GLP‑1 receptor agonists continued to drive outsized market growth, with combined third‑quarter sales topping $20 billion and Mounjaro and Zepbound leading volumes. Pharma firms and investors are recalibrating portfolios to capture obesity and diabetes markets while managing pricing and access pressures. Big pharma deal activity intensified as companies hunt oral and alternative weight‑loss modalities alongside injectable GLP‑1s. Startups developing next‑generation oral agents and combination therapies are attracting partnerships and strategic investments from major drugmakers anxious not to miss the obesity market shift. Market participants flagged payer scrutiny and potential policy interventions as key near‑term risks, even as topline revenue for established GLP‑1 brands continues to climb.