The explosive growth in demand for GLP-1 drugs is reshaping the pharmaceutical investment landscape well beyond the two dominant players in the space.
While Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO) have long led the GLP-1 market, other biotechs are making meaningful moves that investors should not overlook.
GLP-1 medicines, traditionally used to treat diabetes, are now winning approvals for obesity, obstructive sleep apnea, and a growing list of additional conditions.
Amgen (NASDAQ: AMGN) and Regeneron (NASDAQ: REGN) are two companies well-positioned to capture a significant share of this rapidly expanding therapeutic category.
Amgen’s stock has climbed 27% so far this year, driven by a strong financial performance that has impressed markets and analysts alike.
In the second quarter, Amgen posted revenue of $10.1 billion, a 10% year-over-year increase, while adjusted earnings per share came in at $6.29, up 4% from the prior-year period.
The company has been navigating a meaningful patent cliff after losing exclusivity for denosumab, which accounted for roughly 18% of Amgen’s revenue last year, but other growth drivers are filling the gap.
Medicines including Tepezza, for thyroid eye disease, and Tezspire, for asthma, have helped Amgen sustain momentum while its pipeline continues to mature.
The most anticipated pipeline asset is MariTide, an investigational GLP-1 therapy currently in phase 3 trials covering weight management, diabetes, and several other conditions.
A key differentiator for MariTide is its potential monthly or even less frequent dosing schedule, a notable convenience advantage over the daily and weekly anti-obesity treatments currently available on the market.
Amgen also offers a forward dividend yield of 2.4% and has increased its payouts every year since initiating them in 2011, adding further appeal for long-term investors.
Regeneron’s story in 2026 began with share price pressure, but the stock has been rebounding over the past two months as its financial results have shown clear improvement.
The company reported second-quarter revenue of $4.3 billion, up 17% year over year, with adjusted earnings per share of $14.29, representing an 11% gain from the prior-year quarter.
Regeneron has worked through biosimilar competition for Eylea by launching Eylea HD, a high-dose formulation with a more convenient administration schedule that preserves the drug’s efficacy profile.
Dupixent, the company’s treatment for eczema and COPD, remains Regeneron’s most important growth driver and continues to push sales in a positive direction.
On the GLP-1 front, Regeneron is developing olatorepatide, a dual GLP-1 and GIP agonist licensed from a China-based company, which demonstrated a mean weight loss of up to 19% over 48 weeks in a phase 3 study conducted in China.
For context, Eli Lilly’s Zepbound, widely regarded as the category leader, posted a mean weight loss of 20.2% in its own phase 3 study, suggesting olatorepatide could be competitive with the current market standard.
Regeneron is also developing a separate medicine aimed at helping GLP-1 patients preserve muscle mass during weight loss, addressing one of the most common complaints among people on these therapies.
Both Amgen and Regeneron bring strong existing businesses, diversified pipelines, and credible GLP-1 candidates that could generate substantial long-term value for investors willing to look beyond the obvious market leaders.
