Deloitte study on pharmaceutical innovation: Weight-loss jabs push returns up to record highs – but bubble risk is increasing

Drugs to fight obesity and diabetes are continuing to propel the pharmaceutical industry. The annual Deloitte analysis of the world’s 20 largest pharma companies shows that 2025 has been the first year in which forecast sales in the obesity segment have outstripped those for cancer drugs. At the same time, the return on investment from research and development has risen for the third time in a row and now stands at 7 per cent. However, dependence on a small number of drugs is growing, which significantly increases the cluster risk.

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