Principales Empresas en Tratamientos de la Obesidad (agosto 2026)

Una Preocupación Seria

Weight loss has been for decades a very lucrative market. From diet companies to books describing magic solutions or food supplements supposed to activate the metabolism. Most of these “solutions” are snake oil at best and dangerous at worst. But this did not stop people from trying them anyway.

El crecimiento de este mercado ha sido paralelo al aumento de la obesidad a nivel mundial. Esto afecta a hasta 650 millones de personas hoy.

And for affected people, this is not just concerning for aesthetic reasons. Obesity is causing or is correlated to a wide array of incapacitating or deadly conditions, from heart problems to liver damage or diabetes.

Un Mercado en Crecimiento

This is already a $15B market, and it was until recently projected to reach $32B by 2030, or a 10.1% CAGR.

But with the recent and very successful launch of Wegovy by Novo Nordisk, new projections expect the market to grow to $50B by 2030.

This is because obesity therapies are moving away from the 2 traditional methods of treating it:

1. Conductual: diet, exercises, etc…
2. Quirúrgico: stomach surgeries, liposuction, etc…

Instead, our increasing understanding of human metabolism has led to the development of new classes of drugs. These drugs are doing what the decades of snake oil remedies could not: modifying the patient’s metabolism to modify appetite and fat tissue generation.

This has led some analysts to comment that “Obesity is the “new hypertension,” with the potential to become “the next blockbuster pharma category,”

Top 6 Acciones de Obesidad

As this is a very hot topic in the pharmaceutical industry, the companies listed here will be by the maturity of products, starting from already commercialized ones, as this will also give an overview of where the market is today and how it could change with the entry of new therapeutic classes down the road.

1. Novo Nordisk A/S

NVO Gráfico de precios

Novo Nordisk is more known for its diabetes therapies, representing 79% of its current revenues. It is a company we already covered in “Top 5 Blue Chip Pharmaceutical Companies (mayo de 2023)”

Fuente: Novo Nordisk

A smaller part of its activity is obesity, with just 9% of sales. But an important part is the astonishing growth rate of 84% in 2022. This is entirely based on the launch of Wegovy, an injectable weight-loss medicine. Wegovy mimics a weight-related hormone called GLP-1 (glucagon-like peptide-1).

It had a stellar start, to the point where some manufacturing issues have led to a global drug shortage. The success of Wegovy has boosted Novo Nordisk’s sales growth expectation for 2023 from 13-19% to 24-30%, as the production is now high enough to satisfy demand.

In the US, they recruited US rapper Queen Latifah for a campaign about the stigma surrounding obesity treatments. The success is global, notably in China:

Jóvenes chicas se agolpan en el departamento de endocrinología y metabolismo del hospital, sin importar si son delgadas o gordas, solo para recibir una dosis de semaglutida.

En el hospital del doctor, solo recetaron poco más de 100 dosis de semaglutida en junio, pero ahora el número ha subido a 1500‑2000 dosis, que es el volumen de ventas promedio de semaglutida en la mayoría de los hospitales terciarios de Shanghái.

 When Wegovy disappeared from inventory, el otro tratamiento de Novo Nordisk para el fármaco de diabetes tipo 2 Ozempic, que usa la misma molécula, se utilizó a menudo como sustituto. Even Elon Musk se refirió a Wegovy como una forma de perder peso no deseado.

The GLP-1-inspired drug has been a hit, even larger than Novo Nordisk expected. It might also be something that will need to be taken continuously to keep its benefit, making a long-term treatment and cash cow for Novo Nordisk.

“Using tirzepatide might be a lifetime decision.”

It must nevertheless be emphasized that potential side effects are no joke, including thyroid cancer, pancreas inflammation, kidney problems, and gallstones. So it is highly recommended to get medical advice first and use it only for severe obesity, and NOT for small weight losses like the young Chinese girls mentioned above.

These issues are related to the whole metabolism, so competitors’ products will likely carry the same risks. This is something investors will want to keep in mind.

2. Eli Lilly and Company

LLY Gráfico de precios

Right on the heels of Novo Nordisk, Eli Lilly has its own potential blockbuster obesity drug, Mounjaro. Its preliminary clinical trial had similar and maybe superior results to Wegovy, an average reduction of nearly 16% of test patients’ body weight. The weight loss can even be up to 22% for patients without diabetes.

Mounjaro is targeting not only GLP-1 (like Wegovy) but also GIP (glucose-dependent insulinotropic polypeptide). Lilly is another leader in the field of diabetes and insulin, so it is not surprising that they are almost as advanced in this field as Novo Nordisk.

Eli Lilly expects Mounjaro to launch for obesity in Q2 2023 and might be a serious competitor to Wegovy.

Mounjaro was already a very successful type-2 diabetes drug. UBS analysts suspect that with approval for obesity treatment, Mounjaro could become the first drug to sell for more than $25B in just one year.

The Mounjaro studies are ongoing, with new results expected in mid-2023, 2025, and 2027, testing different effects on specific subsections of the population in order to get a wider range of approved applications.

Eli Lilly is a more diversified company than Novo Nordisk, with notably a pipeline on Alzheimer’s, Parkinson’s, cancer, immunology, etc…

For the foreseeable future, it is likely that the obesity market will be split between Novo Nordisk and Eli Lilly, with the ratio of this partition yet to be seen.

3. Altimmune, Inc.

ALT Gráfico de precios

Altimmune is performing phase 2 of clinical trials for its obesity-treating drug pemvidutide. The molecule is acting on GLP-1, but also Glucagon, giving hopes that it could also help liver functions and mimic the effect of exercise in addition to the hunger-reduction effect of GLP-1.

Fuente: Altimmune

The company has ongoing clinical trials for obesity, with the result from phase 2 for obesity expected in Q4 2023. Pemvidutide is also investigated for NASH (Non-alcoholic steatohepatitis), the most severe form of nonalcoholic fatty liver disease.

The company’s other product, in phase 1, is the immunotherapeutic for chronic hepatitis B infections. This condition affects 300 million people worldwide, of which 15 million are in the EU + USA and 87 million in China.

Fuente: Altimmune

The company’s products are at an earlier stage than Novo Nordisk’s or Eli Lilly’s. It also has a valuation of around 1000x smaller. So, if its obesity treatment can reach the patients and snatch even a portion of the predicted $50B obesity markets, this could greatly boost the company’s value.

Having passed the phase 1 trials (toxicity evaluation essentially), shown up to 10% of body weight losses, and seen the success of other GLP-1-based drugs, this looked promising.

Still, somewhat disappointing results in marzo de 2023, due to widespread nausea side effects, have led to a 50% drop in the company stock value.

Financial capacity will be crucial to reaching the point of commercialization, with a net loss of $84M in 2022 for $185M in cash at the end of 2022. Additional funding will likely be required to finance phase 3 of clinical trials for obesity treatment.

4. Sosei Heptares

Pfizer (PFE ) has partnered with Japanese Sosei Heptares for PF-07081532, its GLP-1 agonist, in phase 2 of clinical trials. While Pfizer could be a way to invest in that drug, it is such a large company that a more direct investment strategy would be Sosei stock instead.

Sosei relies on a computer-based drug discovery process centered on GPCRs (G-protein coupled receptors), a protein class targeted by drugs representing 27% of the global pharmaceutical market. The segment still has a lot of therapeutic potential, with 56% of the 400 GPCR proteins in the human body still “undrugged” in any way.

This focus on drug discovery leads to a business model based on payment after successful development and royalties once the drug is commercialized “(ranging from high single digit to mid-teen percentage of the sales).”

Would Pfizer GLP-1 drug be successful and reach $1B-$10B in sales? In a few years, this could represent royalties worth 10-100% of Sosei’s current market capitalization.

The rest of the pipeline should also be valuable, with partnerships with Genentech, AbbVie (ABBV ), GSK, Lilly, Neurocrine, Allergan, Teva, and Astra Zeneca. It also has in-house 3 drugs in pre-clinical development for solid tumors, schizophrenia and psychosis, and inflammatory bowel disease.

Investors in Sosei will want to keep a close eye on Pfizer clinical trials in phase 2. The company is profitable, even if barely, as in 2022, it spent $7.4B in R&D and had revenues of $15.5B.

Fuente: Sosei Heptares

This financial stability might make Sosei a safer proposition than Altimmune for a high payout in case of drug development success, even if likely a less large growth compared to current market capitalization as well.

5. Amgen Inc.

AMGN Gráfico de precios

A giant in biotechnology, Amgen (AMGN ) is a company we covered in “5 Best Biotech Stocks To Watch (mayo de 2023)”. It nevertheless got caught lagging behind its competitors, more focused on metabolism and diabetes when it come to potential obesity treatments.

It has a program, AMG 133, targeting both GLP-1 and GIPR (Gastric Inhibitory Polypeptide Receptor). According to pre-clinical data, the combination of both effects might be stronger than each separately.

AMG 133’s unique advantage would be a long half-life, with a dosage every 4 weeks instead of the required weekly treatment of Wegovy.

Los resultados de la fase 1 llegaron en diciembre de 2022, mostrando una pérdida de peso del 14,5 % del peso corporal. Phase 2 should be starting in early 2023.

Debido a que solo está entrando en la fase 2 de ensayos clínicos y porque la compañía se centra en una amplia gama de terapias, AMG 133 es menos central para la tesis de inversión de Amgen.

Aún así, un posible fármaco blockbuster de 5‑20 mil millones de dólares podría impulsar seriamente los resultados de la compañía. Por lo tanto, con Wegovy demostrando que el mercado es más grande de lo esperado, esto es algo que los inversores en Amgen querrán vigilar.

6. Structure Therapeutics Inc.

GPCR Gráfico de precios

Only publicly listed in a very recent IPO in febrero de 2023, Structure Therapeutics (GPCR ) is working on a phase 1b trial for a GLP-1 drug and a pre-clinical for a GLP-1 + GIPR drug. Phase 2a studies are expected in the second half of 2023. The company is based in Shanghai and San Francisco.

This seems to be a very science-driven company and team. The company is focused like Sosei on GPCRs, using structure analysis and AI + machine learning (ML) to find new drug candidates.

Fuente: Structure Therapeutics

Besides obesity treatment, Structure Therapeutics also has candidates in the cardio-pulmonary segment.

Fuente: Structure Therapeutics

The $185.3 million IPO brought cash to a total of $249M in febrero de 2023, giving some breathing room to the company. Net losses for 2022 were $51M.