Eli Lilly currently holds the leading position in the GLP-1 drug market with its injectable medications Mounjaro and Zepbound. These two drugs accounted for 54% of the company's revenue through the first nine months of 2025. Revenue grew 46% year over year during that period.
Novo Nordisk, which first brought a GLP-1 weight loss drug to market, has now introduced a pill version of its medication. Mounjaro and Zepbound are administered via injection. People generally prefer pills over needles.
Eli Lilly is also developing GLP-1 pills. Pfizer is working on GLP-1 drugs as well and has arranged a partnership to distribute a GLP-1 pill for a Chinese company if that drug gains approval.
The company's patents on Mounjaro and Zepbound still have years remaining before expiration. Generic competition typically emerges when patents expire, creating what the industry calls a patent cliff. Eli Lilly acquired Adverum Biotechnologies in late 2025 and agreed to purchase Ventyx Biosciences in early 2026.
Eli Lilly's stock has increased over 470% in the past five years. The S&P 500 index gained roughly 85% during the same period, while the average pharmaceutical stock advanced about 4%. The company's price-to-earnings ratio stands at 52. The S&P 500 trades at a P/E multiple of 28.4, and the average pharmaceutical stock has a P/E of roughly 10.
The Motley Fool Stock Advisor analyst team recently identified what they believe are the 10 best stocks for investors to buy now. Eli Lilly was not included on that list.