Roll out the oversized sheet cake and throw on some Pitbull, because Eli Lilly hit a $1 trillion market cap yesterday. The drugmaker’s shares surged over 1.6% Friday, pushing it to become the first healthcare company and second non-tech company to hit the milestone.

It’s all thanks to the GLP-1s. Obesity and diabetes drugs, including blockbusters Zepbound and Mounjaro, now account for over half of Eli Lilly’s total revenue, bringing in $10.09 billion of its total $17.6 billion last quarter. The company’s stock has rocketed up more than 75% since it introduced its obesity drug Zepbound in 2023, according to Reuters. The stock has jumped up 36% this year alone.

And the company is well positioned to take on its rivals, including Danish drugmaker Novo Nordisk, which sells the GLP-1s Wegovy and Ozempic.

• When Novo Nordisk first gained approval to sell Ozempic for weight loss, the drugmaker struggled with supply shortages, allowing Eli Lilly to swoop in and establish its stronghold on the $72 billion weight loss drug market. Other pharma companies are playing catch-up and desperately trying to acquire smaller drugmakers to get a leg up in the market.
• Eli Lilly was set up to take the top spot after a massive overhaul of its research and development process in the last decade, following a number of expensive rollouts that flopped.
• The company’s market value is more than twice that of its closest US competitor, Johnson & Johnson, which currently has a ~$490 billion market cap.

Returns you can’t even comprehend

The pharmaceutical industry’s white whale right now is a GLP-1 in pill form. Analysts think Eli Lilly has a better version in the works. It’s called orforglipron, and it doesn’t require patients to fast when taking it, like Novo’s oral GLP-1 does.

Looking ahead…Eli Lilly plans to file for FDA approval of its pill by the end of the year and put it on the market by mid-2026. Wall Street expects it could bring in $40 billion a year at its peak.—MM

Zelensky says Ukraine faces “a difficult choice” over Trump’s peace plan. President Trump said he expects a response from Ukraine by Thursday on the plan, which US officials hashed out with Russia. A draft that leaked to the press showed it’d require Ukraine to make significant concessions, including giving up territory and limiting the size of its army, in exchange for peace and security guarantees from the US. President Zelensky said the choice of whether to accept the plan means Ukraine would face “losing its dignity or the risk of losing a key partner.” Still, he vowed to work with the US, and said he’d spoken to Vice President JD Vance about the proposal.—SK

Mayor-elect Zohran Mamdani and President Trump had a “productive” meeting. The two New Yorkers met yesterday at the White House to chat about affordability, crime, and immigration in the city. The amicable rendezvous represented a vibe shift after months of mutual gloves-off criticism, with Trump saying yesterday that the self-described democratic socialist will hopefully be “a really great mayor” and that they agree on “a lot more than I would have thought.” Mamdani said that he looks forward to working with the president to make New York more affordable.—SK

Rep. Marjorie Taylor Greene to resign. The Georgia congresswoman—who was once one of President Trump’s staunchest allies but recently fell out with him over the economy, foreign policy, and the Jeffrey Epstein case—plans to step down on Jan. 5, 2026. In a statement posted to X, Greene railed against the “Political Industrial Complex” and said, “I have too much self respect and dignity, love my family too much, and do not want my sweet district to have to endure a hurtful and hateful primary against me by the President we all fought for, only to fight and win my election while Republicans will likely lose the midterms.” She also suggested that Democrats would try to impeach Trump after regaining control of the House.—AR

The tradition of sneaking off to blaze up with cousins before Thanksgiving dinner is losing its stigma and translating into big money for the marijuana industry.

With recreational weed now legal in 24 states and medical use allowed in 40, there’s less reason to hide that edible before the turkey comes out of the oven. And many appear to be partaking:

• The day before you sit down with family and have uncomfortable conversations about politics and relationships has been dubbed Green Wednesday.
• It’s the second-biggest day for legal weed sales behind April 20, aka 420 (not a cop), per cannabis-market tracker BDSA. The firm says that overall, the cannabis industry was worth more than $30 billion in the US last year.

More weed, less booze: Per Bloomberg, the total value of the world’s leading beer, wine, and spirits makers has dropped $830 million over the past four-plus years as attitudes change around weed and the adverse health effects of alcohol.

Walking the walk: Snack companies are also becoming more comfortable marketing to stoners. Last year, Jif posted an ad to Instagram invoking the cousin walk, while a Taco Bell/Hidden Valley collab also referenced a similar stroll before Christmas dinner. Meanwhile, a New York dispensary has an ad out now for pre-rolled joints for “a secret society that meets once a year.”—DL