Josh Gilbert, Lead Market Analyst, APAC & Middle East at etoro
Abu Dhabi, United Arab Emirates – July 2026: The next stage of the weight-loss drug boom is being swallowed, not injected, and the UAE has put itself at the front of that queue. It became only the second country globally to approve both Eli Lilly’s Foundayo and Novo Nordisk’s oral Wegovy, with the Wegovy pill launching in the UAE before anywhere outside the US. Josh Gilbert, Lead Market Analyst at etoro states that matters because the next wave of growth is likely to come from moving these treatments beyond injections and into daily pills, and with the latest UAE National Health Survey showing 22.4% of adults living with obesity, that’s a big market sitting right at home.
Just how hard Lilly and Novo are fighting for that growth is now on show in a US courtroom, with Novo suing its rival over advertising claims. The lawsuit won’t move the investment case on its own, but it shows this trade is no longer about making enough doses, the fight now is for the patient.
The harder question for investors is which company to own, because these are no longer the same investment. Lilly remains the strongest business in the category, growing first-quarter revenue by 56%, with Mounjaro sales up 125% and Zepbound up 80%, while its pipeline keeps extending its lead. Foundayo gives Lilly an oral option, and its next-generation injectable retatrutide recently delivered average weight loss of 20.8% and 22.6% in two further late-stage trials, with Lilly now planning to submit it for US approval in the first quarter of 2027.
The challenge is that investors are already paying heavily for that leadership. Lilly trades at roughly twice Novo Nordisk’s forward earnings multiple, and when you’re paying that premium, the bar for disappointment is unforgiving.
Novo is the recovery story, with shares down 24% in the last 12 months. Its underlying first-quarter sales fell 4%, with US sales down 11% as pricing pressure offset volume growth. Yet obesity-care sales still rose 22% and its oral Wegovy launch has been strong, while the UAE arrival of the Wegovy pill gives Novo a chance to build its position in a market that has moved quickly to approve and adopt new treatments.
For UAE investors, the rapid local rollout of oral GLP-1 treatments strengthens the long-term demand story for both companies. When looking at both businesses, the decision comes down to paying a premium for the proven leader or backing a comeback from the company that started the boom.
About etoro:
etoro is a trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So, we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On etoro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre for our latest news.
Disclaimers:
Availability of the above-mentioned products and services may vary by jurisdiction and country, for example not all of these products and services are currently available to US users.
Tori does not provide investment advice. Tori is an AI-powered tool designed to offer educational content, data and general market insights. It does not consider personal circumstances and should not be relied upon for investment decisions.
Zengo’s non-custodial wallet is a separate product from etoro’s regulated exchange services. Access to Web3 services through the wallet, including decentralized applications, token swaps, and staking, is not a regulated activity and is not offered, managed, or guaranteed by any etoro regulated entity. Users interact directly with third-party protocols and are responsible for their own actions.
etoro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
etoro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing etoro include:
- The Financial Conduct Authority (FCA) in the UK
- The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
- The Australian Securities and Investments Commission (ASIC) in Australia
- The Financial Services Authority (FSA) in the Seychelles
- The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE
- The Monetary Authority of Singapore (MAS) in Singapore
- etoro USA Securities Inc., registered with Securities and Exchange Commission (SEC) and member of FINRA and SIPC
- etoro USA LLC state and FinCEN (31000318247697) registered
- etoro NY LLC hold licenses with the State of New York (MTL #104940 and VC #122584)
Middle East:
etoro (ME) Limited, is licensed and regulated by the Abu Dhabi Global Market (“ADGM”)’s Financial Services Regulatory Authority (“FSRA”) as an Authorised Person to conduct the Regulated Activities of
(a) Dealing in Investments as Principal (Matched), (b) Arranging Deals in Investments, (c) Providing Custody, (d) Arranging Custody and (e) Managing Assets (under Financial Services Permission Number 220073) under the Financial Services and Market Regulations 2015 (“FSMR”). Registered Office and its principal place of business: Office 26 and 27, 25th floor, Al Sila Tower, ADGM Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.
