Weight-Loss Boom 2.0: BioNxt Solutions, Novo Nordisk and Nestlé Are Growing in a Billion-Dollar Market

BioNxt Solutions: Innovation Is Key

With its innovative delivery forms for well-known medications, the company is killing several birds with one stone. The focus is on so-called Oral Dissolvable Films, or ODF for short. These thin films are placed under the tongue, dissolve, and are designed to transport the active ingredient into the bloodstream via the oral mucosa. This approach is not only of interest to patients with swallowing difficulties. More broadly, the company sees the potential for more efficient and predictable absorption, lower dosages, and potentially fewer side effects.

BioNxt's most advanced project is called BNT23001. It is a sublingual cladribine film for the treatment of certain forms of multiple sclerosis. Initial animal tests yielded positive results. BioNxt has since patented its cladribine thin-film technology in Europe and Eurasia, thereby laying an important foundation for clinical development as well as potential licensing and pharmaceutical partnerships. In the US, the corresponding application is being reviewed under the Patent and Trademark Office's accelerated Track One procedure. Additional applications are currently under review in key international markets.

In the long term, BioNxt plans to apply its sublingual thin-film technology not only to cladribine but also in neurology, autoimmune and metabolic diseases, as well as the longevity sector. The Canadians are attracting significant attention with a program for sublingual semaglutide. BioNxt is working with its German development partner, Gen-Plus, on a film designed to dissolve in the mouth.

According to the company, the first phase, scheduled to last six to nine months, includes formulation work, analytical methods, compatibility tests, and an initial proof of concept. BioNxt had already prepared active-ingredient and placebo films, as well as plans for subsequent preclinical studies, back in July.

Novo Nordisk: Market and Competition Are Growing

The Danish pharmaceutical giant generated approximately DKK 309 billion in revenue last year. Nearly a quarter of that came from obesity medications, representing a 31% increase over the previous year. Novo Nordisk estimated its volume share of the global market for branded obesity drugs at just under 60%. In addition to the weight-loss injection, other GLP-1 therapies are also a focus, indicating a trend toward more convenient dosage forms.

Operationally, the Danish company is showing both strength and headwinds. In the second quarter, adjusted revenue rose by 7%, and operating profit increased by 11%. For the full year, however, management anticipates a more significant slowdown. In the best-case scenario, revenue and operating profit for the current fiscal year 2026 could match the previous year's figures. Fierce competition with rival Eli Lilly, price pressure in the US, expiring intellectual property rights, and unscheduled write-downs on pipeline projects are proving to be headwinds.

Currently, the shares are trading at DKK 296 or USD 46. This gives the Danish company a market capitalization of approximately USD 200 billion. The majority of analysts consider the stock to be nearly fully valued, with an upside potential of 8%. Nevertheless, the P/E ratio of 13.3 and 13.5 for 2026 and 2027, respectively, appears moderate.

Nestlé: How Eating Less Is Creating a New Business

The rise of the weight-loss injection is also changing what and how people eat. Those with significantly reduced appetites who consume smaller portions must pay closer attention to nutrient density. Nestlé is trying to turn this into a new product category. Under the Vital Pursuit brand, the company launched 14 portioned frozen meals in the US. These include bowls, pizzas, and sandwiches with higher protein content, as well as vegetables and whole-grain ingredients. Nestlé explicitly positions these products for people who use GLP-1 medications or want to lose weight.

In addition, there are new high-protein beverages designed to help maintain muscle mass during weight loss. However, this area of nutritional support has accounted for only a small portion of the group's business so far. In the first half of the year, the Swiss company generated revenue of CHF 43.1 billion and free cash flow of CHF 3.4 billion. At the current share price of CHF 79, the company is valued at approximately CHF 202 billion. Analysts have set an average price target of CHF 89.**

The market for weight-loss injections and related products is evolving in three directions simultaneously. Pharmaceutical companies are improving active ingredients, specialists are working on more convenient dosage forms, and food companies are developing products to meet changing nutritional needs. BioNxt's stock is particularly exciting. The Canadian company is working to deliver established active ingredients in novel sublingual films that dissolve under the tongue. If BioNxt succeeds in developing a patented and clinically compelling delivery form for a well-known active ingredient, it could be licensed to a major pharmaceutical partner or co-marketed. That would be a game-changer for the company, which is currently valued at around CAD 45 million.