Lilly shares fell following the pharmaceutical company’s second-quarter earnings report and results from its experimental weight-loss pill. Photo by Paul Sableman, Wikimedia Commons.

News Release

INDIANAPOLIS — Eli Lilly and Co. on Friday, Nov. 21 became the first health care company to surpass a $1 trillion market valuation, driven by intense investor demand for its fast-growing weight-loss drug portfolio. The Indianapolis-based drugmaker’s shares rose nearly 2 percent, lifting its value past the milestone and reinforcing its position as the world’s largest pharmaceutical firm by market capitalization.

Lilly’s ascent has been fueled by surging sales of GLP-1 medicines for obesity and diabetes, as well as growing expectations for its next-generation oral weight-loss treatment. Analysts estimate the global market for such drugs could reach $95 billion by 2030, and Wall Street has rewarded Lilly accordingly. The stock has gained 37% this year after a strong 2024 rally, despite setbacks including the loss of preferred formulary status for its obesity drug Zepbound at CVS in May.

Stronger-than-expected quarterly earnings and a revised outlook helped stabilize momentum, and recent trial results have reinforced Lilly’s position ahead of Danish competitor Novo Nordisk.

The company reported that its GLP-1 products now account for nearly 58% of the market that includes Wegovy and Ozempic. Analysts project Lilly’s experimental oral drug could generate more than $40 billion in annual sales if approved by the FDA, which is expected to decide in early 2026. Lilly’s surge has delivered windfalls to shareholders, including the Indianapolis-based Lilly Endowment, whose assets have grown to more than $60 billion.

The company employs about 10,500 people in Indiana and has pledged to remain headquartered in the city where it was founded 148 years ago.