Novo NVO is a dominant player in the cardiometabolic space, mainly due to the encouraging uptake of its blockbuster semaglutide-based (GLP-1) drugs — Ozempic (for type II diabetes [T2D]), Rybelsus (for T2D) and Wegovy (for obesity).
Since launch, Novo has steadily expanded the commercial opportunity for both Ozempic and Wegovy through multiple label expansions. Together, the drugs generated approximately DKK 112.2 billion in the first half of 2026, accounting for about 75.5% of NVO’s adjusted sales. Investors will be particularly interested in the sales numbers for these two drugs when Novo reports third-quarter 2026 results on Nov. 4.
Novo has also broadened its oral semaglutide franchise. Following FDA approval in late December 2025, the oral Wegovy pill became available in the United States in early January 2026, offering a more convenient alternative to injectable treatment. The pill has demonstrated strong early uptake, with Novo reporting more than five million U.S. prescriptions since launch by the second-quarter reporting period. In July 2026, Wegovy pill received European regulatory approval for obesity, following launches in the UAE in June and the United Kingdom in early July. These international launches are likely to have contributed to additional sales growth in the to-be-reported quarter.
Beyond obesity, Novo is expanding its diabetes portfolio with oral semaglutide. The FDA approved the Ozempic tablet brand in February 2026, and Novo made the pills available in the United States in May for adults with T2D, including those at high cardiovascular risk. The launch offers an additional growth opportunity, with investors keen to assess early uptake when Novo reports third-quarter results. Novo continues to generate meaningful revenues from Rybelsus, its oral semaglutide therapy for T2D, although the company reports Ozempic pill and Rybelsus sales together.
Despite raising its 2026 outlook following the second quarter, Novo still expects adjusted sales and operating profit to range from flat to a 6% decline at CER. This outlook underscores the challenges facing Novo’s GLP-1 franchise, suggesting third-quarter sales growth for Wegovy and Ozempic are likely to have remained under pressure, particularly in the United States amid intensifying competition from arch-rival Eli Lilly LLY. Pricing pressure, weaker prescription trends for its injectable GLP-1 drugs, reduced Medicaid coverage for obesity treatments, and intensifying competition remain significant operational and executional challenges.
Beyond its GLP-1 franchise, Novo's insulin and Rare Disease portfolios are likely to have provided additional support to overall revenues during the period.
NVO’s Peers in the Obesity Space
Eli Lilly is Novo’s fierce competitor in the diabetes/obesity space, which markets its tirzepatide injections, Mounjaro (T2D) and Zepbound (obesity), competing directly with NVO’s Ozempic and Wegovy injections, respectively. Mounjaro and Zepbound have become LLY’s key top-line drivers. In the first half of 2026, the two drugs generated $27.7 billion in combined sales, up approximately 88% year over year and accounting for about 65% of Lilly’s total revenues.
Eli Lilly also secured FDA approval and subsequently launched its oral GLP-1 pill, Foundayo (orforglipron), for obesity in early April, which now competes directly with Novo Nordisk’s Wegovy pill. Investors will closely monitor Foundayo’s commercial momentum when Lilly reports third-quarter results on Oct. 29, 2026.
The obesity space has drawn much of the spotlight over the past year because of the sizeable and still underpenetrated market opportunity. Smaller biotech firms, such as Viking Therapeutics VKTX and Structure Therapeutics GPCR, are also advancing GLP-1–based therapies to challenge the incumbents. Viking Therapeutics’ dual GIPR/GLP-1 RA, VK2735, is being developed in both oral and subcutaneous formulations for the treatment of obesity. Viking recently announced initiating the phase III SUNRISE program, comprising two late-stage studies, evaluating oral VK2735 in adults with obesity and in obese or overweight adults with T2D.
Structure Therapeutics’ phase II ACCESS program on its orally administered small molecule GLP-1 RA, aleniglipron, demonstrated significant weight loss across all doses. Based on such encouraging results, Structure Therapeutics has initiated dosing patients in its late-stage ACCOMPLISH program to evaluate aleniglipron for chronic weight management.
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