Lilly is still worth over $500 billion, but its market capitalisation has shed almost a third in the past year. With competition intensifying, it’s another reminder that valuations in weight-loss drugs may be losing weight of their own.

Eli Lilly will significantly increase the price of its weight-loss drug Mounjaro in the United Kingdom in a bid to bring down prices in the United States after weeks of pressure from the Trump administration.

The pricing of weight-loss and diabetes drugs like Lilly’s Zepbound and Mounjaro, and Novo’s Wegovy and Ozempic, is a pressure point for investors. Price erosion is a major worry amid increasing competition— including from knockoff versions of the drugs provided by telehealth pharmacies and coming patent expirations.