When it comes to the pharmaceutical industry, weight-loss medications are all the rage right now. While Ozempic maker Novo Nordisk dominates medications designed to treat obesity and diabetes, two other companies are looking to get their slice of the pie -- but only one is succeeding.

Let's break down some alternatives to Novo Nordisk, and assess why one competitor looks like a great buy in 2024 while the other appears too risky.

Eli Lilly (NYSE: LLY) manufactures a diabetes treatment called Mounjaro. Chances are you've seen the commercials for the drug or may even know people who are prescribed it. Although Mounjaro has only been commercially available since mid-2022, demand for this medication is off the charts. Mounjaro generated $3 billion in revenue through the first nine months of 2023, making it Eli Lilly's second-largest top-line contributor.

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Source Fool.com