Despite ushering in the weight-loss injectable craze and reaching a whopping $604 billion market cap in March 2024, Novo has for the past 18 months suffered hit after financial hit as compounding companies cut into its profit margin by selling cheaper, off-brand Ozempic - and as Eli Lilly, the makers of rival jabs Mounjaro and Zepbound, surged ahead thanks to promising news about its orforglipron GLP-1 pill.
Days earlier, Novo Nordisk cut its sales and profit forecast for the first time since the launch of Wegovy four years ago. Wegovy-maker Novo Nordisk has pushed out CEO Lars Fruergaard Jorgensen over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.