Obesity is a serious and worsening health concern. According to the World Health Organization, at least 2.8 million annual deaths are attributable to being overweight or obese. Thankfully, many companies are developing various medicines that could make a difference. And a recent report from Bloomberg Intelligence predicts that branded anti-obesity drugs could generate $44 billion in risk-adjusted sales by 2030, up from just $2.5 billion in 2022.

The two companies that are almost certain to dominate this space are Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO) -- two biotechs that have significantly outperformed the market over the past year. But there is more upside left for both companies, not just thanks to their dominance in the obesity drug market. Let's consider why Eli Lilly and Novo Nordisk can still deliver solid returns from here on out.

Eli Lilly is a longtime leader in the market for diabetes and obesity drugs. Last year, the company earned approval for Mounjaro, a novel treatment for type 2 diabetes (T2D) that almost instantly became a hit. Mounjaro recorded $568.5 million in sales in the first quarter, already becoming the fourth-best selling product for Eli Lilly despite being granted the green light in May 2022.

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Source Fool.com