Big Pharma joins Big Tech in the trillion dollar club.
Eli Lilly (LLY.N), opens new tab hit $1 trillion in market value on Friday, making it the first drugmaker to enter the exclusive club dominated by tech giants and underscoring its rise as a weight-loss powerhouse.
A more than 35% rally in the company's stock this year has largely been driven by the explosive growth of the weight-loss drug market.
In the last two years as new, highly effective obesity treatments hit the market, the category has emerged as one of the most lucrative segments in healthcare.
Sales of Lilly's tirzepatide, marketed as Mounjaro for type 2 diabetes and Zepbound for obesity, have also topped Merck's (MRK.N), opens new tab Keytruda as the world's best-selling drug.
I remember women jokingly asking me, when I worked as a retail pharmacist, if there is a magic pill for weight loss? There wasn’t anything available at the time, but now there is. Still not without serious risks, but the market has spoken.