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Additional Reading from MarketBeat Media 3 Companies at the Forefront of the GLP-1 Pill WarsReported by Nathan Reiff. Posted: 3/16/2026. 
Key Points - Three companies to watch in the fast-growing GLP-1 space include firms with market capitalizations ranging from about $4 billion to nearly $1 trillion.
- Eli Lilly's size and dominant position allow it to develop multiple GLP-1 medicines and to expand rapidly into many corners of the world.
- Viking Therapeutics and Structure Therapeutics are much smaller, but each has a highly promising GLP-1 candidate working its way through the clinical trial process.
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Though the first GLP-1 agonists date back more than 20 years, it's only in the last couple of years that they've begun to dominate the pharmaceutical space, driven by their massive potential as weight-loss drugs. With some estimates putting the market near $63 billion in early 2026, forecasts call for the GLP-1 industry to roughly triple over the coming decade. It's no surprise that the biopharma industry is racing to capture a share of that growth as GLP-1 use accelerates. Dozens of new GLP-1 receptor agonists are in development across nearly as many firms—and it's not just major pharma names getting involved. The medicine is evolving quickly: it has already expanded to include oral treatments, with the first-ever FDA approval for a GLP-1 pill for weight loss for Wegovy at the end of 2025. Amid the significant turbulence and hype surrounding this fast-growing space, the companies below may be particularly interesting to watch. Multiple Products and Geographies Could Cement Eli Lilly's Dominance Eli Lilly and Company (NYSE: LLY) is one of the biggest pharmaceutical companies in the world, with a market capitalization approaching $1 trillion as shares have climbed by almost 20% in the last year. This scale plays to Eli Lilly's advantage as it expands its GLP-1 program globally. The firm plans to spend $3 billion in China over the coming decade to expand its supply chain and build local manufacturing capacity, including for GLP-1 medications. That investment would not only improve access to China's growing weight-loss market but also shore up global supply. Also in China, Eli Lilly recently filed for approval of a new GLP-1 treatment and completed a Phase 1 trial for a related medication. Last quarter, the company submitted its drug orforglipron, a new GLP-1 agonist, for obesity treatment in the United States and in more than three dozen additional countries, with an expected U.S. launch by mid-2026. Lilly's substantial R&D budget has also allowed it to advance retatrutide, a so-called "triple-agonist" that combines GLP-1 properties with other mechanisms and is currently in trials. By pursuing multiple products—including oral candidates—and expanding across geographies, Eli Lilly is positioning itself to dominate the GLP-1 space. With 45% year-over-year revenue growth in 2025, this strategy could help sustain rapid top-line gains going forward. Viking's Dual Agonist Drug Shows Potential As It Moves Through Trials A much smaller firm than Eli Lilly, Viking Therapeutics Inc. (NASDAQ: VKTX) has not yet brought a GLP-1 drug to market. Instead, VK2735—a dual agonist of both GLP-1 and glucose-dependent insulinotropic polypeptide (GIP) receptors—has been progressing through clinical trials. In January 2025, the company published Phase 2 results that showed promise, with participants losing up to nearly 15% of baseline body weight and no clear plateau in effect. Viking is developing VK2735 in both oral and injectable forms and expects to begin Phase 3 trials for the oral formulation in the coming months. So far, the drug's potential has helped VKTX shares rise by nearly 20% over the past year. That said, investors may worry about the company's ability to bring VK2735 to market quickly enough to capture a sizable share, given the number of alternatives already available or close to approval. Viking is not currently profitable, although, as of the latest quarter, it held a healthy $706 million in cash reserves. Structure's GLP-1 Pill Could Be Big, But Trial Results Will Confirm Shares of Structure Therapeutics (NASDAQ: GPCR) have far outperformed both companies above in the last year, rising more than 150% as investors grew enthusiastic about aleniglipron, the firm's GLP-1 agonist candidate. Analysts still see significant upside for GPCR stock: consensus price targets imply potential gains of over 90%, with a midpoint around $107.90. Compelling Phase 2B results published in December 2025 attracted attention, and investors are now waiting for additional data that will clarify aleniglipron's efficacy and safety profile. If the drug proves to be a strong contender in the emerging GLP-1 pill market, GPCR shareholders could see further upside when new results are released—though that outcome remains uncertain and carries typical biotech risk. |
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