Obesity / GLP-1 Drugs
Biotech Modality · Active
· Health Care
Latest report
2026-05-01 13:57
Companies developing GLP-1 receptor agonists and other obesity / weight-loss therapeutics (semaglutide, tirzepatide class).
Pool
81
Industries
6
Cohort
3
Cohort MCap
186.1B
Layers
5
Topology Rationale
The obesity / GLP-1 value chain is driven first by companies discovering, developing, manufacturing, and commercializing anti-obesity therapeutics, then by the tools and outsourced services that enable R&D and bioprocessing, and finally by the payer, channel, and care-delivery infrastructure that determines patient access and longitudinal treatment adoption. The layers below separate true obesity-therapy developers from broader healthcare names that are only enabling access or adjacent to the ecosystem, while leaving non-relevant biopharma and diagnostics names unassigned rather than forcing them into the chain.
Value-Chain Layers
1
Obesity & GLP-1 Therapeutic Developers and Commercializers
Drug makers and obesity-platform companies directly developing or marketing GLP-1 and related weight-management therapies or devices central to the theme.
5 companies
| Company | Role | Market Cap | Revenue ($M) | GAAP EPS ($/Shr) | GAAP Net Income ($M) | R&D Expense ($M) |
|---|---|---|---|---|---|---|
|
Eli Lilly and Company
LLY
Q1-2026
|
markets Mounjaro and obesity/GLP-1 franchise
Healthcare
|
760.4B | 19,799 | 8.26 | 7,396 | — |
|
Amgen Inc
AMGN
Q1-2026
|
developing obesity therapeutics pipeline
Healthcare
|
182.2B | 8,618 | 3.34 | 1,819 | — |
|
Novo Nordisk A/S
|
core GLP-1 obesity drug leader
Healthcare
|
178.7B | — | — | — | — |
|
Metsera, Inc. Common Stock
MTSR
Q3-FY2025
|
biotech focused on obesity therapies
Healthcare
|
7.4B | 0 | -1.11 | -116 | 64 |
|
Madrigal Pharmaceuticals Inc
MDGL
FY2025
|
metabolic disease company adjacent to obesity therapeutics
Healthcare
|
12.0B | 958 | — | — | 388 |
2
Bioprocessing, Clinical Development & Research Infrastructure
Life sciences tools, CROs, testing, and biopharma service providers that support discovery, trials, manufacturing, and scale-up of obesity drugs.
12 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | GAAP Net Income ($M) | Adjusted Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
Thermo Fisher Scientific Inc
TMO
Q1-2026
|
biopharma services and lab tools supplier
Healthcare
|
173.3B | 11,005 | 376 | 1,192 | 1,651 | 21.8% |
|
Danaher Corporation
DHR
Q1-2026
|
life sciences and bioprocessing tools platform
Healthcare
|
126.5B | 5,951 | 237 | 1,322 | 1,029 | — |
|
Agilent Technologies Inc
A
Q1-2026
|
life sciences diagnostics and lab instrumentation
Healthcare
|
31.5B | 1,798 | 93 | 268 | 305 | — |
|
Waters Corporation
WAT
FY2025
|
analytical instruments used in pharma workflows
Healthcare
|
28.7B | 3,165 | 113 | 653 | 643 | — |
|
IQVIA Holdings Inc
IQV
FY2025
|
clinical research and analytics outsourcing
Healthcare
|
26.3B | 16,310 | 603 | 2,654 | 1,360 | — |
|
Laboratory Corporation of America Holdings
LH
Q1-2026
|
biopharma lab services and diagnostics support
Healthcare
|
21.2B | 3,538 | 121 | 192 | 278 | 14.4% |
|
Illumina Inc
ILMN
FY2025
|
genomics tools for discovery and development
Healthcare
|
18.3B | 4,343 | 148 | 1,079 | 850 | 23.1% |
|
Medpace Holdings Inc
MEDP
Q1-2026
|
CRO supporting clinical development
Healthcare
|
11.8B | 707 | 7 | 152 | 124 | — |
|
Revvity Inc.
RVTY
FY2025
|
research tools and diagnostics supplier
Healthcare
|
9.2B | 2,855 | — | — | — | — |
|
ICON PLC
|
outsourced clinical trial execution
Healthcare
|
9.0B | — | — | — | — | — |
|
Bio-Techne Corp
TECH
Q2-FY2026
|
protein sciences and research reagents
Healthcare
|
8.1B | 296 | 11 | 110 | 38 | 31.1% |
|
Charles River Laboratories
CRL
Q4-2025
|
preclinical and drug development services
Healthcare
|
8.1B | — | — | — | — | — |
3
Obesity Care Enablement, Monitoring & Patient Management
Healthcare services, diagnostics, and pharmacy-linked care platforms that support screening, prescribing, adherence, and ongoing obesity treatment management.
8 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | GAAP Operating Income ($M) |
|---|---|---|---|---|---|---|---|
|
CVS Health Corp
CVS
FY2025
|
integrates pharmacy, benefits, and care delivery
Healthcare
|
107.5B | 402,067 | 2,832 | 10,639 | 7,807 | 4,660 |
|
Natera Inc
NTRA
FY2025
|
healthcare services platform but not core obesity drug maker
Healthcare
|
27.8B | 2,300 | — | — | — | — |
|
Quest Diagnostics Incorporated
DGX
Q1-2026
|
diagnostic testing infrastructure for care pathways
Healthcare
|
21.0B | 2,895 | 114 | 278 | — | 399 |
|
EXACT Sciences Corporation
EXAS
FY2025
|
diagnostics platform adjacent to care ecosystem
Healthcare
|
20.0B | 3,247 | 135 | 491 | 357 | -206 |
|
Fresenius Medical Care Corporation
|
provider network managing chronic disease populations
Healthcare
|
12.1B | — | — | — | — | — |
|
Guardant Health Inc
GH
FY2025
|
testing platform adjacent to longitudinal care
Healthcare
|
11.1B | 981 | 48 | -185 | -233 | — |
|
DaVita HealthCare Partners Inc
DVA
FY2025
|
chronic care delivery infrastructure
Healthcare
|
10.0B | 13,643 | 576 | 1,887 | 1,024 | 2,044 |
|
BrightSpring Health Services, Inc. Common Stock
BTSG
FY2025
|
provider and pharmacy solutions support patient access
Healthcare
|
9.3B | 12,911 | 95 | 490 | 395 | — |
4
Drug Distribution, Pharmacy Benefit & Access Channels
Distributors, PBM-linked platforms, and healthcare intermediaries that move obesity drugs through the channel and influence dispensing economics.
6 companies
| Company | Role | Market Cap | Revenue ($M) | Adjusted EPS ($/Shr) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | Other Revenue ($M) |
|---|---|---|---|---|---|---|---|---|
|
UnitedHealth Group Incorporated
UNH
Q1-2026
|
OptumRx and insurer channel influence access
Healthcare
|
336.7B | 111,721 | 7.23 | 763 | 8,912 | — | — |
|
McKesson Corporation
MCK
Q3-FY2026
|
major pharmaceutical distribution channel
Healthcare
|
100.8B | 106,158 | 9.34 | 175 | 1,232 | 1,057 | 335 |
|
Cigna Corp
CI
Q1-2026
|
PBM and specialty care services exposure
Healthcare
|
77.1B | 68,494 | 7.79 | — | — | — | — |
|
Cencora Inc.
COR
Q1-2026
|
wholesale healthcare solutions distributor
Healthcare
|
60.6B | 85,932 | 4.08 | 119 | -2,305 | -2,425 | 2,129 |
|
Cardinal Health Inc
CAH
Q3-FY2026
|
pharmaceutical and specialty drug distribution
Healthcare
|
47.7B | 60,940 | 3.17 | 146 | 1,823 | — | 1,706 |
|
Henry Schein Inc
HSIC
FY2025
|
medical distribution platform, though less direct
Healthcare
|
8.5B | 13,184 | 4.97 | 139 | 712 | 573 | 4,270 |
5
Payers, Formularies & Reimbursement Gatekeepers
Managed care organizations whose coverage policy, utilization management, and formulary decisions shape obesity-drug adoption and affordability.
4 companies
| Company | Role | Market Cap | Revenue ($M) | Adjusted EPS ($/Shr) | Operating Cash Flow ($M) | Medical Claims Payable ($M) | Days In Claims Payable |
|---|---|---|---|---|---|---|---|
|
Elevance Health Inc
ELV
Q1-2026
|
managed care and pharmacy benefit gatekeeper
Healthcare
|
81.8B | 49,494 | 12.58 | 4,332 | 18,425 | 46.6 |
|
Humana Inc
HUM
Q1-2026
|
insurer coverage decisions affect uptake
Healthcare
|
29.2B | — | 10.31 | — | — | — |
|
Centene Corp
CNC
Q1-2026
|
payer access and reimbursement gatekeeper
Healthcare
|
26.5B | 49,944 | 3.37 | 4,366 | — | 48 |
|
Molina Healthcare Inc
MOH
Q1-2026
|
government-program payer shaping coverage
Healthcare
|
10.2B | 10,796 | 2.35 | 1,082 | 4,941 | — |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 13:57 | 81 | 5 |