Two of the biggest names in the pharmaceutical industry right now are Eli Lilly (NYSE: LLY) and Novo Nordisk (NYSE: NVO). Each company is at the forefront of the red-hot weight-loss market due to their innovative roster of diabetes medications.

Both companies develop glucagon-like peptide-1 (GLP-1) drugs, including Mounjaro, Ozempic, and Rybelsus. While these blockbuster drugs are not formally approved for chronic weight management by the Food and Drug Administration (FDA), losing weight can often be a byproduct. As such, demand for these diabetes treatments has been rocketing off the charts.

Despite returns of over 50% from each stock in 2023, data suggests that the ride could just be getting started for investors.

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Source Fool.com