LLY vs NVO Quarterly Brand Revenue
Lilly Mounjaro + Zepbound vs Novo Ozempic + Wegovy combined quarterly brand revenue. Lilly crossed Novo on a quarterly basis in 2025-Q3 and continued widening the lead through Q1 2026 (Mounjaro +125% YoY, Zepbound +80% YoY).
Updated at 2026-05-22
China Domestic GLP-1 Pipeline
China-based developers of GLP-1 and adjacent obesity assets. Mazdutide (Innovent/Lilly) won the first global dual GCG/GLP-1 approval; semaglutide's China patent expires in early 2026.
| Sponsor | Drug | Mechanism | Stage |
|---|---|---|---|
| Innovent + Lilly | Mazdutide | Dual GCG/GLP-1 | Approved (NMPA Jun 2025) |
| Sciwind + Pfizer | Ecnoglutide | GLP-1 (long-acting) | Approved (NMPA 2025) |
| Hengrui Medicine | HRS9531 | Dual GLP-1/GIP | Phase 3 |
| Hansoh Pharmaceutical | HS-20094 | Dual GLP-1/GIP | Phase 2/3 |
| Chia Tai Tianqing | TQ05105 | GLP-1 RA | Phase 2 |
| Yifan Pharmaceutical | YFH-103 | GLP-1 RA biosimilar | Phase 3 |
| Innovent + Lilly | IBI362 (mazdutide) | Dual GCG/GLP-1 | Lifecycle expansion |
| Multiple (semaglutide generic) | Semaglutide generics | GLP-1 RA (generic) | Pre-launch (post patent) |
Updated at 2026-05-22
Biosimilar Launch Timeline by Market
Approximate biosimilar / generic launch timeline by market. Semaglutide US patent ~2032 to 2033; China early 2026. Tirzepatide US patent ~2036 base, ~2041 with extensions. Biocon Glupryze EM filings at ~40% discount-to-Ozempic anchor the EM pricing strategy.
2026
2028
2030
2032
2034
2036
2038
2040
2042
Semaglutide
China
2026
Canada
2027
Brazil
2027
India
2027
West Asia
2027
Latin America (Mexico, Argentina)
2028
Europe (EU)
2031
United States
2032
Tirzepatide
China
2034
Latin America
2036
Europe (EU)
2038
United States
2041
Updated at 2026-05-22
GLP-1 and Obesity M&A 2023 to 2026
Bubble chart of major announced acquisition and licensing deals. Bubble size = deal value. Total announced consideration exceeds $50B across 8 deals. Novo Holdings + Catalent ($16.5B) and Pfizer + Metsera (~$10B headline) anchor the largest acquisitions.
AcquisitionLicensing
Updated at 2026-05-22
Private Obesity Biotech Funding Rounds
Major announced equity rounds in private obesity biotech, late 2023 to early 2026, with round type, amount, and lead investors.
| Date | Company | Round | Amount |
|---|---|---|---|
| 2023-Q4 | Metsera | Series A | $290M |
| 2024-Q1 | Kallyope | Series E | $200M |
| 2024-Q2 | Verdiva Bio | Series A | $410M |
| 2024-Q3 | Metsera | Series B | $215M |
| 2024-Q4 | Aardvark Therapeutics | Series C | $85M |
| 2025-Q1 | Aardvark Therapeutics | IPO | $94M |
| 2025-Q2 | Skye Bioscience | Follow-on | $145M |
| 2025-Q3 | Kallyope | Series F | $175M |
Updated at 2026-05-22
Public-Equity GLP-1-Attributable Enterprise Value
Approximate GLP-1-attributable enterprise value across the 16 tracked public roster names, May 2026. Lilly (~$650B) and Novo Nordisk (~$420B) capture the vast majority of total ~$1.2T tracked. Tile area scales with EV; values are directional.
Eli Lilly
LLY$650B
Novo Nordisk
NVO$420B
Pfizer
PFE$30B
Roche
RHHBY$25B
Amgen
AMGN$20B
AstraZeneca
AZN$15B
Madrigal Pharmaceuticals
MDGL$15B
Innovent Biologics
1801.HK$10B
Hims & Hers Health
HIMS$8B
Bachem
BANB.SW$8B
Viking Therapeutics
VKTX$5B
Zealand Pharma
ZEAL.CO$5B
Akero Therapeutics
AKRO$5B
Ypsomed
YPSN.SW$4B
Structure Therapeutics
GPCR$1.5B
Altimmune
ALT$1B
IncumbentChallengerMASH-adjacentInternationalDistributionPeptide CDMOMid-cap pure-playDevice makerSmall-cap pure-play
Updated at May 2026