Eli Lilly became the first health-care company to reach a $1 trillion market capitalisation on Friday, joining an elite group largely made up of tech giants.

The stock briefly touched the $1 trillion level during morning trading before pulling back, and was last quoted at approximately $1,048 per share.

Eli Lilly is now the second non-tech United States company to hit the $1 trillion milestone, following Warren Buffett’s Berkshire Hathaway.

The drugmaker’s shares have surged over 36 per cent this year, fueled by investor enthusiasm for its lead over rival Novo Nordisk in the GLP-1 drug market.

Based in Indianapolis, Eli Lilly has benefited from the soaring popularity of its weight-loss injection Zepbound and diabetes medication Mounjaro.

The two drugs have fueled remarkable sales growth for Eli Lilly.

In the third quarter, Mounjaro generated $6.52 billion in revenue, a 109 per cent increase from the previous year, while Zepbound brought in $3.59 billion, up 184 per cent year-over-year.

Demand for these treatments is expected to rise further as regulatory approvals and insurance coverage expand.

Eli Lilly also plans to launch oral versions of its popular drugs next year, offering patients a more convenient alternative to injections while simplifying production for the company.