With over a billion obese individuals globally and many obesity-related cancers and diabetes cases in the US, weight loss drugs have become a thriving commodity. This trend, accelerated by the power of social media, has spurred pharmaceutical companies to develop weight-reduction drugs, and some of them are doing very well. According to Morgan Stanley, the weight loss drug market is expected to reach $77 billion in 2030, and these two stocks will likely play a key role in the industry.
Should Wegovy obtain insurance coverage, its current cost of $1,349 per month would likely get reduced significantly, potentially further boosting Novo Nordisk’s profits and stock price. The company’s stock is already up over 38% year-to-date, thanks to the success of its diabetes drug Ozempic. In a recent report, analysts at BMO Capital Markets noted “unprecedented potential” for Eli Lilliy’s A-list group of drugs, including Mounjaro, oral orforglipron, and the next-gen retatutide. The investment firm holds an outperform rating on Lilly shares, with a target price of $633. Its shares are currently priced at $607.2 apiece, up 66% this year.
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