Demand for weight-loss drugs has grown at an astonishing rate in recent years, driving share prices of healthcare giants such as Eli Lilly (LLY) and Novo Nordisk (NVO) higher. For instance, sales of Novo Nordisk’s weight-loss drug have soared to almost $28 billion in the last 12 months. The drug was initially approved in 2017, and is also used to treat diabetes. Similarly, Eli Lilly’s weight-loss drug was approved in 2022, and now rakes in more than $17 billion in annualized sales.
The demand for weight-loss treatments should gain momentum in the upcoming decade, given the strong early results shown by Eli Lilly and Novo Nordisk in this segment. Considering these factors, here’s another weight-loss stock you can consider buying at current valuations.
