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LLYBullishIndustry Newsnews
High materiality7/10

JP Morgan forecasts $22B China-India-Brazil weight-loss market by 2035, benefiting Lilly

Oct 23, 2026, 8:21 AM EDT1 sourcesAI-analyzed
Why it may matterVerify against the original reporting

A larger-than-expected global TAM in key emerging markets could expand Lilly's international revenue potential and support stock multiple, especially if adoption accelerates and reimbursement improves.

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What happened, with direct paths to the underlying reporting

J.P. Morgan estimates the combined China-India-Brazil weight-loss drug market could reach $22B by 2035 from $6.6B today, signaling a substantial international growth opportunity. If affordability and access improve, Lilly could see meaningful incremental sales from Mounjaro/Zepbound in these large emerging markets over the next several years.

  • JP Morgan pegs China-India-Brazil obesity TAM at $22B by 2035.
  • Current TAM cited at $6.6B; growth driven by affordability and access.
  • Markets covered: China, India, Brazil; forecast horizon 2035.
  • Implications: potential international sales upside for Lilly's tirzepatide portfolio.

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