The obesity drug race is no longer limited to Novo Nordisk and Eli Lilly. A growing group of biotech companies is developing the next generation of weight-loss treatments, including oral GLP-1 pills, dual agonists, amylin drugs and longer-acting therapies.
Here are some of the top obesity biotech companies to watch in 2026.
1. Structure Therapeutics
Structure Therapeutics is one of the key companies in the oral obesity drug race. Its lead candidate, aleniglipron, is an investigational once-daily, small-molecule GLP-1 receptor agonist.
Phase 2 data reported in 2026 showed substantial weight loss, including placebo-adjusted mean weight loss of 16.3% at 44 weeks at one dose in the ACCESS II study. The company has also been advancing oral amylin programs, making it a company to watch beyond a single GLP-1 drug.
2. Viking Therapeutics
Viking’s major obesity candidate is VK2735, a dual GLP-1/GIP receptor agonist. What makes its strategy particularly interesting is that the company is pursuing both injectable and oral formulations.
As of its current pipeline update, injectable VK2735 is in Phase 3 development for obesity, while an oral Phase 3 program is planned. Viking is also developing VK3019, an amylin agonist, highlighting the industry’s move toward therapies beyond GLP-1 alone.
3. MBX Biosciences
MBX Biosciences is betting on less frequent dosing. Its lead obesity candidate, MBX 4291, is a GLP-1/GIP co-agonist prodrug designed with the goal of potentially enabling once-monthly dosing.
The drug is in Phase 1 clinical evaluation, so it remains early-stage. Still, the once-monthly concept could become important if future studies demonstrate effective weight loss and acceptable safety.
4. Amgen
Amgen remains a major name in next-generation obesity treatment through its MariTide program. The company is pursuing a different approach from standard daily or weekly GLP-1 therapies, illustrating how competition is expanding into new mechanisms and dosing strategies.
Its progress will be closely watched because large pharmaceutical companies are now competing to develop treatments that can potentially improve weight-loss maintenance, convenience and long-term outcomes.
5. Zealand Pharma
Zealand Pharma is another important obesity-focused biotech. Its pipeline includes petrelintide, an amylin analogue being developed for obesity.
Amylin-based therapies are attracting attention because future obesity treatment may increasingly involve combination approaches, potentially targeting appetite and metabolism through more than one biological pathway.
6. Altimmune
Altimmune’s obesity candidate pemvidutide takes a multi-pathway approach by targeting GLP-1 and glucagon receptors.
The company represents another major trend in obesity biotech: the search for drugs that may deliver meaningful weight loss while also addressing metabolic complications associated with obesity.
Top Obesity Biotech Companies in 2026
| Company | Obesity Focus / Key Drug |
|---|---|
| Eli Lilly | Zepbound, Foundayo/orforglipron, retatrutide |
| Novo Nordisk | Wegovy, oral Wegovy, CagriSema |
| Amgen | MariTide |
| Structure Therapeutics | Aleniglipron, oral amylin candidates |
| Viking Therapeutics | VK2735 |
| Zealand Pharma | Petrelintide, dapiglutide |
| MBX Biosciences | MBX 4291, MBX 5765 |
| Altimmune | Pemvidutide |
| Roche | CT-388, petrelintide collaboration |
| Boehringer Ingelheim | Survodutide |
| Innovent Biologics | Mazdutide |
| AstraZeneca | Oral and next-generation obesity pipeline |
| Pfizer | Oral GLP-1 and metabolic pipeline |
| Regeneron | Obesity and metabolic drug programs |
Why These Companies Matter
The next phase of obesity biotech is about more than simply finding a stronger GLP-1 drug. Companies are competing across four major areas:
- Oral pills: Aleniglipron and oral VK2735
- Dual and multi-agonists: VK2735 and pemvidutide
- Amylin therapies: Zealand Pharma and Viking
- Longer-acting drugs: MBX 4291 and the goal of less frequent dosing
The ultimate winner may not necessarily be the drug producing the biggest weight-loss number. Price, manufacturing capacity, side effects, convenience, muscle preservation and long-term weight maintenance could become equally important.
Bottom Line
The obesity market is evolving rapidly. Novo Nordisk and Eli Lilly remain dominant, but companies such as Structure Therapeutics, Viking Therapeutics, MBX Biosciences, Amgen, Zealand Pharma and Altimmune are building the next wave of obesity treatments.
From daily pills to once-monthly injections, the future of weight-loss medicine may offer far more choices than the GLP-1 injections that started the current revolution.
Disclaimer: This article is for informational purposes only and is not medical or investment advice. Drug candidates mentioned above may be investigational and may not receive regulatory approval. Clinical results, safety findings and development timelines can change.
