The number of billionaires in the United Kingdom has fallen for the first time in years, as global market turbulence and changes to the country’s tax regime take a toll on the wealthiest individuals.
According to the Sunday Times Rich List 2025, the number of billionaires has declined from 165 in 2024 to 156 — the sharpest drop in the list’s 37-year history.
The paper attributes the fall to “falling fortunes” and the departure of some high-net-worth individuals from the UK following the abolition of tax breaks for non-domiciled residents, or “non-doms.”
The combined wealth of the UK’s 350 richest individuals has fallen 3% over the last year to £772.8bn, marking the third consecutive year of decline.
‘Falling fortunes’, non-dom crackdown, market volatility take a toll
The Sunday Times reports that many who previously featured on the list have either dropped off due to a decline in their net worth or left the UK in response to tax changes introduced by both Conservative and Labour governments over the past year.
Jeremy Hunt, then-chancellor, announced in March 2024 that long-standing tax breaks for non-doms would be scrapped.
The policy had allowed wealthy individuals residing in the UK to avoid paying tax on overseas earnings.
The move prompted an immediate exodus, with at least one billionaire reportedly leaving the UK on the day of the announcement.
Labour’s Rachel Reeves, now Chancellor, tightened the policy further in her first budget but later softened aspects of the change in an effort to prevent capital flight and attract high earners back.
Despite the adjustments, Robert Watts, who compiles the list, noted a broader trend of super-rich individuals steering clear of the UK.
“Our billionaire count is down and the combined wealth of those who feature in our research is falling,” he said.
We are also finding fewer of the world’s super rich are coming to live in the UK.
Gopi Hinduja and family retains top spot despite dip
For the fourth consecutive year, the Rich List is topped by Gopi Hinduja and his family, whose estimated fortune now stands at £35.3bn, down from £37.1bn in 2024.
The decline is attributed to weaker valuations of the Hinduja Group’s listed companies.
The conglomerate has holdings across a wide range of sectors, including automotive, finance, oil, IT, healthcare, real estate, and media.
David and Simon Reuben, who made their fortune in property and technology, moved into second place with a net worth of £26.8bn, up from £25bn last year.
They overtook Sir Leonard Blavatnik, whose wealth dropped to £25.7bn from £29.2bn, largely due to a fall in the share price of Warner Music Group.
King Charles climbs the rankings
One of the more eye-catching developments on the list is the rise in wealth of King Charles III.
His fortune has increased by £30m over the past year to reach £640m, placing him at number 258.
This is £270m more than the estimated wealth of his late mother, Queen Elizabeth II, who was said to be worth £370m at the time of her death in 2022.
Much of the King’s wealth comes from the portfolio of investments he inherited from her.
Harry Styles, Dua Lipa among young millionaires making the cut
Pop star Dua Lipa has become the youngest person to make it onto the list.
The 29-year-old, who released her third studio album Radical Optimism in 2024 and headlined Glastonbury, is worth an estimated £115m, ranking her 34th on the sublist.
Other entertainers on the list include Harry Styles, with an estimated wealth of £225m, and Ed Sheeran, whose fortune stands at £370m, placing him 13th.
Sports stars such as Formula One champion Sir Lewis Hamilton and Manchester United co-owner Sir Jim Ratcliffe also feature prominently.
Sir Jim Ratcliffe, Alex Beard, among others see fortunes decline
Among the notable fallers is Sir Jim Ratcliffe, who dropped from fourth to seventh on the list.
His net worth fell from £23.5bn to £17bn, amid weak market conditions and mounting pressures on the chemicals and energy sectors.
Similarly, commodity trader Alex Beard has seen his fortune decline by £224m to £991m.
Beard, formerly with Glencore, is also facing bribery charges related to the company’s African operations and is due to stand trial in 2027.
Suneil Setiya and Greg Skinner, co-founders of the hedge fund Quadrature Capital, are also each worth £980 million now—down £35 million from last year.
Strive Masiyiwa, the Zimbabwean telecoms and technology entrepreneur behind Econet, also dropped out of the billionaire bracket after his wealth fell by £538 million to £968 million.
Malcolm Healey, the founder of Wren Kitchens, endured a particularly difficult year.
The Healey family’s net wealth has declined by £600 million to £901 million, ending their run as Yorkshire’s richest family.
That distinction now belongs to the Shepherd family, founders of Portakabin.
Growing scrutiny over wealth inequality
The list has renewed calls for reform from campaigners who argue that the extreme concentration of wealth in the UK is both economically inefficient and socially harmful.
Luke Hildyard, Executive Director of the High Pay Centre, said the list shows how “a tiny handful of very rich people have captured an increasing share of the country’s wealth.”
“Taxing the super-rich more effectively and ensuring that workers are paid fairer wages would lift living standards across the board,” he added.
“While it’s not easy to reform entrenched wealth, allowing such extreme disparities to persist is neither sensible nor sustainable.”
Novo Nordisk said on Friday that Chief Executive Officer Lars Fruergaard Jørgensen will step down, a decision made jointly with the board as the company confronts mounting competitive and financial pressures.
The changes are being made “in light of the recent market challenges Novo Nordisk has been facing, and the development of the company’s share price since mid-2024,” the company said.
The Danish drugmaker said Jørgensen would remain in place “for a period” to help ensure a smooth leadership transition.
A formal search for his successor is underway, with an announcement expected in due course.
Jørgensen’s departure comes at a time when the company’s performance has been under scrutiny.
Shares in the pharmaceutical firm fell by more than 4% following the announcement in Copenhagen, while its US-listed stock dropped 5.61% in premarket trading.
The company’s shares have lost more than 24% of their value so far this year in the US, and close to 35% in Copenhagen.
Meanwhile, Eli Lilly has lost only about 5.8% YTD. Its share price was up by 1.36% in pre-market trading.
In a statement, Novo Nordisk said the decision was the result of internal discussions initiated by the Novo Nordisk Foundation, which considered the merits of accelerating CEO succession.
“Novo Nordisk’s strategy remains unchanged, and the Board is confident in the company’s current business plans and its ability to execute on the plans,” said Chairman Helge Lund.
Jørgensen’s tenure saw early success of Wegovy, Ozempic before Eli Lilly took over
Jørgensen has been with Novo Nordisk since 1991 and took over as CEO in 2017.
Under his leadership, the company cemented its lead in the growing global market for obesity and diabetes treatments, largely thanks to the success of Wegovy and Ozempic.
These drugs contributed to soaring sales and investor enthusiasm, turning Novo Nordisk into one of Europe’s most valuable companies.
However, recent developments have rattled investor confidence.
Eli Lilly’s obesity drug Zepbound has steadily gained traction in the United States, surpassing Wegovy in prescriptions since mid-March.
Meanwhile, results from Novo’s trials for next-generation obesity treatments have fallen short of expectations, casting doubts over the company’s future product pipeline.
Strategic partnerships to defend market share
In response to the competitive threat, Novo Nordisk has pursued several strategic partnerships.
Just a day before the CEO announcement, the company signed a collaboration agreement with biotech firm Septerna, potentially worth up to $2.2 billion.
The partnership aims to discover up to four new obesity therapies, with Septerna eligible for over $200 million in upfront and near-term payments.
These partnerships allow for direct-to-patient distribution of Wegovy in the US, amid tighter regulations on compounding pharmacies that previously filled the gap during drug shortages.
Despite these efforts, the CEO transition marks a critical moment for Novo Nordisk as it navigates a more crowded and aggressive market landscape.
Argentina’s Downtown Buenos Aires is home to a thriving underground network of cash merchants known as arbolitos.
However, their business is seeing a rapid downturn.
According to Reuters, under Argentina’s severe currency regulations, informal money dealers thrived for years, providing residents with access to US dollars as the peso’s value collapsed.
That reality is now being turned upside down by libertarian President Javier Milei’s economic shock therapy.
Milei removed most of a six-year-old system of currency controls last month, giving Argentines freer access to dollars and closing the gap between official and informal exchange rates.
This is part of a sweeping reform to stabilise an economy hurting from inflation, capital flight, and dwindling investor confidence over the years.
FX reform reduces the black market
For Argentines and enterprises, the reform has made life easier. Companies can now purchase dollars for imports straight from the official market, bypassing past bureaucratic hurdles.
Meanwhile, ordinary consumers no longer need to seek black market bargains to protect the value of their wages.
For street traders, however, the impact has been fast and unpleasant.
The black market, which has long been a part of daily life in Argentina, has seen its margins shrink as the difference between official and unofficial exchange rates narrows.
For the first time since 2019, the two rates are effectively linked, thanks to the reversal of capital curbs imposed to preserve the sinking peso.
Economists believe that this normalisation is rebuilding credibility in the financial system.
It also increases taxable economic activity because fewer people rely on off-the-books monetary transactions.
Policy wins praise from investors
Milei’s currency reform is part of a larger initiative to open up the economy and attract foreign investment.
Last month, the country signed a $20 billion contract with the International Monetary Fund, providing economic stability for a volatile nation. The ultimate goal is to eliminate capital controls.
The new deal will allow companies to repatriate profits without restrictions, a crucial breakthrough which observers say has also been welcomed by international markets.
The most important question, though, is how and where that capital will slosh through the domestic economy.
The black market continues to be in demand
However, the reforms have not helped all sectors equally. The stronger official exchange rate has made Argentina more expensive for foreign tourists, resulting in a 25% reduction in incoming tourism in the first quarter of 2025 compared to the same period the previous year.
This has lost the economy a critical source of hard currency, even as the country opens up to foreign investors.
Despite the improvements, the illicit market is not completely gone. Argentina’s significant informal workforce, which consists of workers and small business owners who operate outside of the regular tax system, continues to rely on unofficial currency exchange to move undeclared revenue or avoid inspection.
Many Argentines have traditionally switched pesos to dollars in order to protect themselves from financial turmoil.
However, in today’s economy, with stagnating earnings and growing costs, fewer individuals can afford to save, much less convert.
Wage stagnation undermines dollar demand
Inflation has slowed somewhat since Milei took office, but real wages for those in the public sector have continued to decline.
As a result, many Argentines, such as teachers and civil servants, say they can’t afford to buy dollars anymore, even if they wanted to.
And in a country of hyperinflation, where the loss of family purchasing power is displacing the US dollar as a safety tool, this is not merely a government policy but now a household-level truth.
Milei’s high-risk economic experiment has resulted in the disappearance of arbolitos from Buenos Aires pavements, potentially reshaping Argentina’s financial environment in the future.
Novo’s shares have fallen 50% over the past year, a stunning reversal for the maker of Wegovy and Ozempic, two of the most recognisable names in obesity and diabetes care.
Analysts expect the weight-loss drug market to expand significantly in the next decade, potentially reaching $100 billion globally.
Jorgensen’s ouster signals deeper turmoil at the heart of the fast-evolving market, where GLP-1 drugs—once seen as miracle treatments—are now facing stiffer competition and growing scrutiny from insurers and policymakers.
Eli Lilly’s rise reshapes market leadership
The most formidable challenger has emerged in the form of US-based Eli Lilly, whose GLP-1 injection Zepbound has steadily gained market share against Novo’s Wegovy.
Lilly’s latest clinical data has only solidified its momentum.
A recent late-stage trial showed that orforglipron, the company’s experimental pill, helped diabetes patients lose nearly 8% of their body weight in 40 weeks—beating Ozempic’s performance in a similar cohort.
Lilly also boasts retatrutide, a weekly injection that delivered 24.2% weight loss in a mid-stage trial, one of the strongest results in the sector so far.
The company expects to seek approval for orforglipron by year-end and continues to invest aggressively, including a recent deal with Chinese biotech Laekna to develop a muscle-preserving obesity drug.
Novo races to catch up with next-generation drugs
To reclaim lost ground, Novo Nordisk is banking on new treatments.
It is developing amycretin in both pill and injectable form.
Early trial data suggest significant weight-loss potential, with the injectable version helping patients lose 22% of their body weight in 36 weeks.
The company is also pushing forward with CagriSema, though late-stage trial results have underwhelmed, falling short of internal benchmarks.
Novo hopes to submit CagriSema for regulatory approval in early 2026.
It has also broadened its pipeline through partnerships, including a $2 billion licensing agreement with United Laboratories for a triple-hormone targeting obesity drug.
Lilly and Novo are no longer alone in the race. A host of major pharmaceutical companies and biotech firms are piling into the obesity space, lured by the multibillion-dollar market opportunity.
Pfizer recently dropped out after safety concerns in a trial involving danuglipron, its oral GLP-1 candidate.
But others are forging ahead. Roche has made big bets, acquiring Zealand Pharma’s petrelintide and Carmot Therapeutics’ CT-388, both GLP-1-based drugs, for a combined $8 billion.
Early data on Carmot’s second candidate also appears promising.
Amgen’s MariTide, an experimental drug that led to 20% weight loss in a mid-stage trial, is set to begin late-stage studies by mid-year.
Analysts note that the drug’s side effects may be more pronounced than competitors’, but its efficacy places it among the front-runners.
Merck, AstraZeneca, smaller firms also seek a slice of the market
Pharma giants traditionally absent from obesity treatments are now seeking a slice of the market.
In December, Merck struck a $2 billion licensing deal for a GLP-1 pill developed by Hansoh Pharma.
AstraZeneca’s licensed candidate AZD5004 has cleared early safety hurdles and is in mid-stage trials.
Smaller firms are also showing potential. Altimmune’s pemvidutide posted a 15.6% average weight loss in trials, although with notable gastrointestinal side effects.
Viking Therapeutics reported nearly 15% weight loss in 13 weeks with its injectable VK2735, and Zealand Pharma’s petrelintide posted 8.6% average weight loss in an early study.
Structure Therapeutics, meanwhile, has shown modest success with its oral candidate GPCR, delivering 6.2% weight loss over 12 weeks.
While not as potent as rivals, the convenience of an oral drug remains attractive to patients and investors alike.
Access remains an issue
Despite scientific advancements, access to these drugs remains a critical issue.
Employers are struggling with rising health coverage costs, leading many to exclude weight-loss drugs from their insurance plans.
Medicare still does not reimburse for obesity treatments in most cases.
A Biden administration plan to expand coverage was recently struck down by the Trump administration, leaving most patients to pay out of pocket. At an average of $500 per month, affordability remains a barrier for millions.
Estee Lauder stock price has been left behind in the past few years as the once-popular brand goes through its deepest slump in years. It has plunged from a high of $354 in January 2022 to $63, erasing billions of value and costing thousands of jobs.
EL stock price was trading at $63.67 on Thursday, a few points above the year-to-date low of $49.35. This article explains why the shares have plunged and why technicals point to a rebound soon.
EL stock has crashed as growth wanes
Estee Lauder, one of the top players in the cosmetics industry, has been in a deep slump in the past few years as its growth waned. Its annual results show that its revenue peaked at $17.7 billion in 2022 and then dropped to $15.9 billion in 2023 and $15 billion last year.
Analysts anticipate that this trend will continue this year, and possibly change next year if the anagement’s strategy works. The average estimate is that its revenue will drop by 8.4% this year to $14.30 billion.
Estee Lauder’s slowdown is mostly happening in China, one of its biggest markets outside the United States. Its American business is also not doing well as consumers shift to other cheaper brands like ELF.
All its segments are struggling, with the worst-performing ones being the skin care and hair care businesses. The most recent numbers showed that its skin care and hair care revenue dropped by 12%, while the makeup and fragrance figure fell by 9% and 3%.
The total revenue in Q1 came in at $3.5 billion, a 10% decline from the previous $3.9 billion. As a result, profitability was also affected, with the net earnings fallng by over 53% to $159 million.
The company, now under Stephane de La Faverie, is implementing a strategy known as ‘Beauty Reimagined’. Its goal is to restore growth by accelerating the best-in-class consumer coverage, boosting innovation, making more consumer-facing investments, and improve efficiencies.
As part of the latter approach, the management has already announced mass layoffs as it hopes to save between $800 million and $1 billion a year. It is slashing about 11% of its workforce or about 7,000 people.
Its strategy also calls for more e-commerce, increased focus on premium brands, and change how it advertises.
Wall Street analysts are largely neutral on Estee Lauder stock, with the average target price being $67.55, slightly up from $63.67.
The weekly chart shows that the EL stock price has been in a strong downtrend in the past few years, moving from a high of $354 in 2022 to $50.
On the positive side, it has formed a highly bullish falling wedge pattern, which consists of two descending and converging trendlines. In most cases, this pattern leads to a strong bullish breakout when the two lines are nearing their confluence.
Therefore, the stock will likely have a strong bullish breakout, with the next point to watch being at $99.6, the lowest point in October 2023.
While the crypto market rally has stalled, there are signs that it will bounce back soon as investors have maintained their risk-on view, with the fear and greed index remaining at the greed zone of 62.
As we wrote earlier, there are chances that the crypto bull runhas room to run, pointing to Bitcoin’s formation of a cup and handle pattern. It has also formed a bullish pennant, a popular continuation sign in technical analysis.
This article highlights the top three cryptocurrencies to buy and hold during this bullish cycle. The top ones in this list are ETHFI, Bitcoin Pepe (BPEP), and Monero (XMR).
Ether.fi (ETHFI)
ETHFI coin price has been in a strong rally in the past few weeks, making it one of the best-performing crypto. Its rally happened as the total value locked in its decentralized exchange ecosystem soared, making it the fourth-biggest player in the industry.
ETHFI price has also jumped because of the management’s strategy to buy back its tokens using its profits. It has now started buying tokens weekly and every month, with the repurchased ones moving to its stakers, a move that has boosted their staking yield.
These factors explain why the ETHFI price has jumped by double digits in the past few days, a trend that may continue.
Bitcoin Pepe is another top crypto to buy in this bull run. Currently in its presale, the project has gone viral and raised over $8.4 million from investors, making it one of the most successful projects this year.
Bitcoin Pepe is hoping to disrupt the crypto market by being the first meme layer-2 in Bitcoin, a chain that is not possible to build on. Its chain will have instant transactions, low transaction fees, and be backed by the new PEP-20 standard.
Ultimately, it hopes to become as popular as Solana, whose meme coins have received a valuation of over $15 billion. Buying the BPEP today almost guarantees a return because the price will keep going up until its launch on May 31st. Hurry up and buy Bitcoin Pepe here.
Monero is another top cryptocurrency to buy because of its role in the crypto industry, where it has become the biggest privacy coin. It has jumped this year after US authorities ended the sanctions against Tornado Cash, another popular privacy token.
Monero price has jumped as investors anticipate that exchanges like Coinbase and Binance, which delisted it, will now list it back. It has moved to its highest point in over four years, and technicals suggest that it has more upside ahead. As shown above, it remains above all moving averages and oscillators are supportive.
Some of the other cryptocurrencies to buy as the fear and greed index hits 62 are Solana, Polkadot, Pepe, and Shiba Inu.
Investment banking firm Loop Capital maintained its bullish stance on Meta platforms with a target price of $888.
This indicates a 38% upside from Thursday’s closing price.
AI performance
Loop Capital’s analysts said that Facebook’s parent company’s artificial intelligence-driven performance has made up for the drop in spending from Chinese advertisers.
“We continue to see Meta as the best non-hardware example of tangible, right-now beneficiary of AI and think the stock will outperform the ‘mag-7’ peer group this year,” Loop Capital Analyst Rob Sanderson said.
The analyst said the stock will be a beneficiary of non-hardware example of being a beneficiary of AI.
The company increased its capital expenditure outlook for 2025 to invest more in data centres for AI. Meta plans to invest $72 billion in capital expenditure this year.
While the analyst noted that current core AI investments are constrained by capacity, new data centre AI capacity is coming online.
A behemoth concern
This positive note comes after a Wall Street Journal report said that Meta is delaying the rollout of its “Behemoth” large language model.
The Behemoth model was first slated to come out in April 2025 but was later pushed to June and now to fall or later, the report said.
According to the report, Meta’s engineers were concerned that Behemoth’s performance couldn’t match what the company’s public statements.
Meta had touted that Behemoth outperformed similar AI models of OpenAI, Google and Anthropic in some tests.
After the report came, Meta’s stock fell over 2% on Thursday.
FTC monopoly case
Meta recently asked a federal judge to drop the U.S. Federal Trade Commission’s (FTC) case against the company.
The company argued that the FTC failed to prove the antitrust case.
FTC had accused Meta of dominating the social media market by buying out rival companies such as Instagram and WhatsApp to buy out the competition.
The trial started in April, and the FTC is trying to show Meta was trying to buy out the competition a decade ago by pointing out emails of Meta CEO Mark Zuckerberg worrying about Instagram and WhatsApp’s growth.
If the judge doesn’t drop the case, the trial may run into June as Meta is now presenting its own evidence against the charges.
Meta stock continues to shine
Meta stock has gained over 7% in the year so far, emerging as the second-best-performing stock among the magnificent seven cohort of stocks in that period.
Microsoft is the best performing stock with a 8% gain and Apple has been the worst performing among the group with a 13% decline.
Meta’s shares had gained over 28% in the last month as investors cheered strong Q1 results.
Archer Aviation Inc (NYSE: ACHR) has been named the official air taxi provider for the LA28 Olympics. Shares of the eVTOL company are up 10% at the time of writing.
ACHR’s electric vertical take-off and landing vehicles are now slated to be used in several ways, including transportation of VIP guests, fans, and stakeholders at the LA28 Games, a press release confirmed on Friday.
Including today’s gain, Archer Aviation stock is up more than 100% versus its year-to-date low.
Archer Aviation stock has a trillion-dollar opportunity
Archer Aviation is increasingly becoming a key name in the fast-growing air taxi market that many believe will be worth more than a trillion-dollar over the next few years.
ACHR shares continue to attract investors this year as the company is playing it smart.
On the one hand, it’s committed to commercial applications of the eVTOLs – while on the other, it’s working with the defense sector as well.
Together, this dual-focused approach could help Archer Aviation grow its annual revenue into the billions by the end of this decade. Note that ACHR stock is already trading at a multi-year high at writing.
ACHR shares could benefit from recent partnerships
Archer Aviation is an exciting pick for exposure to urban air mobility, also because it’s not the one to paint a rosy picture of what the future “may” look like.
It has the numbers to substantiate that it’s working diligently towards that future.
For example, the NYSE-listed firm currently has a backlog of some $6 billion, signalling strong demand for its eVTOLs.
Plus, it has teamed up with notable names like Anduril Industries and even the market favourite, Palantir Technologies, in a show of its commitment to transforming the way people get around a city.
ACHR’s team up with Palantir is particularly thrilling since it aims at revolutionising aviation logistics with the use of artificial intelligence, which could unlock extraordinary upside for Archer Aviation stock over time.
What Archer Aviation’s current valuation tells us
A $6 billion order book makes Archer Aviation stock grossly undervalued at current levels since a multiple of just 2x on that backlog makes ACHR worth $24 a share at least, indicating potential upside of another 80% from here.
What’s also worth mentioning is that a 2x multiple is unusually conservative for high-growth tech names, which Archer Aviation is by all means, especially after its team-up with Palantir.
It’s fairly common for high-growth tech companies to command a multiple of 5x or even 10x their estimated revenue.
That’s part of the reason why Cantor Fitzgerald reiterated its bullish view on ACHR shares after the LA28 Olympics news on Friday.
The urban air mobility specialist does not currently pay a dividend, though.
Novo’s shares have fallen 50% over the past year, a stunning reversal for the maker of Wegovy and Ozempic, two of the most recognisable names in obesity and diabetes care.
Analysts expect the weight-loss drug market to expand significantly in the next decade, potentially reaching $100 billion globally.
Jorgensen’s ouster signals deeper turmoil at the heart of the fast-evolving market, where GLP-1 drugs—once seen as miracle treatments—are now facing stiffer competition and growing scrutiny from insurers and policymakers.
Eli Lilly’s rise reshapes market leadership
The most formidable challenger has emerged in the form of US-based Eli Lilly, whose GLP-1 injection Zepbound has steadily gained market share against Novo’s Wegovy.
Lilly’s latest clinical data has only solidified its momentum.
A recent late-stage trial showed that orforglipron, the company’s experimental pill, helped diabetes patients lose nearly 8% of their body weight in 40 weeks—beating Ozempic’s performance in a similar cohort.
Lilly also boasts retatrutide, a weekly injection that delivered 24.2% weight loss in a mid-stage trial, one of the strongest results in the sector so far.
The company expects to seek approval for orforglipron by year-end and continues to invest aggressively, including a recent deal with Chinese biotech Laekna to develop a muscle-preserving obesity drug.
Novo races to catch up with next-generation drugs
To reclaim lost ground, Novo Nordisk is banking on new treatments.
It is developing amycretin in both pill and injectable form.
Early trial data suggest significant weight-loss potential, with the injectable version helping patients lose 22% of their body weight in 36 weeks.
The company is also pushing forward with CagriSema, though late-stage trial results have underwhelmed, falling short of internal benchmarks.
Novo hopes to submit CagriSema for regulatory approval in early 2026.
It has also broadened its pipeline through partnerships, including a $2 billion licensing agreement with United Laboratories for a triple-hormone targeting obesity drug.
Lilly and Novo are no longer alone in the race. A host of major pharmaceutical companies and biotech firms are piling into the obesity space, lured by the multibillion-dollar market opportunity.
Pfizer recently dropped out after safety concerns in a trial involving danuglipron, its oral GLP-1 candidate.
But others are forging ahead. Roche has made big bets, acquiring Zealand Pharma’s petrelintide and Carmot Therapeutics’ CT-388, both GLP-1-based drugs, for a combined $8 billion.
Early data on Carmot’s second candidate also appears promising.
Amgen’s MariTide, an experimental drug that led to 20% weight loss in a mid-stage trial, is set to begin late-stage studies by mid-year.
Analysts note that the drug’s side effects may be more pronounced than competitors’, but its efficacy places it among the front-runners.
Merck, AstraZeneca, smaller firms also seek a slice of the market
Pharma giants traditionally absent from obesity treatments are now seeking a slice of the market.
In December, Merck struck a $2 billion licensing deal for a GLP-1 pill developed by Hansoh Pharma.
AstraZeneca’s licensed candidate AZD5004 has cleared early safety hurdles and is in mid-stage trials.
Smaller firms are also showing potential. Altimmune’s pemvidutide posted a 15.6% average weight loss in trials, although with notable gastrointestinal side effects.
Viking Therapeutics reported nearly 15% weight loss in 13 weeks with its injectable VK2735, and Zealand Pharma’s petrelintide posted 8.6% average weight loss in an early study.
Structure Therapeutics, meanwhile, has shown modest success with its oral candidate GPCR, delivering 6.2% weight loss over 12 weeks.
While not as potent as rivals, the convenience of an oral drug remains attractive to patients and investors alike.
Access remains an issue
Despite scientific advancements, access to these drugs remains a critical issue.
Employers are struggling with rising health coverage costs, leading many to exclude weight-loss drugs from their insurance plans.
Medicare still does not reimburse for obesity treatments in most cases.
A Biden administration plan to expand coverage was recently struck down by the Trump administration, leaving most patients to pay out of pocket. At an average of $500 per month, affordability remains a barrier for millions.
Cox Communications has been a potential takeover target for years. But despite several attempts from multiple suitors, the company always remained steadfast in rejecting all buyout proposals.
However, that changed today, May 16, with an announcement that Cox has agreed to be acquired by Charter Communications Inc in a deal that values it at $34.5 billion.
So, what made Cox finally say “yes” to an acquisition after resisting it for so long?
According to industry expert Craig Moffett, it may have been evolving dynamics of the wireless market, particularly an opportunity for Cox to benefit from Charter’s existing mobile strategy, that made the cable television company yield on Friday.
Charter-Cox merger is all about wireless
Craig Moffett is convinced that the Charter-Cox merger is less about cable industry consolidation and more about the companies positioning themselves for a wireless-dominated future.
In the official announcement, both Charter and Cox were described as providers of mobile and broadband services, with mobile coming first, noted the senior MoffettNathanson analyst in an interview with CNBC today.
This highlights the increasing importance of wireless in the cable industry’s business model.
Cable operators have long been transitioning away from reliance on traditional video services, shifting focus to broadband as the core offering.
Now, the next frontier is “mobile”, he added.
Cox gets access to a better wireless deal
Another notable factor influencing Cox’s decision may have been Charter’s existing agreement with Verizon, argued Craig Moffett on “The Exchange”.
Charter operates as a Mobile Virtual Network Operator (MNVO), reselling VZ’s network access under better financial terms compared to Cox’s current arrangement with Verizon.
The merger enables Cox to take advantage of Charter’s more favourable wireless deal, strengthening its ability to compete in the bundled mobile and broadband market.
Moffett believes Cox recognised that if the industry’s future is centred around wireless bundles, having an advantageous relationship with Verizon was crucial.
Merging with Charter wins it access to a better wireless strategy, positioning itself to thrive in an increasingly mobile-centric industry.
Charter-Cox merger is inspired by changing industry priorities
While traditional cable TV may still be part of the equation, Craig Moffett said that cable providers have been moving away from viewing video services as their core business for decades.
Instead, broadband has been the backbone of profitability, and mobile is rapidly becoming the next major area for growth.
While competitors like AT&T and Verizon are aggressively expanding their bundle offerings, Cox likely determined that continuing to operate alone would leave it at a disadvantage.
A partnership gives it a strong market position without having to build a competitive wireless infrastructure of its own, he added.
Bottom line
All in all, Craig Moffett believes the Charter-Cox merger is entirely about strategy.
Teaming up with Charter, Cox gains stronger wireless capabilities, access to better infrastructure deals, and a firmer foothold in an evolving industry landscape.
The merger signals that broadband and mobile convergence are now the driving forces in telecom.
If Charter and Cox execute their integration effectively, this deal could solidify their standing as major players in the next phase of the industry.
