Two peptides now carry the two companies that make them. Tirzepatide brought in more than half of Eli Lilly’s 2025 revenue, and semaglutide about three quarters of Novo Nordisk’s. That scale explains which peptides get phase 3 trials, and why a parallel market grew for the ones that do not.
Key points
- Mounjaro and Zepbound, both tirzepatide, together made up more than half of Eli Lilly’s 2025 revenue [1].
- Novo Nordisk’s three semaglutide products made up about three quarters of the company’s 2025 sales [2][3].
- Novo Nordisk estimates 45.6 million patients on its products at the end of 2025 [2].
- Lilly’s 2026 guidance projects revenue 23 to 27% above 2025 [1].
US status (October 2026): Tirzepatide (Mounjaro, Zepbound) and semaglutide (Ozempic, Wegovy, Rybelsus) are FDA-approved. See the peptide status tracker.
Two companies, two molecules
Peptides are no longer a niche. Eli Lilly’s 2025 results show Mounjaro and Zepbound, both tirzepatide, accounting for more than half of the company’s revenue. Its guidance for 2026 projects growth of 23 to 27% [1].
Novo Nordisk’s three semaglutide products made up about three quarters of its 2025 sales, with Ozempic the largest and Wegovy second [2][3]. Obesity sales grew 31% at constant exchange rates [2]. The company estimates 45.6 million patients were using its products at the end of 2025, most with diabetes [2].
- More than half: share of Lilly’s 2025 revenue from tirzepatide [1]
- About three quarters: share of Novo Nordisk’s 2025 sales from semaglutide [2][3]
- 45.6 million: patients on Novo Nordisk products [2]
The class has a long history
The success is not new. Since insulin, more than 80 peptide drugs have reached the market for diabetes, cancer, osteoporosis, multiple sclerosis, HIV and chronic pain [4]. What is new is the scale. GLP-1 agonists showed benefits beyond weight, such as 20% fewer major cardiovascular events (HR 0.80) with semaglutide in 17,604 adults with established cardiovascular disease and overweight or obesity, without diabetes [5].
Demand has not slowed
Demand is large across the hemisphere. In Panama, 72% of adults have overweight or obesity [6]. Across Latin America, PAHO warned in 2026 about GLP-1 sales online and on social media [7]. In the US, FDA had received, as of May 31, 2026, 990 adverse-event reports with compounded semaglutide and more than 730 with compounded tirzepatide [8]. The alerts describe the problem. They also confirm that demand is large and real. For what a 503A pharmacy may still compound, see compounded GLP-1s after the shortage.
A parallel market grew alongside
Alongside the pharmaceutical industry, a market of peptides sold for “research use only,” compounding and wellness clinics has grown. At the 2026 FDA committee, a member who voted yes summed it up: “Our patients want peptides,” and added that FDA “has zero control over that channel” [9]. That market is why regulators, doctors and manufacturers are now debating how to give it standards rather than ignore it [9][10]. For how that channel works and why it is not a lawful source, see research-use-only peptides.
What this means for you
An industry of this size funds phase 3 trials for its patented molecules [1][2]. Simple peptides are harder to protect with patents, and many still have only limited human clinical data even when demand exists [10]. That economics explains why some peptides have large trials and others do not. When you build a menu, the trial gap is the first thing to check; the peptide status tracker and our peptide programs start there.
References
- Eli Lilly and Company. Lilly reports fourth-quarter 2025 financial results and provides 2026 guidance (press release; also filed with the SEC as Form 8-K). February 4, 2026. Link
- Novo Nordisk A/S. Financial report for the period 1 January 2025 to 31 December 2025. February 3, 2026 (Form 6-K, SEC). Link
- PharmCube. Novo’s 2025 revenue and semaglutide sales report. February 5, 2026. Link
- Muttenthaler M, et al. Trends in peptide drug discovery. Nat Rev Drug Discov. 2021;20(4):309-325. PMID 33536635. Link
- Lincoff AM, et al. Semaglutide and cardiovascular outcomes in obesity without diabetes. N Engl J Med. 2023;389(24):2221-32. PMID 37952131. Link
- Telemetro. ¡Advertencia! MINSA revela que el 72% de los adultos en Panamá enfrentan obesidad. January 7, 2025. Link
- Organización Panamericana de la Salud. Ante reportes de uso indebido de medicamentos GLP-1 indicados para tratar la obesidad, la OPS pide reforzar la farmacovigilancia. March 3, 2026. Link
- U.S. Food and Drug Administration. FDA’s concerns with unapproved GLP-1 drugs used for weight loss. Updated October 1, 2026. Link
- Bascom E. FDA committee recommends looser restrictions for several peptides. Healio, July 24, 2026. Link
- McDermott Will & Schulte. Bulk list bound? PCAC backs majority of peptides in two-day public meeting. July 27, 2026. Link
This is general information, not medical or legal advice. Rules vary by state and change. Confirm your own facts with counsel.