GLP-1 Obesity Drug Boom: U.S. and Korea-Listed Companies Redefining Healthcare and Markets


📘 Part 1. U.S.-Listed Leaders — The “Obesity Drug One-Tops” Already Making Real Money

Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE ADR: NVO / Copenhagen: NOVO-B) are already generating substantial revenue and profit from GLP-1–based obesity and diabetes therapies. While many biotechs still trade on potential, these two have validated the business model.

Contents
  1. Eli Lilly — Mounjaro & Zepbound
  2. Novo Nordisk — Ozempic & Wegovy
  3. U.S. Followers (Amgen, Viking)
  4. Part 2. Korea-Listed Names (Hanmi, HK inno.N, Ildong, D&D)
  5. Part 3. By the Numbers — Market & Tables
  6. Part 4. Final Framing — What to Use & What to Buy
  7. Sources

When you talk about the obesity-treatment market of the 2020s, it ultimately boils down to two names: Eli Lilly and Novo Nordisk. Let’s go one by one.

1️⃣ Eli Lilly — Reached #1 Pharma Market Cap with Mounjaro & Zepbound

(1) What kind of company is it? — From “the Prozac company” to “the obesity-drug company”

  • The antidepressant Prozac
  • Multiple insulin products
  • Treatments for rheumatic/autoimmune disorders and oncology
“Lilly now lives on obesity drugs.”

At the center are two brands: Mounjaro (type 2 diabetes) and Zepbound (obesity). Both use tirzepatide; they split indications and positioning to cover both markets. By 2024–2025, Lilly rose to #1 by market cap among global pharmas.

(2) Snapshot — A large pharma that keeps raising its annual guide

  1. Guidance raised repeatedly: 2024 revenue guide to $45.4–46.6B; 2025 around $63B.
  2. Quarterly breakthrough (Q3 2025): Revenue $17.6B (+53.9% YoY), Net income ~$5.5B (~6×). Zepbound ~$3.59B (+185%), Mounjaro ~$6.52B (+109%). Combined GLP-1s: $10B+ per quarter.
  3. ~$800B market cap: “The only pharma at the table with Apple, Microsoft, NVIDIA.”
In short: a mega-cap pharma posting ~50% growth in sales and earnings — increasingly “tech-like.”

(3) What does it make? — GLP-1 + GIP dual agonist tirzepatide

  • GLP-1: ↑ insulin, ↓ gastric emptying (satiety), ↓ appetite
  • GIP: post-meal insulin modulation; energy/fat metabolism

Mounjaro: type 2 diabetes (strong glycemic control + weight loss).
Zepbound: obesity (weight reduction is the primary goal).

Key data

  • SURMOUNT-1 (72 wks, non-diabetic adults): up to 57% achieved ≥20% loss; average ~15–20%.
  • Vs Wegovy (72 wks): Zepbound ~22.8 kg vs Wegovy ~15 kg.

Typical GI AEs (nausea, vomiting, diarrhea, constipation); mitigate with slow titration.

(4) Pipeline — From injections to pills, dual to triple

  • Orforglipron (oral GLP-1): ~12.4% average loss at 72 wks (ATTAIN-2); practical for injection-averse or maintenance use.
  • Retatrutide (GLP-1 + GIP + glucagon): Phase 2, 48 wks, up to ≥24% average loss; some near 30%.
Bottom line on Lilly: already monetizing obesity drugs, with the next generation (oral, triple) mapped out.

2️⃣ Novo Nordisk — Moving Denmark’s Economy with Ozempic & Wegovy

(1) From “insulin kingdom” to “obesity empire”

Core platforms: insulins, GLP-1 diabetes meds (liraglutide, semaglutide). As semaglutide’s obesity efficacy proved dramatic, growth expanded from diabetes to obesity.

  • Ozempic: weekly semaglutide (type 2 diabetes)
  • Wegovy: higher-dose semaglutide for obesity; emphasis on weight loss + CV risk reduction

Novo became Europe’s #1 market cap in 2024; at one point, market cap even surpassed Denmark’s annual GDP.

(2) Financial snapshot & stock

  • 2024 revenue ~$40B; +26% YoY. GLP-1 share rising; Wegovy fastest. Wegovy ~DKK 88.4B (~KRW 17T). Ozempic similar or larger.
  • Post-FDA 2021: stock up >3× in three years; market cap >$600B.
  • 2025 normalization: drug-price pressure, stronger competitors, supply bottlenecks/capex → temporary >40% drawdown.

(3) What does it make? — Semaglutide (GLP-1-only)

  • ↑ insulin when glucose is high; ↓ gastric emptying; ↓ appetite via hypothalamus
  • Products: Ozempic (weekly), Rybelsus (oral daily), Wegovy (high-dose obesity)
  • Obesity trials: ~15% average loss; also **reduces MACE** in high-risk patients → big advantage in payer negotiations.

(4) Next cards — Amycretin & combinations

  • Amycretin: co-modulates GLP-1 and other pathways; early **~20%** loss; potential successor to semaglutide.
  • Combination programs: GLP-1 + GIP, GLP-1 + amylin.
Strategy: Step 1 lead with semaglutide (Ozempic/Wegovy). Step 2 maintain/expand with oral, combos, and successors (amycretin).

3️⃣ U.S. “Followers” — Attention, but Little Obesity Revenue (Yet)

Amgen (AMGN)

AMG 133 (MariTide) explores GLP-1, GIP, and other routes. Early data show meaningful weight loss → a top candidate to follow Lilly/Novo.

Viking Therapeutics (VKTX)

VK2735 (GLP-1/GIP dual), both injectable and oral under development. Early studies ~13% weight loss. Classic R&D biotech: price moves on data and deal/M&A news.

📘 Part 2. Korea-Listed Names — Four Pillars Aiming at K-GLP-1

  • Hanmi Pharmaceutical (KOSPI: 128940)
  • HK inno.N (KOSDAQ: 195940)
  • Ildong Pharmaceutical (KOSPI)
  • D&D Pharmatech (KOSDAQ)

1️⃣ Hanmi — Closest to the first GLP-1 launch in Korea

  • Lead: Efpeglenatide (weekly GLP-1 injection); add’l: HM15275, HM17321.
  • Active at ADA 2025 (six obesity-related presentations).
  • 2024 (consol.) rev ~KRW 1.4955T; OP ~KRW 216.2B; NI ~KRW 140.4B. 2025E rev ~KRW 1.6T, OP ~KRW 260B (broker est.).
  • Phase 3 obesity in Korea; media cite some patients with up to **~30%** loss at 40 wks. Watch **reimbursement** & **out-licensing**.

2️⃣ HK inno.N — Licensed-in GLP-1, IN-B00009

  • Licensed **ecnoglutide** (IN-B00009) from **Sciwind**.
  • Completed Phase 2 (obesity); cleared for Phase 3 in Korea.
  • 9M 2025 rev ~KRW 770B; approaching **KRW 1T** FY. Narrative: “stable core → GLP-1 second engine.”

3️⃣ Ildong Pharmaceutical — Oral GLP-1 pipeline

  • Oral GLP-1 candidate (name undisclosed); Phase 1 topline planned for **Sep 2025**.
  • Profit turn around 2024 (~$11M OP); **1Q25** OP up **>4,000% YoY**.

4️⃣ D&D Pharmatech — Oral GLP-1 out-licensing surge

  • Candidates: DD02S (oral GLP-1 analog), DD03 (oral triple GLP-1/GIP/GCG).
  • $803.5M multi-asset deal with Metsera (U.S.). 2025 M&A rumors (Pfizer/Novo) boosted the story.
  • Claims **>10×** absorption vs current orals; monthly dosing concept for DD02S.
All four face clinical/approval/reimbursement risk; key catalysts: trial readouts, out-licensing, filings, reimbursement decisions.

📘 Part 3. By the Numbers — U.S. vs Korea Investment Map

1️⃣ Obesity in Korea — “>30% increase over 10 years”

  • Adults (2015): 26.3% → (2024): 34.4% (+30.8%).
  • Men ~41%, Women ~23%. Men in 30s: 53.1%; 40s: 50.3%.
  • Body-fat-based analyses show **>40%** metabolically obese.
Bottom line: Not a niche — a major healthcare segment with robust, secular demand.

2️⃣ Market size — High-teens growth

  • Non-surgical obesity (Korea): 2024 $136.8M → 2030 $357.9M (CAGR ~17.1%).
  • GLP-1 obesity (Korea): 2024 $122.8M → 2030 $386.1M (CAGR ~16.7%).
  • GLP-1 for weight loss: 2024 $0.2B → 2033 $0.7B (~3×).

3️⃣ Quick comparison tables (Nov 2025, rough)

Valuation & Stock

HanmiHK inno.NIldongD&D Pharmatech
ExchangeKOSPIKOSDAQKOSPIKOSDAQ
Mkt cap~KRW 3.6T~KRW 1.4T~KRW 0.8–0.9T~KRW 3T
1-yr perfSideways → gentle up; mid-teensBoxed thru 1H25 → re-accelerated~+100% (pipeline + profit turn)+600%+ (Metsera deal + GLP-1 theme)
Profitability>KRW 200B OP in 2024Profitable on K-CABProfit turn; still small/volatileR&D-stage; deal income helped
Valuation2024F PER low-10s2025F PER mid/high-teensP/E less meaningful post-turnNo P/E; P/B ~30× cited

Pipeline View

CompanyCandidate / TargetFormStage / IndicationNotes
Hanmi Efpeglenatide Weekly injection K-obesity Phase 3 GLP-1 RA; closest to Korean launch
HM15275, HM17321 Injection Early–mid Some aim to preserve lean mass
HK inno.N IN-B00009 (ecnoglutide) Weekly injection K-obesity Phase 3; Phase 2 > liraglutide Licensed from Sciwind; ≤15%-range loss vs Wegovy in some reports
Ildong (undisclosed oral GLP-1) Oral Phase 1 complete; topline pending Differentiation via oral; few public details yet
D&D DD02S Oral Pre/early; out-licensed to Metsera >10× absorption vs current orals; monthly dosing concept
DD03 (triple GLP-1/GIP/GCG) Oral Pre/early Targets weight loss + ↑ energy expenditure

📘 Part 4. Final Framing — What to Use & What to Buy

1️⃣ “Already making money” vs “just starting development”

Lilly/Novo: validated, cash-generating GLP-1 businesses now.
Hanmi / HK inno.N / Ildong / D&D: equities with premium on future potential; event-driven.

2️⃣ What to read in financials

  • Revenue share from obesity/diabetes, profit structure, R&D intensity/capacity
  • Lilly/Novo: GLP-1 core, ~40% OPM, 15–20% R&D
  • K cohort: higher R&D/ sales; some rely on raises and deal income

3️⃣ Beyond efficacy — structure matters

  • Tirzepatide ~20% vs Semaglutide ~15% average loss (H2H)
  • Form factor: injection vs oral; weekly vs daily adherence
  • Payers & pricing, IP cliffs (early–mid 2030s) → margin/price compression later

4️⃣ Choice set

  • A. Validated global large-cap exposure for stability (LLY, NVO)
  • B. Event-driven beta via Korean biotechs (Hanmi, HK inno.N, Ildong, D&D)
Important note (disclaimer)
This article organizes the structure of the GLP-1/obesity market and where U.S. and Korean names stand. It does not recommend buying or selling any securities. Final decisions and responsibility rest with the investor. The theme is powerful, and so are volatility and uncertainties—track fresh data and disclosures.

Sources

  • World Obesity Federation, World Obesity Atlas 2024
  • NEJM (2023), “Tirzepatide Once Weekly for the Treatment of Obesity”
  • NEJM (2021), “Once-Weekly Semaglutide in Adults with Overweight or Obesity”
  • Grand View Research (2024), Obesity Treatment Market — South Korea
  • Eli Lilly Q3 2025 Earnings (Company IR)
  • Novo Nordisk Annual Report 2024 & press materials
  • Hanmi Pharmaceutical IR — Efpeglenatide development reports
  • HK inno.N IR / press — IN-B00009 licensing
  • D&D Pharmatech press — DD02S/DD03 out-licensing to Metsera

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