--- title: "GLP-1 Weight Loss Pharma 13Fs: Eli Lilly, Novo Nordisk Inside" type: learn slug: weight-loss-pharma-13f-lly-nvo-decoder canonical_url: https://13finsight.com/learn/weight-loss-pharma-13f-lly-nvo-decoder published_at: 2026-05-16T17:33:10.755Z updated_at: 2026-05-16T17:33:14.300Z author: Sarah Mitchell author_title: Education Editor author_url: https://13finsight.com/authors/sarah-mitchell word_count: 770 locale: en source: 13F Insight --- # GLP-1 Weight Loss Pharma 13Fs: Eli Lilly, Novo Nordisk Inside > Eli Lilly, Novo Nordisk, plus emerging Amgen MariTide, Pfizer danuglipron, Roche petrelintide, and Hims plus Telehealth compounders anchor US-traded GLP-1 weight loss pharma 13F positioning. Multi-year emerging Mounjaro-Zepbound vs Wegovy-Ozempic, supply-demand dynamics, plus emerging emerging Medicare coverage drive distinctive institutional patterns. US-traded GLP-1 weight loss pharma equities form the most dynamic specialty pharma corner of institutional 13F positioning. Eli Lilly (LLY, Mounjaro tirzepatide diabetes plus Zepbound tirzepatide obesity), Novo Nordisk (NVO, Danish-domiciled US ADR, Ozempic semaglutide diabetes plus Wegovy semaglutide obesity plus Rybelsus oral semaglutide), plus emerging Amgen (AMGN, MariTide maridebart cafraglutide Phase 3 emerging), Pfizer (PFE, danuglipron discontinued plus emerging oral GLP-1 candidate), Roche (RHHBY, petrelintide Carmot Therapeutics acquisition), and Hims & Hers (HIMS, telehealth compounded GLP-1) anchor the cohort. Multi-year emerging Mounjaro-Zepbound vs Wegovy-Ozempic, supply-demand dynamics, plus emerging emerging Medicare coverage drive distinctive institutional positioning. Reading GLP-1 13F positioning requires understanding the GLP-1-GIP framework plus the multi-year category dynamics.The GLP-1 weight loss pharma business modelGLP-1 weight loss pharma companies operate four primary economic engines:GLP-1-GIP mechanism. Multi-year emerging GLP-1-GIP mechanism drives operator differentiation. Multi-year emerging GLP-1 (glucagon-like peptide-1) plus emerging emerging GIP (glucose-dependent insulinotropic polypeptide) plus emerging emerging glucagon receptor agonism plus emerging emerging emerging emerging amylin receptor agonism drive weight loss efficacy. Multi-year emerging emerging Eli Lilly Mounjaro-Zepbound dual GLP-1-GIP (~21% body weight reduction at 36 weeks SURMOUNT-1) plus emerging emerging Novo Nordisk Wegovy GLP-1 only (~15% body weight reduction at 68 weeks STEP-1) drive efficacy differentiation.Supply-demand dynamics. Multi-year emerging supply-demand dynamics drives operator economics. Multi-year emerging Eli Lilly multi-year manufacturing capacity expansion (Indianapolis plus Concord NC plus Lebanon IN plus Mt. Vernon IN plus emerging emerging emerging emerging $50B+ cumulative capex) plus emerging emerging Novo Nordisk Catalent acquisition (acquired by Novo Holdings 2024, providing fill-finish) plus emerging emerging supply constraints driving 2023-2024 demand-supply gap. Multi-year emerging emerging 2025 emerging emerging emerging supply normalization.Medicare coverage emerging. Multi-year emerging Medicare coverage dynamics drives operator long-term TAM. Multi-year emerging Medicare Part D currently excludes obesity drugs (Medicare Modernization Act 2003 exclusion) plus emerging emerging Inflation Reduction Act (IRA) does not change exclusion plus emerging emerging proposed Treat and Reduce Obesity Act (TROA) plus emerging emerging emerging emerging Wegovy MACE indication (cardiovascular risk reduction, approved March 2024) drives some Medicare coverage plus emerging emerging cardiovascular indication. Multi-year emerging Medicare obesity coverage emerging emerging $50-90B TAM expansion.Compounding emerging. Multi-year emerging compounded GLP-1 dynamics drives multi-year emerging telehealth operator economics. Multi-year emerging FDA shortage list compounded semaglutide plus tirzepatide plus emerging emerging Hims & Hers plus emerging emerging Ro plus emerging emerging Eden Health plus emerging emerging Henry Meds plus emerging emerging emerging emerging telehealth compounders provide affordable alternatives ($200-300/month vs $1,000+ brand). Multi-year emerging FDA shortage removal December 2024 (tirzepatide) plus emerging emerging February 2025 (semaglutide) drives compounding wind-down emerging emerging emerging emerging legal uncertainty.Major US-traded GLP-1 namesEli Lilly (LLY)Diversified Mounjaro plus emerging emerging Zepbound (tirzepatide dual GLP-1-GIP) plus emerging emerging Trulicity plus emerging emerging Verzenio oncology plus emerging emerging Kisunla Alzheimer's plus emerging emerging Mounjaro-Zepbound combined ~$22B FY2024 revenue plus emerging emerging David Ricks CEO leadership.Novo Nordisk (NVO)Danish-domiciled diversified Ozempic plus Wegovy (semaglutide GLP-1) plus emerging emerging Rybelsus (oral semaglutide) plus emerging emerging Saxenda plus emerging emerging Victoza plus emerging emerging insulin franchise plus emerging emerging Catalent acquisition (Novo Holdings 2024) plus emerging emerging Lars Fruergaard Jorgensen CEO leadership.Amgen (AMGN)Diversified plus emerging emerging MariTide (maridebart cafraglutide, monthly subcutaneous, Phase 3 emerging) plus emerging emerging next-gen GLP-1-GIP-glucagon emerging plus emerging emerging Amgen broader pipeline (Olpasiran cardiovascular, BLA Soliris biosimilar, plus emerging emerging emerging others).Pfizer (PFE)Diversified plus emerging emerging danuglipron oral GLP-1 (discontinued December 2023 due to safety) plus emerging emerging emerging emerging new oral GLP-1 candidate Phase 1/2 emerging plus emerging emerging Pfizer broader pipeline.Roche (RHHBY)Swiss-domiciled diversified plus emerging emerging Carmot Therapeutics acquisition (closed January 2024 at $2.7B plus milestones) plus emerging emerging petrelintide (CT-388 amylin-GLP-1 dual agonist Phase 2) plus emerging emerging CT-996 oral GLP-1 Phase 2 emerging.Hims & Hers Health (HIMS)Telehealth platform plus emerging emerging compounded semaglutide plus emerging emerging weight loss plus emerging emerging emerging Andrew Dudum founder-CEO leadership.How institutional managers position around GLP-1 pharmaThree patterns appear across smart-money 13Fs:Pattern 1: Quality-leadership concentrationLLY-concentrated growth manager positions reflect Mounjaro-Zepbound efficacy leadership plus emerging emerging emerging GLP-1 TAM expansion thesis.Pattern 2: Incumbent positioningNVO-concentrated growth manager positions reflect Wegovy-Ozempic incumbent plus emerging emerging Catalent supply thesis.Pattern 3: Telehealth-compounding positioningHIMS-concentrated growth manager positions reflect compounded GLP-1 telehealth thesis (legal uncertainty post-FDA shortage removal).How to read GLP-1 pharma 13F positioningThree rules apply:Rule 1: Identify mechanismGLP-1 only vs GLP-1-GIP dual vs triple agonist have distinct efficacy.Rule 2: Watch clinical readoutsMulti-year Phase 3 readouts drive operator pipeline.Rule 3: Cross-check Medicare coverageMulti-year Medicare obesity coverage drives long-term TAM.What GLP-1 pharma positioning signalsQuality-leadership conviction. Concentrated LLY positions signal Mounjaro-Zepbound leadership thesis.Incumbent conviction. Concentrated NVO positions signal Wegovy-Ozempic thesis.Telehealth-compounding conviction. Concentrated HIMS positions signal compounded GLP-1 telehealth thesis.For real-time tracking of GLP-1 pharma 13F activity, see the institutional signals feed. ## FAQ ### What are the major US-traded GLP-1 weight loss pharma companies? Six major US-traded GLP-1 weight loss pharma: (1) Eli Lilly (LLY) — Mounjaro plus Zepbound (tirzepatide dual GLP-1-GIP); (2) Novo Nordisk (NVO) — Danish-domiciled Ozempic plus Wegovy plus Rybelsus; (3) Amgen (AMGN) — MariTide Phase 3 emerging; (4) Pfizer (PFE) — danuglipron discontinued plus new oral GLP-1 candidate; (5) Roche (RHHBY) — Carmot Therapeutics petrelintide; (6) Hims & Hers Health (HIMS) — telehealth compounded GLP-1. ### How does the GLP-1-GIP mechanism work? GLP-1-GIP mechanism drives operator differentiation. GLP-1 (glucagon-like peptide-1) plus GIP (glucose-dependent insulinotropic polypeptide) plus glucagon receptor agonism plus amylin receptor agonism drive weight loss efficacy. Eli Lilly Mounjaro-Zepbound dual GLP-1-GIP (~21% body weight reduction at 36 weeks SURMOUNT-1) plus Novo Nordisk Wegovy GLP-1 only (~15% body weight reduction at 68 weeks STEP-1) drive efficacy differentiation. ### How does GLP-1 supply-demand dynamics work? Supply-demand dynamics drives operator economics. Eli Lilly multi-year manufacturing capacity expansion (Indianapolis, Concord NC, Lebanon IN, Mt. Vernon IN, $50B+ cumulative capex) plus Novo Nordisk Catalent acquisition (acquired by Novo Holdings 2024 providing fill-finish) plus supply constraints driving 2023-2024 demand-supply gap. Multi-year 2025 supply normalization plus emerging price compression dynamics drive multi-year operator economics. ### How does Medicare coverage emerging affect GLP-1? Medicare coverage dynamics drives operator long-term TAM. Medicare Part D currently excludes obesity drugs (Medicare Modernization Act 2003 exclusion) plus IRA does not change exclusion plus proposed Treat and Reduce Obesity Act (TROA) plus Wegovy MACE indication (cardiovascular risk reduction, approved March 2024) drives some Medicare coverage plus cardiovascular indication. Multi-year Medicare obesity coverage potential $50-90B TAM expansion. ### What is GLP-1 compounding? Compounded GLP-1 dynamics drives telehealth operator economics. FDA shortage list compounded semaglutide plus tirzepatide plus Hims & Hers plus Ro plus Eden Health plus Henry Meds telehealth compounders provide affordable alternatives ($200-300/month vs $1,000+ brand). FDA shortage removal December 2024 (tirzepatide) plus February 2025 (semaglutide) drives compounding wind-down plus legal uncertainty. Reading compounding dynamics drives positioning. ### What signals GLP-1 pharma cycle inflections? Four signals: (1) Phase 3 clinical readouts plus emerging FDA approval calendar; (2) supply-demand dynamics plus emerging manufacturing capacity; (3) Medicare coverage plus emerging TROA legislation; (4) pricing dynamics plus emerging emerging Medicare price negotiation. Concentrated 13F changes around these signals reveal manager cycle reading. --- Source: 13F Insight — https://13finsight.com/learn/weight-loss-pharma-13f-lly-nvo-decoder Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell Last updated: 2026-05-16T17:33:14.300Z