One of the biggest investment themes in 2023 stemmed from the popularity of a new class of obesity and diabetes medications -- a market largely dominated by pharmaceutical juggernauts Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO).

Novo Nordisk is the developer behind the wildly popular Ozempic, Wegovy, and Rybelsus -- three different formulations of the glucagon-like peptide 1 treatment (GLP-1) semaglutide. The success of Ozempic and its sibling treatments has helped Novo Nordisk acquire nearly 60% of the GLP-1 market.

While Novo Nordisk is currently the undisputed leader among weight management treatments, investors shouldn't sleep on Eli Lilly. The company manufactures semaglutide's top rival, tirzepatide, which it markets as Zepbound and Mounjaro. Moreover, it also enjoys substantial revenues from another diabetes treatment, Jardiance.

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Source Fool.com