3 non-pharma stocks gain from GLP-1 weight loss drug trend

The GLP-1 weight loss drug market, projected to reach $190 billion by 2035, is creating investment opportunities beyond drugmakers Novo Nordisk and Eli Lilly.

Three non-pharma companies — Teladoc Health, Ollie's Bargain Outlet and DexCom — are positioned to benefit from the $190 billion GLP-1 weight loss drug market as the drugs reshape consumer behavior.

"These areas of Teladoc's business, along with GLP-1 prescription initiation, are growing particularly rapidly," the company said in its Q1 2026 earnings report. Teladoc reported revenue of $614 million, beating consensus by $3 million, with adjusted EBITDA of $58 million ahead of guidance.

Ollie's reported Q1 sales growth of 14 percent year-over-year and comparable store sales up 1.7 percent. Adjusted EPS rose 21 percent. The retailer opened 27 new stores in the quarter and plans 75 for the year. DexCom carries 22 Buy ratings with a consensus price target of $84.83, implying 17 percent upside.

The global weight loss market could triple to $190 billion by 2035 from $79 billion in 2025, Morgan Stanley estimates. As GLP-1 prescriptions rise, demand for telehealth, new clothing and glucose monitors is expected to grow.

Teladoc's Telehealth Pivot

Teladoc's platform facilitates GLP-1 access for patients without convenient in-person specialist care. The company is reducing debt and limiting stock-based compensation to $55 million. Cash reserves reached $751 million at the end of Q1.

Ollie's and the Wardrobe Effect

Patients losing weight on GLP-1 drugs often need new clothes, benefiting discount retailers. Ollie's stock has fallen almost 30 percent year-to-date but has about 60 percent upside based on analyst targets. Wall Street rates it a Moderate Buy with 14 Buy ratings.

DexCom's Monitoring Opportunity

Continuous glucose monitors are becoming relevant beyond diabetes patients as GLP-1 use expands. DexCom has launched over-the-counter products for this broader market. The global wearable medical device market was valued at $54 billion in 2025 and is projected to reach $330.5 billion by 2033.

The GLP-1 trend is creating investment opportunities beyond drug manufacturers. Investors will watch Teladoc's Q2 earnings, Ollie's store expansion and DexCom's OTC product adoption as key indicators of secondary market capture.

This article is for informational purposes only and does not constitute investment advice.