In less than five years, Novo Nordisk’s semaglutide, sold as Ozempic for diabetes and Wegovy for obesity, has transformed the treatment landscape. What began as an antidiabetic therapy quickly became the gold standard in medical weight loss, showing double-digit percentage reductions in body weight across large trials. Sales growth has been so strong that Novo Nordisk briefly became Europe’s most valuable company in June 2025, and the global obesity drug market is projected to exceed USD 100bn by 2030, according to Goldman Sachs. With so much money on the table, what are other big pharmas doing?
While Novo Nordisk ignited the boom, Eli Lilly cemented it with tirzepatide, marketed as Mounjaro (for diabetes) and Zepbound (for obesity). By engaging both GLP-1 and GIP receptors, tirzepatide has delivered even greater weight loss in trials than semaglutide. Lilly’s swift ramp-up of manufacturing and global rollouts positioned it as the strongest rival, setting the pace for other large pharmas seeking a share of this high-growth market.
AstraZeneca
AstraZeneca entered the race in late 2023 by licensing ECC5004, an oral GLP-1 receptor agonist from Eccogene. Renamed AZD5004, the candidate is now advancing in clinical trials, with Phase 2 programs underway. AstraZeneca’s focus on an oral formulation highlights a potential advantage: a pill-based option could appeal to patients reluctant to use injectables and provide differentiation against Novo Nordisk’s and Lilly’s injectable leaders.
Amgen
Amgen is advancing MariTide (maridebart cafraglutide), designed to be dosed only once a month. In Phase 2 trials, MariTide demonstrated robust weight-loss efficacy, and Amgen has since launched the registrational MARITIME program. If successful, MariTide could address adherence challenges common with weekly injections and carve out a unique convenience niche in the competitive landscape.
Boehringer Ingelheim
Boehringer Ingelheim, working with Zealand Pharma, is developing survodutide, a dual GLP-1/glucagon agonist. The drug has advanced into Phase 3 trials and has also been granted Breakthrough Therapy designation by the U.S. FDA. Survodutide’s mechanism targets both weight reduction and improvements in metabolic and liver health, potentially expanding its utility beyond obesity alone.
Merck
Merck took a decisive step in December 2024 by licensing HS-10535, an oral GLP-1 candidate from Hansoh Pharma in China. The partnership signalled Merck’s preference for oral small molecules over injectables and highlights the global race to diversify treatment modalities. The partnership marks a commencement for Merck to be a serious player in obesity therapeutics.
Notable Failures
Pfizer: the oral GLP-1 danuglipron was discontinued in April 2025 after safety concerns (notably liver-enzyme elevations and other tolerability issues were cited in public updates).
Roche: after acquiring Carmot Therapeutics to jumpstart an obesity program, Roche has both bet big (CT-388, CT-996) and cut some early assets. In July 2025 Roche pared back a Carmot-originated asset, citing competitiveness and prioritization decisions. That illustrates how even companies that buy into the space can reverse course when differentiation looks insufficient.
The focus on GLP-1s and the success of Ozempic has redefined obesity as a premier growth category in global pharmaceuticals. AstraZeneca, Amgen, Boehringer Ingelheim and Merck are positioning themselves with differentiated approaches – oral delivery, monthly dosing or multi-agonist biology. At the same time, Pfizer’s and Roche’s setbacks illustrate that progress is far from guaranteed.
As the market grows, two dynamics will define the coming years: whether challengers can truly differentiate on efficacy, safety or convenience, and how regulators and payers manage access amid skyrocketing demand. What is clear is that obesity is no longer a niche indication. It is a strategic priority shaping the pipelines and competitive futures of big pharma.