Recent financial disclosures from U.S. President Donald Trump show that in the first quarter of 2026, he executed thousands of stock transactions involving dozens of companies, including Eli Lilly (LLY). Eli Lilly is one of the biggest winners in the anti-obesity drug boom.
Trump’s stock trades—or, more likely, those executed on his behalf by others—may make headlines, but investors should be cautious about imitating the trades of any political figure, especially after the fact. Stock purchases should be based on the attractiveness of a company’s fundamentals, not simply because a public official or celebrity happens to hold the shares. That said, in the case of Eli Lilly, the reasons to own the stock remain strong.
In 2025, Eli Lilly generated approximately $65 billion in revenue, driven primarily by explosive demand for its diabetes and obesity treatments, Mounjaro and Zepbound. Combined sales of these two products exceeded $30 billion last year, making them among the fastest-growing drugs in pharmaceutical history.
Yet the weight management market opportunity still appears to be in its early stages. Analysts at J.P. Morgan and Goldman Sachs project that the global anti-obesity drug market could eventually exceed $95 billion annually, with some forecasts suggesting the figure could approach $200 billion over the next decade.
Eli Lilly and Novo Nordisk (NVO) currently dominate this market. With Eli Lilly’s manufacturing capacity expanding and Zepbound continuing to gain market share, its growth momentum has recently strengthened. Eli Lilly is also investing heavily to maintain its leadership position.
Eli Lilly has committed tens of billions of dollars to expand manufacturing capacity while advancing next-generation obesity treatments aimed at improving efficacy, convenience, and long-term weight maintenance.
Financial results reflect this momentum. Analysts expect that, as obesity treatment revenues continue to grow, Eli Lilly’s annual earnings per share will reach approximately $37 to $52 over the next four years (compared to $23 in 2025). Its revenue growth is projected to be significantly faster than that of most large pharmaceutical peers, helping to support its valuation premium.
Of course, valuation is a major risk. Eli Lilly’s stock trades at a price-to-earnings ratio far above that of most large pharmaceutical companies. Investors buying in today are essentially paying for many years of future growth. If sales growth slows, competition intensifies, or manufacturing issues arise, the stock could face significant volatility.
Competition is also heating up. Novo Nordisk continues to expand its anti-obesity business, while other major pharmaceutical companies—including Viking Therapeutics, Structure Therapeutics, Amgen, and Roche Holding—are developing next-generation obesity treatments.
Nonetheless, Eli Lilly remains the current leader. It boasts one of the industry’s strongest weight-management pipelines, significant manufacturing advantages, a deep R&D portfolio, and ample financial resources to defend its market position.
Investors should not buy Eli Lilly stock simply because Donald Trump did so. However, if you believe that obesity treatments will become one of the largest markets in pharmaceutical history, Eli Lilly remains one of the most direct ways to invest in this trend.
