GLP-1s cut the weight, bulk up the gains: stocks beat all major indices with 106% five-year return

GLP-1s cut the weight, bulk up the gains: stocks beat all major indices with 106% five-year return

• GLP-1 producers up 106% in five years, almost four times non-GLP-1 pharma peers (+27%) and ahead of the S&P 500 (+95%), EuroStoxx 50 (+64%) and FTSE 100 (+56%)
• Eli Lilly up nearly 395% in five years, Novo Nordisk still ahead 69% despite a 61% fall in the last year
• Non-GLP-1 pharma more stable, with AbbVie up 133% and Bayer down 49% over five years

GLP-1 weight-loss and diabetes drugs have redefined what investors expect from healthcare. According to new analysis from trading and investing platform eToro, the firms producing these treatments have delivered the kind of returns more often seen in high-growth technology stocks than in traditional pharma.

eToro built two baskets of leading drugmakers: one focused on GLP-1 producers (Novo Nordisk, Eli Lilly, Sanofi, Teva and Hikma), and another on non-GLP-1 peers (Novartis, Johnson & Johnson, GlaxoSmithKline, AbbVie and Bayer). Over five years, the GLP-1 basket has surged 106%, compared with just 27% for non-GLP-1 firms. That performance also outpaced the S&P 500 (+95%), the EuroStoxx 50 (+64%) and the FTSE 100 (+56%).

What makes this run more remarkable is that it includes a difficult past year. The GLP-1 basket is down 25% over 12 months and 20% year-to-date, while non-GLP-1 pharma is up 1% and 22% respectively. By comparison, the S&P 500 has risen 20% in the same period.

“Eli Lilly has been the clear winner of the GLP-1 boom, delivering one of the strongest large-cap runs of the past decade,” said Lale Akoner, eToro Global Market Analyst. “Novo Nordisk’s recent announcement of 9,000 job cuts are a reminder that even market leaders face pressure. For investors, the split between GLP-1 and non-GLP-1 producers shows how one industry can offer both growth-stock style gains and market-like stability, depending on where you look.”

The stand-out performer is Eli Lilly, up 395% over five years, followed by Novo Nordisk at +69% despite a steep pullback in the last year. Teva has doubled (+106%), while Sanofi has slipped 7%. On the non-GLP-1 side, AbbVie has been the strongest (+133% over five years), while Bayer has been the weakest, losing almost half its value.

This split shows how pharma is diverging into two very different stories. GLP-1 producers have behaved like growth stocks, swinging sharply but delivering spectacular long-term gains. Non-GLP-1 giants have tracked closer to the wider indices, compounding steadily without the same volatility.

Akoner added: “Investors often think of healthcare as one block, but the sector is splitting in two. On one side are GLP-1 producers, with some behaving like high-growth tech. On the other are established names with returns closer to the market. Both have a role in portfolios, but the right balance depends on your risk tolerance, time horizon and conviction in whether GLP-1s are here to stay, or just a brief anomaly disrupting a mature industry.”

Share price data taken at market close 10/09/2025. Index performance calculated in USD terms. Data from Refinitiv. Past performance is not an indication of future results

About this data:

eToro’s GLP-1 basket is an equal‑weighted index comprising the eight stocks listed above. Share‑price performance rounded up/down.