The obesity drug market continues to attract significant attention in 2026, particularly with the introduction of new oral therapies and advancements in amylin-based treatments. The launch of Novo Nordisk’s oral Wegovy has been a notable development, and next-generation weight loss drugs, such as those acquired by Pfizer through Metsera, are also making headlines. The sector is expanding rapidly, with its value already exceeding $50 billion.
Evan Seigerman, an analyst at BMO Capital Markets, commented on the challenges of predicting trends in this area. “Obesity is a unique medical condition, [with] a unique set of challenges to help investors and others understand what’s real, what’s not real, what’s actually happening, and how these drugs actually help patients.”
Access to these medications remains a complicated issue. Seigerman highlighted that Congress did not renew healthcare subsidies under the Affordable Care Act during December and January. “[This] laid bare some of the larger issues that we have in the system,” he said. “Premiums have been increasing, but they’ve just been hidden by subsidies and government workarounds.” He noted that growing self-pay markets for Wegovy (semaglutide) and Eli Lilly’s injectable Zepbound (tirzepatide), along with efforts from the Trump Administration to negotiate lower out-of-pocket costs, underscore broader systemic concerns.
Recent developments include an agreement between the White House and major pharmaceutical companies Eli Lilly and Novo Nordisk to set an initial price of $150 for future weight loss pills.
In terms of innovation, Novo Nordisk filed for FDA approval in December for CagriSema—a combination therapy targeting both amylin and calcitonin receptors—which could become the first amylin-based obesity drug on the market this year. Seigerman stated: “Amylin is going be an important target. There are still patients who don’t respond well to GLP-1s, so we do need alternative targets.” Pfizer plans to share data on its own amylin analog MET-233i later this year.
Eli Lilly presented Phase II results last November for eloralintide as a standalone treatment; it demonstrated up to 20% weight loss after 48 weeks. Leerink Partners analyst David Risinger told BioSpace: “Eloralintide was shown to have a much better gastrointestinal side effect profile than GLP-1s, and that’s what made it special.” He added: “We’re looking forward to this combination study on top of tirzepatide to learn more about its potential to offer additional weight loss, and also to learn how Lilly will develop the two in combination in Phase III trials going forward.”
Lilly is also advancing orforglipron—its oral offering—which had received expedited review from the FDA under a new priority program but now faces delays. Risinger explained: “FDA had made promises for ultrafast reviews, but it’s already delayed some action on certain products,” adding that while Lilly aimed for a second-quarter launch, no PDUFA date has been provided by either party. According to Reuters reporting from January 15 based on internal regulatory documents reviewed by the outlet, April 10 is now targeted as the decision date.
Risinger anticipates strong demand for oral alternatives once approved: “We do expect there to be significant patient demand for oral products.” However, Seigerman expressed uncertainty about their overall impact compared with injectables due to factors like dosing frequency and maintenance routines. He said: “I think maintenance is what’s going to really drive the longevity of this market… Everyone asks when do you stop taking these? What does that look like? We don’t have a good answer.”
Looking ahead this year at scientific conferences such as those hosted by the American Diabetes Association (ADA), more detailed clinical trial data will emerge from several companies including Pfizer—whose PF’3944 asset recently advanced into two Phase III studies—and Structure Therapeutics with its oral GLP-1 candidate aleniglipron as well as ACCG-2671 (a dual amylin/calcitonin receptor agonist). Seigerman remarked: “There is probably a limit as to what you can do with a small molecule, which is why Structure is looking at amylin.”
With ongoing research updates from Roche and other competitors alongside frequent merger-and-acquisition speculation involving firms like Viking Therapeutics, industry observers expect continued momentum throughout 2026.
“Heather McKenzie contributed reporting to this story.”
