Quarterly combined brand revenue: Lilly Mounjaro + Zepbound (tirzepatide) vs Novo Ozempic + Wegovy (semaglutide). Lilly crossed Novo on a quarterly basis in 2025-Q3 and continued to widen the lead through Q1 2026 (Mounjaro +125% YoY, Zepbound +80% YoY per Lilly Q1 2026 8-K). The 2025 acceleration coincides with Lilly capacity (Concord NC, RTP NC) coming online; the 2026 trajectory is set against Novo's Catalent capacity unlock.

Regional revenue share for the major GLP-1 brands. US dominates absolute revenue, but Lilly's ex-US share grew to overtake Novo's outside the US in early 2026. Zepbound is the most US-concentrated brand at 92%; Rybelsus (oral) has the most balanced geographic mix on Novo's side. Mazdutide and ecnoglutide are China-only (NMPA approvals, no ex-China commercial yet).

China-based developers of GLP-1 and adjacent obesity assets. Mazdutide (Innovent + Lilly) was the first dual GCG/GLP-1 globally to gain regulatory approval (NMPA June 2025). Semaglutide patent expires in China in early 2026, opening generic competition from Hengrui, Yifan, and others. Pricing in China is materially below US list, with many domestic assets priced at ~$150 to $180/month equivalent. Pfizer's Sciwind licensing ($495M) for ecnoglutide ex-China rights illustrates the cross-border deal-flow.

Approximate biosimilar / generic launch timeline by market. Semaglutide US composition-of-matter patent is commonly cited as expiring 2032 to 2033 with secondary patents; China patent expires early 2026, opening near-term competition. Tirzepatide US patent is 2036 base with pediatric and secondary extensions toward ~2041. Biocon Glupryze filings in Canada, Brazil, and West Asia at ~40% discount-to-Ozempic anchor the EM pricing strategy. Verify exact dates via USPTO Orange Book at publish.

Major obesity-biotech M&A and licensing 2023 to 2026, 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. Lilly's gene-editing entry (Verve, $1.3B mid-2025) signals platform expansion beyond GLP-1. Roche's licensing-heavy strategy (Carmot + Zealand + Structure) totals more than $4.5B combined.

Major announced equity rounds in private obesity-biotech, late 2023 through early 2026. Cumulative private capital into the cohort exceeded $2B before Pfizer's $10B Metsera acquisition crystallized the largest exit. Verdiva ($410M Series A 2024) and Kallyope (sustained Series E and F rounds) anchor the largest pre-public platforms. Aardvark IPO'd 2025 (AARD). The 2024 to 2025 round cadence reflects big-pharma scouting and obesity-thesis capital deployment ahead of late-stage readouts.

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 the total ~$1.2T tracked. Mid-cap challengers (PFE, AMGN, RHHBY, AZN) contribute $15 to $30B each on a GLP-1-segment-attribution basis. Pure-plays (VKTX, GPCR, ALT, ZEAL.CO) are smaller in absolute terms but most concentrated in their GLP-1 exposure. Values are directional; precise segment attribution differs by analyst methodology.