Eli Lilly becomes first drugmaker to reach $1 trillion market value

Eli Lilly briefly became the first drugmaker ever to reach $1 trillion in market value on Nov. 21, 2025, a milestone Reuters and BioPharma Dive both attribute to demand for its obesity and diabetes drugs ^[1][2].

Combined sales of Zepbound, Lilly's tirzepatide drug for obesity, and Mounjaro, the same molecule sold for type 2 diabetes, reached nearly $19 billion over the first nine months of 2025. That moved the franchise past Merck's cancer immunotherapy Keytruda to become the world's best-selling medicine ^[1][2]. In the most recent reported quarter, Lilly's obesity and diabetes portfolio brought in more than $10.09 billion, accounting for more than half of the company's total revenue of $17.6 billion ^[1].

Lilly shares rose more than 35% this year and were trading nearly 1% higher at $1,051 when the milestone was reported ^[1]. The stock trades at about 50 times anticipated earnings over the next 12 months, according to LSEG data ^[1]. Since Zepbound's launch in late 2023, Lilly shares have gained more than 75%, compared with a rise of more than 50% in the S&P 500 over the same period ^[1]. BioPharma Dive reported the shares were worth under $100 as recently as 2018, and noted that at $1 trillion Lilly is worth more than twice the market value of Johnson & Johnson, its closest pharmaceutical peer ^[2].

Lilly pulled ahead of Novo Nordisk, whose Wegovy launch in 2021 was hampered by supply shortages, according to Reuters. Reuters also cited stronger clinical efficacy for Lilly's drugs and faster scale-up of manufacturing and distribution ^[1]. Novo has since won approvals for its weight-loss medicine in additional conditions, including cardiovascular risk and the liver disease MASH ^[2].

Estimates of how large the market becomes differ. Reuters reported that Wall Street estimates the weight-loss drug market will be worth $150 billion by 2030, with Lilly and Novo together controlling most projected global sales ^[1]. BioPharma Dive reported that analysts expect the market to reach $100 billion in annual sales by 2030 ^[2].

"The current valuation points to investor confidence in the longer-term durability of the company's metabolic health franchise," Evan Seigerman, an analyst at BMO Capital Markets, told Reuters ^[1].

Why it matters for patients

The scale of these sales is tied to questions about price and supply. In November, Lilly and Novo agreed to pricing deals with the Trump administration, though BioPharma Dive reported that questions remain about the actual impact of those agreements ^[2]. Analysts told Reuters the deal may weigh on near-term revenue but significantly expands access, adding as many as 40 million potential U.S. candidates for obesity treatment ^[1].

Demand has also strained manufacturing at both companies, leading to shortages and an opening for compounding pharmacies, BioPharma Dive reported ^[2]. Lilly has begun what it describes as the largest investment in synthetic drug production in U.S. history, and Novo has put billions into a broader manufacturing network ^[2].

Separately, the rise in Lilly's stock has lifted the Lilly Endowment, the company's largest shareholder, to more than $100 billion in assets, making it the largest foundation in the U.S. and surpassing the Gates Foundation's $77.2 billion, according to a regulatory filing cited by TipRanks ^[3].

What happens next

Investors are focused on Lilly's oral obesity drug, orforglipron, which Reuters reported is expected to be approved early next year. Citi analysts wrote that the latest generation of GLP-1 drugs has already been a "sales phenomenon" and that orforglipron could benefit from the "inroads made by its injectable predecessors" ^[1].

Reuters also reported that analysts and investors are watching whether Lilly can sustain its growth as prices for Mounjaro and Zepbound come under pressure, and whether manufacturing expansion, its pipeline and dealmaking offset a potential squeeze on margins ^[1]. The specific terms and timing of the pricing agreements with the administration have not been disclosed in these reports.