Obesity drugs are becoming a trillion-dollar business, but not every stock is priced at a premium. Pfizer (PFE) just spent $10B to buy into the space after halting its own program, securing a monthly GLP-1 injectable that competes with Ozempic but only needs a shot once a month. Despite paying up, Pfizer yields nearly 7% and trades at 8x 2027 earnings, absorbing costs with ongoing cost cuts and a fat dividend. Viking Therapeutics (VKTX) looks even cheaper given its phase 3 injectable/phase 2 oral drugs showing double-digit weight loss. Despite a sell-off over side effects in oral trials, Viking has cash and no debt, and is a likely acquisition target as big pharma piles into obesity. Don’t expect a winner-take-all scenario – there’s room for more players and different delivery options as the market expands beyond just severe obesity.