Eli Lilly Sees More Dealmaking Ahead as Management Looks To Leverage Its GLP-1 Success

Eli Lilly has overtaken Novo Nordisk as the GLP-1 market leader with its Mounjaro and Zepbound drugs, which accounted for nearly two-thirds of sales in Q1 2026. Recognizing the time-limited nature of patent protection and competitive threats like Novo Nordisk's pill formulation, Eli Lilly is aggressively pursuing acquisitions to diversify its pipeline. The company has already completed 8 deals worth $10 billion upfront in 2026 (potentially $25 billion with earnouts) and signals more dealmaking ahead.