Eli Lilly ( has just become the first company in pharmaceutical history to exceed a market capitalization of one trillion, ranking tenth in the United States. This big pump is mainly supported by two GLP-1 miracle drugs: Mounjaro ) for type 2 diabetes ( and Zepbound ) for weight loss (. These two drugs alone have generated 25 billion USD in sales in the first nine months of this year, accounting for over 50% of total revenue.

The market for weight loss drugs is huge—Goldman Sachs predicts that the U.S. weight loss market could reach 100 billion dollars by 2030. Eli Lilly and Novo Nordisk dominate the market, but their competitors are also active: Novo Nordisk is researching an oral version of Wegovy, Pfizer has spent 10 billion dollars to acquire Metsera to gain four new pipelines, and Viking's VK2735 is rapidly advancing into Phase 3 trials.

From a valuation perspective, LLY's current PE is 32.78 times, higher than the industry average of 17 times. However, there is substance behind this surge - analysts have raised their earnings expectations for 2025-2026 over the past 30 days. However, latecomers are aggressively pursuing, and the competition for the next generation of weight loss drugs will be even more intense.