We recently published our article 5 Biotech Stocks to Buy Now as Novo Nordisk (NVO) Shakes Up the $100B Weight-Loss Market. To read the full article, head on to 10 Biotech Stocks to Buy Now as Novo Nordisk (NVO) Shakes Up the $100B Weight-Loss Market. In this piece, we take a closer look at Eli Lilly and Company (NYSE:LLY) to examine its latest developments, pipeline progress, and why it continues to draw attention from investors.

Novo Nordisk A/S (NYSE: NVO) helped transform obesity treatment from a relatively overlooked pharmaceutical category into one of Wall Street’s biggest healthcare stories. The success of GLP-1 weight-loss drugs proved that effective obesity medicines could generate blockbuster sales, attract millions of patients and reshape how doctors treat metabolic disease.

The opportunity is enormous. Obesity affects hundreds of millions of people worldwide and is associated with type 2 diabetes, cardiovascular disease, fatty-liver disease, sleep apnea and other serious health conditions. Yet only a small percentage of eligible patients currently receives modern prescription weight-loss treatments. That gap explains why analysts believe the global weight-loss drug market could eventually exceed $100 billion in annual sales.

The Next Winners May Offer More Than Weight Loss

The next phase of the obesity drug boom will not be based solely on which treatment produces the highest percentage of weight loss. Drugmakers are now developing oral GLP-1 pills, monthly injections, dual- and triple-hormone therapies, amylin-based medicines and treatments designed to preserve muscle while patients lose fat.

Here is an important piece of trivia: weight loss does not come entirely from body fat. Patients may also lose lean tissue, including muscle, which has pushed biotechnology companies to develop complementary treatments that improve the quality of weight loss. Others are working on easier dosing, fewer gastrointestinal side effects and medicines that may also improve liver, heart and metabolic health.

Oral obesity treatments could become especially disruptive. Many patients dislike needles, while pills may be easier to manufacture, distribute and use. A successful weight-loss pill would not necessarily need to outperform every injectable treatment. Convenience alone could allow it to capture a meaningful portion of the growing obesity treatment market.

Why Biotech Stocks Are Entering the Spotlight

Novo Nordisk A/S (NYSE: NVO) remains the company framing this story, but it is not included in the top 10 ranking. Instead, the countdown focuses on biotechnology stocks attempting to benefit from the market Novo Nordisk helped create.

Some of these companies are developing direct competitors to existing GLP-1 drugs. Others are pursuing different mechanisms, longer-lasting treatments or therapies that could eventually be prescribed alongside popular weight-loss medicines. Their success could lead to major commercial partnerships, acquisition interest or sharp valuation increases.

The risks are equally significant. Obesity drug trials are expensive, clinical results can disappoint and smaller biotechnology companies may need additional financing before reaching commercialization. Investors searching for the best biotech stocks to buy now should therefore examine clinical progress, cash reserves, safety data, competitive advantages and upcoming catalysts—not just ambitious weight-loss claims.

The following countdown identifies 10 biotechnology stocks positioned to participate in the next stage of the $100 billion weight-loss drug market, beginning with number 10 and moving toward the company offering the strongest combination of scientific promise, market opportunity and investment potential.

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Our Methodology

In order to arrive to our list of the 10 Biotech Stocks to Buy Now as Novo Nordisk (NVO) Shakes Up the $100B Weight-Loss Market, we examined the trending biotech stocks and based our ranking on each company’s clinical progress, treatment differentiation, market opportunity, financial position, upcoming catalysts, partnership potential and overall risk-reward profile within the rapidly growing obesity and metabolic-disease market.

5 Biotech Stocks to Buy Now as Novo Nordisk (NVO) Shakes Up the $100B Weight-Loss Market

2. Eli Lilly and Company (NYSE:LLY)

Eli Lilly and Company (NYSE: LLY) takes second place because it currently has the strongest commercial and clinical momentum in metabolic medicine. Zepbound has rapidly become one of the industry’s most important products, while Mounjaro continues expanding in diabetes. During the first quarter of 2026, U.S. Zepbound revenue increased 79% year over year to approximately $4.1 billion, driven primarily by demand. Eli Lilly and Company (NYSE: LLY) recently carried a market capitalization above $1 trillion, demonstrating how dramatically investors have repriced the obesity opportunity.

The company’s next-generation pipeline may be even more important than its current commercial franchise. In the pivotal TRIUMPH-1 trial, participants receiving the highest dose of retatrutide lost an average of 70.3 pounds, or 28.3% of body weight, after 80 weeks. Nearly half achieved weight loss of at least 30%, while participants who continued treatment to 104 weeks in a prespecified extension lost an average of 30.3%. Retatrutide activates GIP, GLP-1 and glucagon receptors, making it one of the most powerful late-stage obesity medicines reported to date.

Eli Lilly and Company (NYSE: LLY) is also building an oral franchise through orforglipron, now known commercially as Foundayo in approved markets, and developing the amylin-based treatment eloralintide. Orforglipron produced meaningful weight loss in pivotal trials and can be taken without the food and water restrictions associated with peptide-based oral semaglutide. The main risk is valuation: investors are already paying heavily for future growth. Manufacturing, pricing concessions and competition could create volatility. Nevertheless, Lilly’s combination of existing revenue, manufacturing investment and several potentially blockbuster follow-on drugs makes it the most formidable obesity company in the industry.

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Disclosure: No relevant interests to disclose. This article was originally published on BioTech HealthX.