NVO\u2019s reported second-quarter sales rose 3% to $12.21 billion (DKK 78.5 billion) at constant exchange rates (CER). More importantly, its key GLP-1 brands showed signs of slowing. Ozempic generated $4.88 billion (DKK 31.4 billion) in reported sales, flat year over year at CER, while Wegovy injectable generated $3.03 billion (DKK 19.5 billion), also flat at CER. The moderation is concerning as Lilly’s competing GLP-1 therapies continue to gain traction.<\/p>\n
Lilly, on the other hand, delivered another impressive second-quarter performance, underscoring the looming competitive threat to Novo Nordisk. Its GLP-1 injections, Mounjaro for T2D and Zepbound for obesity, compete directly with Ozempic and Wegovy, respectively. Mounjaro generated $9.9 billion, up 91% year over year, while Zepbound sales rose 46% to $4.9 billion, with volume growth serving as the primary driver. They have been gaining market share through stronger volume growth and demand. As a result, Lilly\u2019s GLP-1 franchise continues to capture a larger share of the diabetes and obesity markets, widening the competitive gap with NVO.<\/p>\n
Novo Nordisk, meanwhile, has gained an important new avenue through oral GLP-1s. Wegovy pill generated $0.50 billion (DKK 3.22 billion) in reported second-quarter sales, with prescriptions reaching around 2.9 million during the quarter and exceeding five million since launch. The Ozempic pill\/Rybelsus franchise generated $0.81 billion (DKK 5.23 billion). Ozempic pill, approved for adults with T2D, became available nationwide in the United States in May.<\/p>\n
However, Lilly is already challenging Novo Nordisk\u2019s oral opportunity with its newly launched once-daily GLP-1 pill, Foundayo (orforglipron) for obesity, which generated $98 million in the second quarter. Lilly has also submitted an application to the FDA seeking U.S. approval of the drug for T2D. Foundayo offers a potential administration advantage over the Wegovy pill, as it can be taken at any time of day without food or water restrictions. This could put NVO\u2019s lead in oral GLP-1s at risk, with Lilly potentially repeating the share gains it has achieved in injectables and making up for NVO\u2019s head start with the Wegovy and Ozempic pills.<\/p>\n
Novo Nordisk is taking steps to defend its position in the increasingly competitive GLP-1 market. As part of these efforts, the company has sued Eli Lilly over advertising for Mounjaro and Zepbound, alleging that Lilly\u2019s campaigns rely on outdated comparisons and fail to reflect the newer higher-dose versions of Ozempic and Wegovy. NVO is also relying on an improved financial outlook to support investor confidence, having raised its 2026 guidance to reflect stronger-than-expected GLP-1 sales.<\/p>\n
Adjusted sales and operating profit are now expected to decline 0-6% at CER compared with the previous guidance of a 4-12% decline, providing some relief. Still, investor skepticism remains amid pricing pressure and intensifying competition. The GLP-1 pills, particularly Wegovy and Ozempic, give NVO a valuable new growth driver. However, Lilly\u2019s strength in both injectable and oral GLP-1s suggests the new momentum may not be enough to close the competitive gap entirely.<\/p>\n
NVO Faces Rising Competitive Pressure Beyond LLY in GLP-1s<\/p>\n
The obesity space has drawn much of the spotlight over the past year because of the sizeable and still underpenetrated market opportunity.\u00a0Smaller biotech firms, such as\u00a0Viking Therapeutics\u00a0(VKTX Quick QuoteVKTX<\/a> – Free Report<\/a>) and Structure Therapeutics\u00a0(GPCR Quick QuoteGPCR<\/a> – Free Report<\/a>) , are also advancing GLP-1\u2013based therapies to challenge the incumbents. Viking Therapeutics\u2019 dual GIPR\/GLP-1 receptor agonist, VK2735, is being developed as both oral and subcutaneous formulations for the treatment of obesity.\u00a0Viking Therapeutics plans to advance oral VK2735 into phase III development for obesity in the fourth quarter of 2026.<\/p>\n Structure Therapeutics\u2019 phase II ACCESS study on its orally administered 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 obesity.<\/p>\n NVO\u2019s\u00a0Stock Price, Valuation & Estimates<\/p>\n
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