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cnbc.comOCT 23 min read$LLY

Why Lilly and Novo are betting on amylin to power a new wave of obesity drugs after GLP-1s

Eli Lilly and Novo Nordisk are developing amylin-targeting obesity drugs. Lilly's eloralintide, combined with tirzepatide, showed 23.3% weight loss in a Phase 2 trial. Analysts project $23.2B in annual sales for Lilly's amylin products by 2035. Novo's cagrilintide, combined with semaglutide, is expected to launch in 2024. Both companies aim to offer new treatment options for obesity and diabetes.

Original reporting
cnbc.com
Published Oct 2, 2026, 3:13 PM UTC
Analysis
AlphAI AI DeskAI-generated
Added to AlphAI Oct 2, 2026, 3:19 PM UTC. Informational, not investment advice.
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Why Lilly and Novo are betting on amylin to power a new wave of obesity drugs after GLP-1s — source image
Source · cnbc.com
Decision brief

The 30-second read

$LLYBullishMed
01

Why it matters

If Phase 3 confirms efficacy, both Lilly and Novo could capture a sizable share of the $200B obesity market.

02

Market read

New amylin data may reshape obesity‑drug investment theses and affect related biotech valuations.

03

What to watch

High discontinuation rates in the combo arm and the need for large Phase 3 trials may delay commercialization.

Relevance 8/10Novelty 8/10Timing: this week

Background

Obesity drugs have been dominated by GLP‑1 agents; amylin targeting offers a complementary mechanism.

Company-level read

Ticker impact

$LLYBullishHigh confidence
Context

Lilly disclosed Phase 2 data showing its amylin drug eloralintide combined with tirzepatide achieved 23.3% weight loss, a new efficacy result.

Expected impact

likely upward pressure as investors price in potential blockbuster sales.

Evidence & confidence

First report of significant efficacy; analysts project multi‑billion sales, creating upside potential.

$NVOBullishHigh confidence
Context

Novo reported Phase 2 results for its amylin drug cagrilintide and the combo CagriSema with semaglutide, showing strong weight loss and brain‑response benefits.

Expected impact

potential upside as the combo may expand Novo's obesity pipeline.

Evidence & confidence

New trial outcomes add to Novo's pipeline credibility and may drive future sales expectations.

Market effects

Sector

strengthens the obesity‑treatment sector and may boost related biotech stocks.

Regional

U.S. and European markets could see modest gains in healthcare indices.

Global

adds momentum to the global fight against obesity, influencing worldwide pharma pipelines.

Counterpoint

What could challenge this read

Phase 2 data may not translate to Phase 3 success; safety and tolerability concerns could limit upside.

Key entities

  • Company
    Eli Lilly

    US‑listed pharmaceutical company developing eloralintide.

  • Company
    Novo Nordisk

    US‑listed pharmaceutical company developing cagrilintide.

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