Ozempic revolutionised the market:
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Battle of the billions: who will dethrone the weight-loss drug kings?

The GLP-1 weight-loss drug market has experienced unprecedented growth, creating a fierce competitive landscape that extends well beyond frontrunners Novo Nordisk and Eli Lilly. As these metabolic therapies reshape pharmaceutical valuations and investor expectations, a wave of challengers is emerging with next-generation treatments.

10 pharma companies competing in the GLP-1 race

1. Pfizer
2. Roche
3. Amgen 
4. AstraZeneca
5. Sanofi
6. Structure Therapeutics
7. Viking Therapeutics
8. Zealand Pharma
9. Altimmune
10. Boehringer Ingelheim

1. Pfizer

• Pfizer market valuation: ~$300 billion
• Competitive edge: developing oral GLP-1 candidates and maintaining a broad diabetes and obesity treatment portfolio
• Making waves: advancing clinical-stage oral GLP-1 drugs and leveraging a large-scale R&D pipeline
• Trader appeal: stable large-cap stock with possible growth potential in obesity care and reliable dividend income

2. Roche

• Roche market valuation: ~$250 billion
• Competitive edge: focus on metabolic drugs via acquisitions and ownership of established diabetes drugs
• Making waves: investing in next-gen peptide therapies for obesity and expanding its global drug footprint
• Trader appeal: defensive play in pharma with upside tied to GLP-1 innovation and diversification

3. Amgen

• Amgen market valuation: ~$150 billion
• Competitive edge: building a robust pipeline of biologics for metabolic and obesity treatment
• Making waves: expanding R&D in metabolic health and developing next-gen biologic therapies
• Trader appeal: known for innovation, steady growth and dividend yield

4. AstraZeneca

• AstraZeneca market valuation: ~$220 billion
• Competitive edge: integrated strategy across metabolic, cardiovascular, and oncology sectors
• Making waves: rapid pipeline expansion in GLP-1 and related metabolic disease areas
• Trader appeal: offers diversified exposure with upside from cardiometabolic solutions

5. Structure Therapeutics

• Structure Therapeutics market valuation: ~$1 billion (small-cap)
• Competitive edge: focused on GLP-1 receptor agonists at early clinical stages
• Making waves: recently raised capital to advance key trials and expand the pipeline
• Trader appeal: high-risk, early-stage bet on GLP-1 innovation

6. Viking Therapeutics

• Viking Therapeutics market valuation: ~$500 million
• Competitive edge: novel metabolic therapies targeting GLP-1 pathways
• Making waves: strong early-phase trial data with promising obesity outcomes
• Trader appeal: attractive to those seeking speculative growth and biotech catalysts

7. Zealand Pharma

• Zealand Pharma market valuation: ~$2 billion
• Competitive edge: peptide-based GLP-1 solutions for diabetes and obesity
• Making waves: strategic collaborations and focused development pipeline
• Trader appeal: mid-cap innovation with a niche focus on peptide delivery

8. Sanofi

• Sanofi market valuation: ~$130 billion
• Competitive edge: extensive diabetes/obesity pipeline with a strong GLP-1 focus
• Making waves: renewed R&D investment in metabolic diseases
• Trader appeal: well-capitalised large-cap with stability and dividend yield

9. Altimmune

• Altimmune market valuation: ~$200 million
• Competitive edge: developing novel GLP-1 analogs and metabolic therapies
• Making waves: advancing early-stage candidates with unique delivery mechanisms
• Trader appeal: speculative biotech with high upside if trials succeed

10. Boehringer Ingelheim (private)

• Boehringer Ingelheim market valuation: not publicly listed
• Competitive edge: collaborating on GLP-1 and metabolic innovations through partnerships and licensing deals
• Making waves: strong R&D activities and strategic partnerships influence the broader obesity drug market
• Market impact: while not tradeable, its collaborations significantly impact the trajectory of publicly listed pharmaceutical peers

Market implications

These companies, operating at different stages of development and scale, represent the next wave of challengers to Novo Nordisk and Eli Lilly's market leadership. Through pipeline innovation, strategic partnerships, or pricing disruption, they are reshaping one of the most lucrative pharmaceutical markets in decades.