The $71B two-drug race shaping the peptide market
Published October 26, 2026. Figures from an October 2026 market note by an ETF issuer, so treat it as commentary.
Quick take: two companies sold roughly $71 billion of two peptide drug families in 2025, and the rest of the field is racing to widen the market with pills and new diseases.
The two giants
| Company | Products | 2025 sales |
|---|---|---|
| Eli Lilly | Mounjaro and Zepbound (tirzepatide) | about $36.5B |
| Novo Nordisk | Ozempic, Wegovy, Rybelsus (semaglutide) | mid $30B range |
The note says growth reflects pricing, product mix, insurance coverage and new countries, not only more prescriptions.
Who is chasing
- Viking Therapeutics started a phase 3 program for an oral version of its weight loss candidate on October 14. Results are well over a year away.
- Protagonist Therapeutics has an oral peptide for plaque psoriasis approved in March 2026, sold by Johnson & Johnson.
- Ascendis Pharma won a European scientific committee recommendation on October 16 for a weekly treatment for children with achondroplasia.
The policy wildcard
A proposed FDA interim policy on compounding certain experimental peptides went to the White House budget office on October 15. It was not final as of October 20. Compounding permission is not drug approval. The market is hard to size, and one news agency estimated $2B to $3B.
Context: the FDA U-turn and a short history of peptide drugs.
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Common questions
Which peptide drugs sell the most?
Tirzepatide and semaglutide families, roughly $71B combined in 2025 per the note.
Are oral peptides coming?
Several are in development, and one oral peptide for psoriasis was approved in March 2026.
Is compounding the same as approval?
No. Compounding permission is not drug approval.
Sources
Summarised in my own words. Read the originals for the full detail.