The battle of the fat jabs

2025 has been a wild ride of big pharma - driven by explosive use of revolutionary weight-loss medication - pushing one of the biggest manufacturers, Eli Lilly, to a trillion-dollar valuation. A dramatic takeover war also saw Denmark’s pharma darling Novo Nordisk trumped by US giant Pfizer. Now, while Novo’s share price is down 50% over the course of the year, Lilly is in the stratosphere normally reserved for the likes of tech firms.

But the story’s not over. These, and smaller, challenger companies are slogging it out for market dominance. Who can nail the science for the next holy grail in weight loss meds – an oral pill. And what does investor behaviour tell us about where the market is going?

Presenters:

• Hannah Prevett, Associate Business Editor, The Sunday Times
• Richard Fletcher, Business Editor, The Times

Guests:

• Eleanor Hayward, Health Editor, The Times
• Paul Major, portfolio manager at Bellevue Asset management

Producer: Miriam Hall

Senior Producer: Julia Johnson

Executive Producer: Kate Ford

Photo credit: Getty

Get in touch: thebusiness@thetimes.com

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