The Appetite Suppressant: How to invest in the world’s obsession with weight-loss

Welcome to Stocktails, your latest excuse to shake (not stir) up your investment ideas. Former Livewire deputy managing editor Ally Selby joins me, Armina Rosenberg (aka “Arms”), on a mission to make finance fun, approachable, and a little bit spicy.

In each episode, we'll dive into the market’s hottest themes and try our hand at some mixology magic. In this episode, we're talking all about the world's obsession with weight loss drugs - the likes of GLP-1 injectables like Ozempic, Wegovy, and Mounjaro. 

If it feels like everyone is talking about GLP-1s, it’s because nearly 20 million people globally are now using them (that’s almost the population of Australia). Morgan Stanley thinks that number will hit 150 million by 2030, as the obesity drug market balloons towards a $150 billion opportunity.

Novo Nordisk and Eli Lilly have so far been the main ways for investors to play the theme, with Novo inventing semaglutide (Ozempic/Wegovy) and turning Denmark into the toast of the pharma world. Then, Eli Lilly’s tirzepatide (Mounjaro/Zepbound) demonstrated it could produce better weight loss results and fewer side effects. 

Both were on a roll, with their share prices pushing eye-wateringly higher, before supply woes, generic competition, and pricing pressure started to heat up. Over the last 12 months, Novo Nordisk's share price has fallen 56%, while Eli Lilly is down around 15%. 

So, how should you invest in the world's growing obsession with weight loss?  You'll find out in this episode of Stocktails. 

Note: This video was recorded on 21 June 2025.