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Lilly vs. Novo: Inside the Milan EASD Showdown and the ETFs Poised to Win
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Key Takeaways
LLY and Novo unveiled new clinical data at EASD, intensifying competition in the weight loss market.
LLY's retatrutide showed 34.9% of patients lost at least 25% of body weight at the highest dose.
ETFs like OZEM offer diversified exposure to companies benefiting from the expanding GLP-1 market.
The 2026 European Association for the Study of Diabetes (“EASD”) annual meeting in Milan has become the stage for a fierce data duel between Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) . Both pharma giants unveiled new clinical evidence to bolster their positions in the booming weight-loss drug market.
Lilly presented full Phase 3 data for its triple-G drug retatrutide, showing that 34.9% of patients on the highest dose lost at least 25% of their body weight, alongside a new combination drug, EloraTZP, that delivered up to 23.3% weight loss in patients with obesity and type 2 diabetes. Novo countered this with real-world data suggesting that Ozempic is associated with a 6% lower risk of major cardiovascular events compared with Lilly’s Mounjaro.
This flurry of competition underscores a critical reality for investors: the rising tide of clinical validation is lifting the entire GLP-1 market.
For those seeking exposure to the weight-loss drug market without getting exposed to single-stock risk, healthcare exchange-traded funds (ETFs), particularly those focused on GLP-1, offer a strategic gateway.
Before identifying these ETFs, it is crucial to understand where the obesity and diabetes care market is heading and the roles Lilly and Novo play in shaping it, creating opportunities across the broader healthcare investment landscape.
GLP-1 Market Trends: LLY, NVO & Beyond
Eli Lilly and Novo Nordisk stand at the center of the diabetes and weight-loss drug market, with both companies racing to capture more shares of the global market for anti-obesity medications, projected to exceed $100 billion by 2030.
The competitive intensity is rising. Eli Lilly's triple-agonist retatrutide has drawn considerable attention for its potential best-in-class efficacy, while Novo Nordisk continues to defend its first-mover advantage in the injectable GLP-1 space through its oral Wegovy launch and pipeline expansion.
Beyond these two leaders, several other prominent pharmaceutical and biotech companies are actively shaping the competitive landscape. Pfizer (PFE - Free Report) has re-entered the obesity race with its own oral GLP-1 candidate. To bolster its position in the anti-obesity drug market, it completed its massive $10 billion acquisition of Metsera last year.
Amgen (AMGN - Free Report) is advancing MariTide, a long-acting weight-loss injectable with a differentiated mechanism that could offer less frequent dosing.
Regeneron Pharmaceuticals (REGN - Free Report) is exploring combination approaches targeting muscle preservation alongside fat loss, addressing a key concern for patients and physicians. The company in-licensed a dual GLP-1/GIP receptor agonist (similar to the mechanism used in tirzepatide) in 2025 to offer its own monotherapy solution for weight loss.
What Lies Ahead for the Weight-Loss Market?
The interconnection between obesity and type 2 diabetes is the biological foundation driving the weight-loss market’s expansion. Currently, more than 27% of adults globally are eligible for GLP-1 receptor agonists for weight management, based on pooled data from 99 countries, per a study conducted by Researchers from Mass General Brigham, Washington University School of Medicine in St. Louis, and Emory University’s Rollins School of Public Health (published in January 2026). This study's authors noted that overall eligibility is driven by the steadily increasing prevalence of obesity globally.
This surely reflects the growing addressable population for GLP-1 medication. The entry of oral formulations has further accelerated adoption by removing the needle barrier, with telehealth providers reporting that patients are choosing pills over injections “by a huge factor.”
As a result, pharma and biotech stocks exposed to the GLP-1 market should continue to rally in the days ahead.
Healthcare ETFs to Win
Against the current backdrop, a diversified ETF strategy should allow investors to capture the sector’s growth while mitigating exposure to any single drug’s clinical or competitive setback, taking into account the scientific complexity, regulatory hurdles and commercial execution risk inherent in this space. Thus, investors eager to gain exposure to the GLP-1 market may consider adding the following ETFs to their portfolios that are poised to gain from the expanding GLP-1 market:
This fund, with net assets worth $57.8 million, offers exposure to 25 companies involved in weight-loss drug making. LLY holds the first spot in this fund, with 12.67% weightage, while NOVO holds the second position with 11.07% weightage.
PFE holds the third spot in this fund, with 11.48% weightage, while AMGN holds the ninth position with 4.36% weightage. OZEM charges 59 basis points in fees.
This fund, with net assets worth $54.2 million, offers exposure to 46 companies advancing prevention and treatment across chronic conditions, including heart disease, diabetes and obesity. LLY holds the first spot in this fund, with 11.44% weightage, while NOVO holds the fifth position with 4.16% weightage.
HRTS charges 75 basis points (bps) in fees.
Amplify Weight Loss Drug & Treatment ETF (THNR - Free Report)
This fund, with net assets worth $5.8 million, offers exposure to 20 global companies expected to economically benefit from weight loss drug development. LLY holds the first spot in this fund, with 10.07% weightage, while NOVO holds the second position with 8.42% weightage.
AMGN holds the fourth spot in this fund, with 5.75% weightage, while PFE holds the fifth position with 5.38% weightage. REGN holds the eighth spot with 4.64% weightage. THNR charges 59 in fees.
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Lilly vs. Novo: Inside the Milan EASD Showdown and the ETFs Poised to Win
Key Takeaways
The 2026 European Association for the Study of Diabetes (“EASD”) annual meeting in Milan has become the stage for a fierce data duel between Eli Lilly (LLY - Free Report) and Novo Nordisk (NVO - Free Report) . Both pharma giants unveiled new clinical evidence to bolster their positions in the booming weight-loss drug market.
Lilly presented full Phase 3 data for its triple-G drug retatrutide, showing that 34.9% of patients on the highest dose lost at least 25% of their body weight, alongside a new combination drug, EloraTZP, that delivered up to 23.3% weight loss in patients with obesity and type 2 diabetes. Novo countered this with real-world data suggesting that Ozempic is associated with a 6% lower risk of major cardiovascular events compared with Lilly’s Mounjaro.
This flurry of competition underscores a critical reality for investors: the rising tide of clinical validation is lifting the entire GLP-1 market.
For those seeking exposure to the weight-loss drug market without getting exposed to single-stock risk, healthcare exchange-traded funds (ETFs), particularly those focused on GLP-1, offer a strategic gateway.
Before identifying these ETFs, it is crucial to understand where the obesity and diabetes care market is heading and the roles Lilly and Novo play in shaping it, creating opportunities across the broader healthcare investment landscape.
GLP-1 Market Trends: LLY, NVO & Beyond
Eli Lilly and Novo Nordisk stand at the center of the diabetes and weight-loss drug market, with both companies racing to capture more shares of the global market for anti-obesity medications, projected to exceed $100 billion by 2030.
The competitive intensity is rising. Eli Lilly's triple-agonist retatrutide has drawn considerable attention for its potential best-in-class efficacy, while Novo Nordisk continues to defend its first-mover advantage in the injectable GLP-1 space through its oral Wegovy launch and pipeline expansion.
Beyond these two leaders, several other prominent pharmaceutical and biotech companies are actively shaping the competitive landscape. Pfizer (PFE - Free Report) has re-entered the obesity race with its own oral GLP-1 candidate. To bolster its position in the anti-obesity drug market, it completed its massive $10 billion acquisition of Metsera last year.
Amgen (AMGN - Free Report) is advancing MariTide, a long-acting weight-loss injectable with a differentiated mechanism that could offer less frequent dosing.
Regeneron Pharmaceuticals (REGN - Free Report) is exploring combination approaches targeting muscle preservation alongside fat loss, addressing a key concern for patients and physicians. The company in-licensed a dual GLP-1/GIP receptor agonist (similar to the mechanism used in tirzepatide) in 2025 to offer its own monotherapy solution for weight loss.
What Lies Ahead for the Weight-Loss Market?
The interconnection between obesity and type 2 diabetes is the biological foundation driving the weight-loss market’s expansion. Currently, more than 27% of adults globally are eligible for GLP-1 receptor agonists for weight management, based on pooled data from 99 countries, per a study conducted by Researchers from Mass General Brigham, Washington University School of Medicine in St. Louis, and Emory University’s Rollins School of Public Health (published in January 2026). This study's authors noted that overall eligibility is driven by the steadily increasing prevalence of obesity globally.
This surely reflects the growing addressable population for GLP-1 medication. The entry of oral formulations has further accelerated adoption by removing the needle barrier, with telehealth providers reporting that patients are choosing pills over injections “by a huge factor.”
As a result, pharma and biotech stocks exposed to the GLP-1 market should continue to rally in the days ahead.
Healthcare ETFs to Win
Against the current backdrop, a diversified ETF strategy should allow investors to capture the sector’s growth while mitigating exposure to any single drug’s clinical or competitive setback, taking into account the scientific complexity, regulatory hurdles and commercial execution risk inherent in this space. Thus, investors eager to gain exposure to the GLP-1 market may consider adding the following ETFs to their portfolios that are poised to gain from the expanding GLP-1 market:
Roundhill GLP-1 & Weight Loss ETF (OZEM - Free Report)
This fund, with net assets worth $57.8 million, offers exposure to 25 companies involved in weight-loss drug making. LLY holds the first spot in this fund, with 12.67% weightage, while NOVO holds the second position with 11.07% weightage.
PFE holds the third spot in this fund, with 11.48% weightage, while AMGN holds the ninth position with 4.36% weightage. OZEM charges 59 basis points in fees.
Tema Heart & Health ETF (HRTS - Free Report)
This fund, with net assets worth $54.2 million, offers exposure to 46 companies advancing prevention and treatment across chronic conditions, including heart disease, diabetes and obesity. LLY holds the first spot in this fund, with 11.44% weightage, while NOVO holds the fifth position with 4.16% weightage.
HRTS charges 75 basis points (bps) in fees.
Amplify Weight Loss Drug & Treatment ETF (THNR - Free Report)
This fund, with net assets worth $5.8 million, offers exposure to 20 global companies expected to economically benefit from weight loss drug development. LLY holds the first spot in this fund, with 10.07% weightage, while NOVO holds the second position with 8.42% weightage.
AMGN holds the fourth spot in this fund, with 5.75% weightage, while PFE holds the fifth position with 5.38% weightage. REGN holds the eighth spot with 4.64% weightage. THNR charges 59 in fees.