Lilly and Novo Nordisk oral obesity drugs take top billing at JP Morgan

14 January 2026

Of the billions that have been made and lost by investors in big pharma in the last two or three years, a significant chunk has involved the two biggest players in the burgeoning obesity field—Eli Lilly (NYSE: LLY) and Novo Nordisk (NOV: N).

These two companies have led the way with their GLP-1 receptor agonists, Lilly’s Mounjaro (tirzepatide) and Novo Nordisk’s Ozempic (semaglutide), with perceptions that the former was winning the battle last year a factor in the Danish company’s shares slipping in value by nearly 50% in 2025.

So, it is perhaps no surprise that bosses from Lilly and Novo Nordisk have taken center stage at this year’s JP Morgan Healthcare Conference in San Francisco, particularly in relation to the launches of oral Wegovy (semaglutide) and Lilly's small molecule GLP-1 agonist orforglipron.

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