REX Financial’s Bill Birmingham explains why peptides offer opportunities beyond GLP-1 weight-loss drugs, with potential across chronic diseases and significant room for growth. He breaks down the PEP ETF’s exposure to Eli Lilly (LLY), Novo (NVO) and emerging peptide companies like Viking Therapeutics (VKTX), Protagonist Therapeutics (PTGX) and Ascendis Pharma (ASND). Birmingham also distinguishes FDA-regulated treatments from gray-market peptides and discusses how new therapies, supply constraints and M&A could drive the peptide market higher.