Best GLP-1 Stocks to Buy in 2026: Lilly, Novo Nordisk, Viking, Pfizer and Merck Compared

By Dr. Frank Yap, MD, MBA · OneDayAdvisor.com · Updated November 2026 with Q3 2026 earnings (Lilly and Viking, Oct 29; Novo, Nov 4)

Quick Answer

Eli Lilly is the clear commercial leader among GLP-1 stocks, with Q3 2026 revenue up 39% to $24.4 billion. Novo Nordisk is the turnaround case, powered by its Wegovy pill. Viking Therapeutics is the high-risk, pre-revenue Phase 3 bet. Pfizer and Merck offer smaller, later-stage GLP-1 exposure inside diversified pharma. All five carry pricing, trial and competition risk.

Disclosure

This article is educational and is not personalized investment advice. It contains no affiliate links or paid placements. Prices and guidance change quickly; verify figures with company filings before acting. Past performance does not predict future results.

Contents

Snapshot table
How to think about GLP-1 stocks
1. Eli Lilly (LLY)
2. Novo Nordisk (NVO)
3. Viking Therapeutics (VKTX)
4. Pfizer (PFE)
5. Merck (MRK)
Others worth watching
Risks across the group
How to invest
Use this article with AI assistants
FAQ
Sources

Snapshot: five GLP-1 stocks at a glance

The five companies sit at very different stages. The table separates companies already selling GLP-1 drugs from those still proving them in trials.

Company	GLP-1 exposure	Latest datapoint (Q3 2026 unless noted)	Evidence stage	Main risk
Eli Lilly NYSE: LLY	Mounjaro, Zepbound, Foundayo (oral)	Revenue $24.4B (+39%); FY2026 guidance raised to $91–92B	Marketed	Price erosion, policy, premium valuation
Novo Nordisk NYSE: NVO	Wegovy, Ozempic, Wegovy pill; CagriSema pending	Sales +4% CER; Wegovy pill DKK 5.4B; FY guidance −2% to +2% CER	Marketed	Share loss to Lilly, US pricing
Viking Therapeutics NASDAQ: VKTX	VK2735 (injectable and oral)	Net loss $183.2M; cash $960M; no product revenue	Phase 3	Binary trial results, dilution
Pfizer NYSE: PFE	Berobenatide (monthly GLP-1) via Metsera	Phase 2b VESPER-3: up to 12.3% placebo-adjusted weight loss at week 28	Phase 3; launch targeted ~2028	Late entrant; small share of Pfizer’s business
Merck NYSE: MRK	MK-4082 (oral, licensed from Hansoh)	Q3 beat on Keytruda and Gardasil; EPS outlook raised	Clinical development	Obesity is optionality, not the thesis

How should you think about GLP-1 stocks?

GLP-1 stocks fall into three buckets: commercial leaders that already earn billions (Lilly, Novo), clinical-stage challengers whose value depends on trial results (Viking), and diversified pharma companies buying optionality (Pfizer, Merck). Mixing buckets without realizing it is the most common mistake: a single bad trial barely moves Merck but can move Viking by double digits.

GLP-1 investing hub graphic covering Eli Lilly, Novo Nordisk, oral pills and supply-chain stocks

For a deeper look at the two leaders, see our Lilly vs. Novo Nordisk comparison and the broader GLP-1 Investing Hub.

1. Eli Lilly (LLY): the market leader

Eli Lilly leads because tirzepatide, sold as Mounjaro and Zepbound, produced about $16 billion of third-quarter revenue: Mounjaro $10.7 billion (+65%) and Zepbound $5.4 billion (+49%). Total Q3 revenue rose 39% to $24.4 billion, and management raised 2026 guidance to $91–92 billion from $85–87 billion (Lilly 8-K).

What changed: The oral GLP-1 Foundayo reached $184 million in Q3 versus $98 million in Q2. A head-to-head Phase 3 of retatrutide versus Ozempic 2 mg in type 2 diabetes was positive, and a retatrutide BLA is targeted for Q1 2027 per Lilly’s Q2 update.
Bull case: Volume is compounding (worldwide tirzepatide volume +53%), supply is expanding, and the pipeline spans pills, injectables and next-generation triple agonists.
Watch-outs: Realized prices fell about 15% worldwide in Q3. Lilly’s release also notes roughly $900 million of benefits in the quarter, including rebate and discount estimate adjustments, so the 39% growth rate likely overstates the underlying run-rate. The shares already price in strong execution.

2. Novo Nordisk (NVO): the turnaround case

Novo Nordisk is recovering but still shrinking in the United States. Q3 sales rose 4% at constant exchange rates to DKK 79.2 billion, and adjusted operating profit rose 27%, helped by an easy comparison with 2025 restructuring costs. Reported operating profit fell 9% after DKK 8.7 billion of impairments (Novo 6-K).

What changed: The Wegovy pill generated DKK 5.39 billion (about $813 million), up 53% on Q2 and above the DKK 4.62 billion consensus. Novo raised 2026 guidance for the third time, to −2% to +2% growth in sales and adjusted operating profit at constant exchange rates (Reuters, via TimesLIVE).
Bull case: The Wegovy franchise holds more than 50% of new-to-brand US obesity prescriptions, the pill is rolling out internationally, and a CagriSema US launch is planned for early 2027 if approved.
Watch-outs: Injectable Wegovy sales in the US fell 13% at constant exchange rates, guidance still implies roughly flat sales, and the shares fell about 7% after its September capital markets day when investors wanted a clearer post-Wegovy growth plan.

3. Viking Therapeutics (VKTX): the high-risk Phase 3 bet

Viking is a pre-revenue biotech whose value rests on one molecule, VK2735, a dual GLP-1/GIP agonist. Q3 net loss widened to $183.2 million ($1.55 per share) as R&D spending rose to $166.8 million, and quarter-end cash was $960 million (RTTNews; BiopharmaWatch).

What changed: The subcutaneous VANQUISH-1 and VANQUISH-2 trials continue, with completion expected in 2027. The oral SUNRISE Phase 3 program has started, and a maintenance-dosing study reported positive top-line results.
Evidence so far: Phase 2 VENTURE showed up to 14.7% mean weight loss after 13 weeks of weekly injections; oral VK2735 showed up to 12.2% at 13 weeks. These are short, mid-stage results and should not be compared directly with other drugs’ 68- to 72-week Phase 3 data.
Watch-outs: Binary outcomes, rising cash burn (management cited roughly $100 million of average quarterly usage), possible dilution, and the chance that a larger company acquires or outcompetes it.

4. Pfizer (PFE): a late entrant buying its way in

Pfizer re-entered obesity by acquiring Metsera in November 2025, a deal reported at roughly $7 billion to $10 billion depending on how contingent payments are counted. Its lead asset, berobenatide (PF’3944), is a once-monthly injectable GLP-1 that showed up to 12.3% placebo-adjusted weight loss at week 28 in the Phase 2b VESPER-3 study (ADA 2026 coverage).

What changed: Pfizer plans a 10-study Phase 3 program, and the VESPER-6 pivotal trial of monthly maintenance dosing is enrolling.
Bull case: A monthly schedule could improve adherence, and Pfizer’s size lets it fund a broad program, including combinations with an amylin analog.
Watch-outs: Launch is targeted around 2028 ({a(S['pfe_cc'],'Close Concerns summary')}), efficacy at week 28 trailed tirzepatide’s roughly 17% at a similar timepoint, and obesity will remain a small part of a very large company for years.

5. Merck (MRK): optionality, not the thesis

Merck is a Keytruda and vaccines company with a small, early GLP-1 position. In December 2024 it licensed HS-10535 (now MK-4082), an oral small-molecule GLP-1 agonist, from Hansoh for $112 million upfront and up to $1.9 billion in milestones (Merck press release).

What changed: Merck beat Q3 expectations and raised its EPS outlook on Keytruda and Gardasil sales ({a(S['mrk_q3'],'Finimize')}).
Bull case: A GLP-1 program that targets cardiometabolic benefits beyond weight loss could help offset Keytruda’s patent expiry, expected around 2028.
Watch-outs: I did not find pivotal obesity data in the sources reviewed, so any GLP-1 contribution is years away and uncertain. Own Merck for its core business first.

Which other GLP-1 developers are worth watching?

Several companies outside the five above are advancing competing programs, summarized in recent industry coverage (Reuters-based roundup). Check each company’s own filings before relying on this list.

Amgen: MariTide, a GIPR/GLP-1 candidate designed for monthly or less frequent dosing.
Structure Therapeutics: an oral small-molecule GLP-1 developer.
AstraZeneca: oral elecoglipron heading into a broad Phase 3 program, plus an amylin analog.
Zealand Pharma and Boehringer Ingelheim: survodutide, which reported 16.6% average weight loss over 76 weeks.

What are the biggest risks across GLP-1 stocks?

The four recurring risks are price, competition, clinical trials and policy. Each one affects the five companies differently.

Risk	Hits hardest	Why it matters
Pricing and rebates	Lilly, Novo	Volume growth can be offset by lower realized prices; Lilly’s US prices fell 7% and worldwide prices about 15% in Q3.
Oral and monthly competition	Novo, Lilly	Foundayo and the Wegovy pill are splitting new prescriptions; monthly injections from Pfizer and Amgen aim at adherence.
Trial outcomes	Viking, Pfizer	Phase 3 results decide whether the drug reaches market; small differences in weight loss or tolerability change positioning.
Policy and coverage	All five	Medicare and employer coverage rules, government pricing deals and compounding enforcement can shift demand and price quickly.

How can you invest in GLP-1 drugs?

You can buy individual stocks, hold a thematic ETF, or gain indirect exposure through a broad healthcare or large-cap fund. Individual stocks give control but concentrate risk; thematic ETFs spread single-trial risk but often overlap heavily with Lilly and Novo.

Match size to risk: commercial leaders and clinical-stage biotechs deserve very different position sizes.
Check overlap: thematic funds such as Amplify’s THNR and Roundhill’s OZEM exist; review top holdings and fees before assuming diversification.
Track catalysts: Lilly’s retatrutide filing (Q1 2027 target), Novo’s CagriSema decision (early 2027 target), Viking’s VANQUISH readouts (2027) and Pfizer’s Phase 3 progress.

How can you use this article with Claude, ChatGPT, Gemini and Perplexity?

Paste the snapshot table into an AI assistant and ask it to stress-test your own situation. Always ask it to cite filings, and verify any figure it returns.

Assistant	Suggested prompt
Claude	“Using this table, explain how my risk tolerance and time horizon should change position sizing across the five stocks.”
ChatGPT	“Build a bull, base and bear scenario for Lilly and Novo using their Q3 2026 results.”
Gemini	“List upcoming 2027 catalysts for each company and what outcome would change the thesis.”
Perplexity	“Find the latest filings and news since November 14, 2026 for these five GLP-1 stocks and cite sources.”

Frequently asked questions

What are the best GLP-1 stocks to buy in 2026?

Eli Lilly leads on sales and growth, Novo Nordisk is the recovery story, Viking Therapeutics is a speculative Phase 3 biotech, and Pfizer and Merck are diversified pharma companies with smaller GLP-1 programs. Which suits you depends on risk tolerance, time horizon and existing holdings, so this is information rather than a recommendation.

Is Eli Lilly or Novo Nordisk the better GLP-1 stock?

Lilly is growing much faster: Q3 2026 revenue rose 39%, and full-year guidance is $91 to $92 billion. Novo guides to between minus 2% and plus 2% sales growth at constant exchange rates, but its Wegovy pill is gaining traction. Faster growth usually carries a higher valuation, so compare price against expectations.

Is Viking Therapeutics a good GLP-1 stock?

Viking has no product revenue. Its value rests on Phase 3 results for VK2735, with the subcutaneous VANQUISH trials expected to finish in 2027 and oral SUNRISE trials just started. A positive readout could re-rate the shares; a miss could cut them sharply. Treat it as a high-risk, position-sized holding.

Do Pfizer and Merck count as GLP-1 stocks?

Only partly. Pfizer’s monthly GLP-1 berobenatide came from the Metsera acquisition and is in Phase 3, with launch targeted around 2028. Merck licensed an oral GLP-1 from Hansoh in 2024. For both, obesity drugs are a long-dated option on top of large existing businesses, not the main driver of earnings.

Should I buy a GLP-1 ETF instead of individual stocks?

A thematic ETF spreads trial and single-company risk, but holdings often overlap heavily with Lilly and Novo and may include non-obesity names. Check the fund’s top holdings, expense ratio and what share of assets is genuinely GLP-1 exposed before assuming it is more diversified than owning the leaders directly.

What are the biggest risks for GLP-1 stocks?

The main risks are falling realized prices as cash-pay and government deals spread, intensifying competition from oral drugs and monthly injections, clinical-trial failures for developers, and policy changes affecting coverage. Lilly’s Q3 realized prices fell about 15% worldwide even as volume rose 53%, showing how volume and price can pull in opposite directions.

Sources

Medical and financial disclaimer

GLP-1 drugs are prescription medicines; nothing here is medical advice. Stock investing involves risk of loss, and this article does not consider your personal circumstances. Consult a licensed financial adviser before investing.

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