Higher-efficacy metabolic therapies
- Injectable and oral formulations
- Manufacturing scale
- Direct-to-consumer access
- Competitive pricing
- Broader indications
- Next-generation multi-receptor drugs
3. Amgen: Developing a Different Approach
Amgen is developing MariTide (maridebart cafraglutide), a long-acting metabolic therapy designed to activate the GLP-1 receptor while blocking GIP signaling.
This is different from conventional GLP-1 receptor agonists and could potentially offer less frequent dosing.
Amgen has positioned MariTide as a potentially important competitor in obesity and metabolic disease, with Phase 3 development underway.
Why it matters
Amgen is attempting to compete through:
- Long-acting dosing
- Potential monthly administration
- Weight-loss durability
- Metabolic disease treatment
- Reduced injection frequency
For patients and payers, dosing frequency could become an important differentiator if efficacy and safety remain competitive.
4. Viking Therapeutics: An Emerging Public-Sector Challenger
Viking Therapeutics is a smaller publicly traded biotechnology company developing VK2735, a dual GLP-1/GIP receptor agonist.
The company completed enrollment in its Phase 3 VANQUISH-2 trial in March 2026, evaluating once-weekly subcutaneous VK2735 in adults with obesity and type 2 diabetes.
Viking is also developing oral VK2735, potentially giving it exposure to the growing oral-obesity-treatment opportunity.
What makes Viking interesting?
- Dual GLP-1/GIP mechanism
- Injectable and oral formulations
- Phase 3 development
- Focus on obesity and metabolic disease
- Potential strategic value to larger pharmaceutical companies
Unlike Novo and Lilly, Viking does not yet have a commercially approved GLP-1 obesity product, making it a pipeline-stage investment story rather than an established commercial leader.
5. Roche: Entering the Next-Generation Obesity Race
Roche is another major publicly traded pharmaceutical company investing heavily in metabolic disease.
Roche’s obesity pipeline extends beyond conventional GLP-1 approaches, including CT-996, an oral GLP-1 receptor agonist, alongside other next-generation metabolic programs.
The strategic objective is to compete in areas where current GLP-1 therapies still have limitations, particularly:
- Oral administration
- Tolerability
- Muscle preservation
- Long-term treatment
- Combination therapy
- Broader metabolic benefits
Roche is therefore part of a second wave of competition attempting to challenge the commercial dominance of Novo and Lilly.
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Publicly Traded GLP-1 Companies: Simple Comparison
| Company | Key GLP-1 / Metabolic Drug | Diabetes | Obesity | Development Stage | Key 2025/2026 Data |
|---|---|---|---|---|---|
| Novo Nordisk | Ozempic, Wegovy, Rybelsus | Yes | Yes | Commercial | 2025 obesity sales DKK 82.35B |
| Eli Lilly | Mounjaro, Zepbound, Foundayo | Yes | Yes | Commercial + pipeline | Q2 2026 Mounjaro + Zepbound $14.87B |
| Amgen | MariTide | Pipeline | Yes | Phase 3 | Long-acting metabolic approach |
| Viking Therapeutics | VK2735 | Pipeline | Yes | Phase 3 | Phase 3 enrollment completed 2026 |
| Roche | CT-996 and other metabolic programs | Pipeline | Yes | Clinical development | Oral and next-generation approaches |
Who Are the Actual Buyers?
The GLP-1 ecosystem has several different buyer groups.
Patients
Adults with:
- Type 2 diabetes
- Obesity
- Overweight with related conditions
- Cardiometabolic risk
- Obesity-related complications
Physicians
Major prescribers include:
- Endocrinologists
- Primary-care physicians
- Obesity specialists
- Cardiologists
- Diabetes specialists
Insurers and Payers
Insurance companies and government programs increasingly influence which GLP-1 products patients can access.
This is becoming especially important as treatment costs remain high. In the U.S., employer coverage for GLP-1 weight-loss medicines fell from 72% in 2025 to 60% in 2026, according to a Business Group on Health survey. Around 14% of employers said they planned to eliminate coverage in 2027.
Employers
Large employers are important purchasers because obesity, diabetes and related conditions influence healthcare expenditure and workforce health.
Pharmacies and Telehealth Providers
Retail pharmacies, specialty pharmacies and digital health providers are becoming increasingly important distribution and access channels.
Where Are the Biggest GLP-1 Opportunities?
The U.S. remains the largest commercial opportunity, but international demand is expanding rapidly.
United States
The U.S. is the core battleground for Novo and Lilly.
Key factors include:
- Large obesity population
- High GLP-1 prescription volume
- Strong payer influence
- Expanding Medicare access
- Large employer market
- Rapid adoption of obesity indications
Europe
Europe is increasingly important for both obesity treatment and oral GLP-1 innovation.
Novo reported 16% CER growth in EUCAN in 2025, while its APAC business grew 25% CER.
China
China is emerging as a major future opportunity. Obesity rates are projected to rise sharply, with more than 65% of China’s population potentially overweight or obese by 2030. GLP-1 companies including Novo, Lilly and Chinese pharmaceutical players are increasing their focus on the country.
India
India represents another significant long-term opportunity because of its large diabetes population, growing obesity burden and increasing awareness of GLP-1 therapies.
Regional Opportunity Snapshot
| Region | Key Data / Signal | Opportunity |
|---|---|---|
| U.S. | Largest commercial GLP-1 market | Highest current revenue opportunity |
| Europe | Novo EUCAN sales +16% CER in 2025 | Expanding obesity treatment |
| APAC | Novo sales +25% CER in 2025 | Fast-growing regional demand |
| China | >65% projected overweight/obese by 2030 | Major future opportunity |
| India | Large diabetes and obesity population | High long-term treatment potential |
Novo’s international performance reinforces that the GLP-1 opportunity is moving beyond the U.S.; APAC sales grew 25% at constant exchange rates in 2025, while Emerging Markets grew 8%.
What Companies Should Focus On
Pharmaceutical companies competing in GLP-1 therapies should focus on:
- Efficacy and weight-loss durability
- Oral versus injectable delivery
- Less frequent dosing
- Gastrointestinal tolerability
- Muscle preservation
- Cardiovascular and metabolic outcomes
- Affordability and payer coverage
- Manufacturing capacity
- Global supply availability
- Combination and multi-receptor therapies
- Long-term patient adherence
- Expansion into additional metabolic indications
The competitive advantage is shifting from simply having a GLP-1 molecule to offering the right combination of efficacy, convenience, tolerability, affordability and supply.
How Towards Healthcare Can Help
Towards Healthcare Research & Consulting can help pharmaceutical and investment teams track the GLP-1 ecosystem through:
- Company revenue and sales benchmarking
- GLP-1 product performance
- Diabetes and obesity pipelines
- Phase I–III clinical trials
- Competitor launches
- Oral versus injectable developments
- Regional adoption
- Manufacturing investments
- Pricing and payer coverage
- Licensing and M&A
- Patient and prescriber trends
- Emerging GLP-1 and multi-receptor technologies
This helps companies understand who is winning the GLP-1 race today, which pipeline assets could reshape competition tomorrow, where demand is growing and which commercial factors are driving adoption.
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