Last year, Indianapolis-based drugmaker Eli Lilly became the most valuable pharmaceutical company in the world. 

Thanks to approval from the FDA in November, Lilly can now sell its diabetes drug, Mounjaro, as a weight loss drug under the name Zepbound. 

With the approval, Lilly passed Johnson and Johnson as the most valuable drugmaker in the world, with a market cap of over $610 billion. Lilly also became the ninth most valuable company on the S&P 500 index. 

Mirroring the success of the weight loss drug Ozempic, Lilly is expected to sell upwards of $50 billion annually of Zepbound.