Eli Lilly or Amgen? Who really leads in the battle for the obesity and autoimmune business

The obesity drug market is the biggest growth story in pharma, and investors already understand that winners will cash in tens of billions a year and significantly rewrite valuations. Eli Lilly is already showing what a commercially successful "GLP-1 machine" looks like, while Amgen is just putting together a pipeline around MariTide and IMID biologics. At the same time, these are two large, well-funded companies - neither is a risky microcap with a single project, the difference is more about who is ahead of the curve in products and strategy.

We will focus exclusively on two axes: obesity and IMID (autoimmune and inflammatory diseases). We'll show who's really selling today, who has better data, what the pricing and addressable market is, and what the current valuation of both companies says about investor expectations. The goal is that by the end of the text, everyone will be able to decide whether it makes more sense for them to pay a "premium" for Lilly, or rather bet on the…