Find GLP-1 stock picks across drug developers, biotech challengers, and telehealth plays. Watchlists and obesity-drug trends for self-directed US investors.
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GLP-1 drugs have become the largest pharmaceutical category in a generation. Obesity treatments are no longer a niche segment, they are a multi-trillion-dollar addressable market with public-equity exposure across drug developers, biotech challengers, telehealth providers, and even the consumer staples names whose revenue is at risk from a thinner customer base. Industry analysts project the global GLP-1 market to grow into the hundreds of billions of dollars over the coming decade.
Two companies, Eli Lilly and Novo Nordisk, dominate the prescription market. The competitive landscape continues to widen as new entrants advance through clinical trials.
GLP-1 stocks are publicly traded companies with material revenue exposure to glucagon-like peptide-1 receptor agonist drugs. The category includes the dominant manufacturers (Eli Lilly, Novo Nordisk), biotech challengers developing competing molecules (Viking Therapeutics, Structure Therapeutics), pharmaceutical companies with smaller GLP-1 programs (Pfizer, Roche, Amgen, Merck), and telehealth platforms providing direct-to-consumer GLP-1 access (Hims and Hers, LifeMD).
The category also includes adjacent risks. Food, snack, and restaurant stocks have been re-rated as analysts model the possible revenue impact of a meaningfully thinner US population. ETFs like the Roundhill GLP-1 and Weight Loss ETF (OZEM) bundle exposure to the entire supply chain.
There are four main entry points.
Dominant drug developers offer the cleanest exposure. Eli Lilly (LLY) is the leader with Mounjaro for diabetes and Zepbound for weight loss. Novo Nordisk (NVO) sells Ozempic for diabetes and Wegovy for weight loss. Both have multi-year pipelines for next-generation oral and dual-agonist drugs.
Biotech challengers offer higher-risk, higher-reward exposure. Viking Therapeutics (VKTX) is developing VK2735, a dual agonist showing strong trial results. Structure Therapeutics (GPCR) is developing oral GLP-1 medications. These names have binary outcomes on Phase 2 and Phase 3 readouts.
Telehealth and access platforms include Hims and Hers (HIMS) and LifeMD (LFMD). Both offer telehealth access to branded and compounded GLP-1 medications, though FDA rules around compounding remain a near-term overhang.
Thematic ETFs like the Roundhill GLP-1 and Weight Loss ETF (OZEM), Amplify Weight Loss Drug and Treatment ETF (THNR), and Tema Cardiovascular and Metabolic Health ETF (HRTS) offer diversified exposure across the supply chain. ETFs reduce single-name binary risk.
Concentration risk is severe. Lilly and Novo together hold the vast majority of GLP-1 market share. A regulatory or competitive shock to either name moves the entire trade.
Patent and competitive risk matters. Patent expirations on first-generation GLP-1 drugs begin arriving in the early 2030s, opening the door to generic and biosimilar competition.
Manufacturing and supply matter. GLP-1 production has been supply-constrained, with ongoing capacity expansions by Lilly, Novo, and other manufacturers.
Adjacent risk is real. Food, restaurant, snack, and beverage stocks face potential demand changes if obesity rates decline. This is a longer-term thesis but already affecting valuations.
Dominant Manufacturers: LLY (Mounjaro, Zepbound, oral orforglipron), NVO (Ozempic, Wegovy, CagriSema, oral amycretin).
Biotech Challengers: VKTX, GPCR, ALT, AMGN (developing Maritide), MRK, ROIV.
Telehealth and Access: HIMS, LFMD, RO, NVS.
ETFs: OZEM, THNR, HRTS.
Adjacent Risk Names: KO, PEP, MDLZ, MCD, SBUX, KHC.
International: Innovent Biologics (Hong Kong-listed), Hanmi Pharmaceutical (Korea-listed).
Industry analysts project the GLP-1 market scales into the hundreds of billions of dollars annually over the coming decade. Eli Lilly has reported strong revenue growth driven by GLP-1 sales. Novo Nordisk maintains the largest international footprint but faces intensifying competition from Lilly in the US.
Oral GLP-1 medications represent the next major frontier. Lilly is advancing orforglipron, while Novo's amycretin and several biotech competitors progress through clinical trials. Successful oral formulations would expand the addressable market significantly.
FDA rules on compounded GLP-1s have tightened over time, affecting telehealth platforms that distributed compounded versions during shortage periods.
What are the best GLP-1 stocks to buy?
The most-owned GLP-1 stocks among institutional investors are Eli Lilly and Novo Nordisk. Higher-risk exposure includes Viking Therapeutics. Adjacent plays include telehealth providers Hims and Hers and LifeMD. For diversified exposure without single-name risk, the Roundhill GLP-1 and Weight Loss ETF (OZEM) bundles supply-chain holdings.
Which company makes Ozempic?
Novo Nordisk manufactures Ozempic. The active ingredient is semaglutide, which Novo also markets as Wegovy for chronic weight management and Rybelsus as an oral version for type 2 diabetes.
Which company makes Mounjaro and Zepbound?
Eli Lilly manufactures both Mounjaro (for type 2 diabetes) and Zepbound (for weight loss). The active ingredient is tirzepatide, a dual GIP and GLP-1 receptor agonist.
Is there a GLP-1 ETF?
Yes. The Roundhill GLP-1 and Weight Loss ETF (OZEM) is the largest GLP-1 specific ETF, holding around two dozen companies across the GLP-1 supply chain. Amplify Weight Loss Drug and Treatment ETF (THNR) and Tema Cardiovascular and Metabolic Health ETF (HRTS) offer alternatives.
What is an oral GLP-1 stock?
Oral GLP-1 stocks are companies developing pill-based versions of GLP-1 medications, replacing the current injection format. Eli Lilly's orforglipron is the most advanced. Other developers include Novo Nordisk (amycretin), Pfizer, and Structure Therapeutics. Successful oral formulations would expand the addressable market significantly.
GLP-1 stocks remain among the highest-conviction healthcare trades available to retail investors. Coverage focuses on US-listed plays with material GLP-1 revenue exposure or pipeline catalysts that move share prices. For specific picks, see our Best GLP-1 Stocks guide and the latest watchlist.