Eli Lilly became the first healthcare company — and only the second non-tech firm — to hit a $1 trillion market cap.
The company’s obesity and diabetes blockbusters, Zepbound and Mounjaro, now make up more than half of all revenue, pulling in over $10 billion last quarter alone. Since Zepbound’s 2023 debut, Lilly’s stock has soared more than 75%, with another 36% added this year. Its closest U.S. competitor, Johnson & Johnson, is less than half its size by market value.
Lilly’s rise has reshaped the $72 billion weight-loss market, where early supply struggles at rival Novo Nordisk gave the U.S. drugmaker room to dominate. A decade-long overhaul of its R&D pipeline (after several costly failures) set the stage for Lilly to thrive when GLP-1 demand exploded, leaving other pharma giants scrambling to buy their way into the space.
Now, Wall Street’s eyes are on the next gold rush: GLP-1 pills. Analysts say Lilly may have the inside track with orforglipron, an oral version that doesn’t require fasting. The company plans to file for FDA approval by year-end and launch it by mid-2026.
