Eli Lilly (LLY) CEO David Ricks got a 10% raise in 2024, as a surge in demand for weigh-loss drugs has propelled the pharma giant into the most valuable pharmaceutical company in the world.

Ricks’ total compensation for 2024 reached $29.2 million, according to the company’s latest proxy statement, up from $26.6 million in 2023. When he became CEO in 2017, Ricks’ annual compensation started at $15.8 million.

In that time, Eli Lilly has seen explosive growth, largely due to its blockbuster diabetes and weight-loss drugs, Mounjaro and Zepbound.

Both drugs belong to GLP-1 class of treatments, made famous by rival Novo Nordisk’s (NVO) Ozempic. GLP-1s, or incretin medications, mimic gut hormones that regulate blood sugar and curb appetite. Morgan Stanley (MS) analysts anticipate the global market for these drugs will reach $105 billion by 2030.

Mounjaro brought in $11.5 billion in sales in 2024, while Zepbound generated $4.9 billion in annual revenue.

Overall, Eli Lilly’s total sales for the year across all its drugs amounted to $45 billion. The company projects that sales in 2025 will reach between $58 billion and $61 billion.

The company’s strong performance has also boosted its stock price. Eli Lilly’s stock has climbed 10% over the past 12 months to about $842 a share. Over the last five years, the company’s stock has surged nearly 500%

With a market cap of $754 billion, Eli Lilly is now the most valuable healthcare company in the world, ranking 12th overall. For comparison, the next closest healthcare companies are UnitedHealth Group (UNH) and Johnson & Johnson (JNJ), with market caps of $448 billion and $406 billion, respectively.

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