GLP-1 Exposures Beyond NVO and LLY.

Novo Nordisk (NVO) and Eli Lilly (LLY) are the established and largest leaders in the GLP-1 space. There are other entities worth keeping an eye on who have clear, direct GLP-1 exposure. Amgen (AMGN), AstraZeneca (AZN), and Sanofi (SNY) have direct exposure and Icon (ICLR) and IQVIA (IQV) have indirect exposure:

• Amgen has the most strategically meaningful pipeline exposure through Phase 3 obesity candidate MariTide.

• AstraZeneca has multiple investigational GLP-1 programs, including oral and combination approaches.

• Sanofi has commercial GLP-1 exposure, but it is a relatively mature diabetes franchise rather than a leading obesity-growth platform.

• ICON and IQVIA have indirect service exposure by supporting GLP-1 clinical trials, data, commercialization and market-access work; they do not own GLP-1 drugs.

Ticker	Company	Exposure	Assessment
AMGN	Amgen	MariTide—GLP-1 receptor agonist/GIP receptor antagonist	High, pipeline exposure
AZN	AstraZeneca	Oral and injectable GLP-1-based obesity/diabetes pipeline	High, pipeline exposure
SNY	Sanofi	Lixisenatide in Soliqua/Suliqua; historical efpeglenatide development	Yes, commercial but likely modest

ICON explicitly describes conducting Phase 1 GLP-1/amylin studies and other GLP-1 clinical programs.

IQVIA publishes and provides analytics around GLP-1 prescribing, access, adherence, compounding and commercialization. That gives it some benefit from industry activity, but it does not own the underlying drugs.

AMGN

Amgen’s maridebart cafraglutide, or MariTide, is an investigational antibody-peptide conjugate that activates the GLP-1 receptor while antagonizing the GIP receptor. Amgen reported that its Phase 3 MARITIME program is underway in obesity—with and without type 2 diabetes.

This represents genuine obesity-market exposure, although it remains clinical-stage rather than currently revenue-generating.

AZN

AstraZeneca has assembled a weight-management pipeline that includes:

• AZD5004/ECC5004, an oral small-molecule GLP-1 receptor agonist.

• Additional obesity and diabetes collaborations and combination-development programs.

• A January 2026 collaboration with CSPC Pharmaceuticals to expand its weight-management portfolio.

AstraZeneca therefore has meaningful strategic exposure, but the investment thesis still depends heavily on clinical execution and differentiation versus established Novo Nordisk and Eli Lilly products.

SNY

Sanofi markets Soliqua/Suliqua, a fixed-ratio combination of insulin glargine and lixisenatide, a GLP-1 receptor agonist used in type 2 diabetes.

I would characterize this as direct commercial GLP-1 exposure, but not major exposure to the current obesity-led growth cycle. Soliqua is principally a diabetes combination product, and GLP-1 is not currently one of Sanofi’s dominant corporate growth pillars.

Indirect GLP-1 exposure

Ticker	Company	Type of exposure	Classification
ICLR	ICON plc	Conducts GLP-1 and obesity clinical trials for sponsors	Indirect—CRO/services
IQV	IQVIA	Data, market access, analytics and commercialization work related to GLP-1 products	Indirect—services/data
RYTM	Rhythm Pharmaceuticals	Obesity company, but its drugs target MC4R—not GLP-1R	Adjacent, not GLP-1

ICON explicitly describes conducting Phase 1 GLP-1/amylin studies and other GLP-1 clinical programs.

IQVIA publishes and provides analytics around GLP-1 prescribing, access, adherence, compounding and commercialization. That gives it some benefit from industry activity, but it does not own the underlying drugs.

Rhythm is an important distinction: IMCIVREE and its pipeline are MC4R agonists, not GLP-1 receptor agonists. GLP-1 therapies may be used before or alongside Rhythm products in certain patients, but Rhythm should not be counted as direct GLP-1 exposure.