2025 has been a wild ride of big pharma - driven by explosive use of revolutionary weight-loss medication - pushing one of the biggest manufacturers, Eli Lilly, to a trillion-dollar valuation. A dramatic takeover war also saw Denmark’s pharma darling Novo Nordisk trumped by US giant Pfizer. Now, while Novo’s share price is down 50% over the course of the year, Lilly is in the stratosphere normally reserved for the likes of tech firms. But the story’s not over. These, and smaller, challenger companies are slogging it out for market dominance. Who can nail the science for the next holy grail in weight loss meds – an oral pill. And what does investor behaviour tell us about where the market is going? Presenters: Hannah Prevett, Associate Business Editor, The Sunday Times Richard Fletcher, Business Editor, The Times Guests: Eleanor Hayward, Health Editor, The Times Paul Major, portfolio manager at Bellevue Asset management Producer: Miriam Hall Senior Producer: Julia Johnson Executive Producer: Kate Ford Photo credit: Getty Get in touch: thebusiness@thetimes.com Hosted on Acast. See acast.com/privacy for more information.

The battle of the fat jabs

The Business

It's been a dizzying year on stock markets, both here in the UK and in the US. And if we were to tally up the winners and losers of 2025, you'd probably put AI on the win side, perhaps recruitment firms on the lose side. And another of the big winners is undoubtedly pharmaceuticals. And it's all thanks to one type of drug. New this morning, the Indianapolis-based drugmaker Eli Lilly just hit a market value of $1 trillion.

Novo Nordic shares popping 6% after better than expected trial results from its so-called Magobi pill. GLP-1s, the fat jabs, whatever you want to call them, are a health revolution. Eli Lilly says a first-of-its-kind pill could be on pharmacy shelves by next year. And these drugs are not only transforming our health, but they're also reshaping businesses everywhere, from multinational food giants to local restaurants.

They're creating and destroying company fortunes and sparking wild international bidding wars. US drugmaker Pfizer has clinched a $10 billion deal for obesity drug developer Metzera. Now, the battle for the next holy grail in these medications is well and truly underway. What's going to happen next? We're talking about it today. I'm Hannah Previtt, Associate Business Editor of The Sunday Times.

And I'm Richard Fletcher, Business Editor of The Times, standing in for Dominic O'Connell. From The Times and The Sunday Times. This is The Business. Where we put you ringside with the conversations we have day-to-day with business leaders. Richard, it's nice to have you here. Welcome. A Christmas treat. Absolutely. A very Christmas dress. Where are your Christmas socks? I'm so disappointed. I'm afraid. I'm sorry about that. Although the Orange Stars sort of somewhat match the studio. So thanks very much for making the effort. I chose them specifically for that.

The battle of the fat jabs

Read the full transcript

The candid version is on a podcast,
not the earnings call.

The battle of the fat jabs

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.