Novo Nordisk 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]) and Wegovy (for obesity). Together, the drugs generated DKK 101.41 billion in the first half of 2025, representing about 65% of NVO’s total sales. Investors will be most keen to know the sales numbers of these two drugs when Novo Nordisk reports third-quarter results on Nov. 5, before the opening bell.
Since their initial launch, Novo Nordisk has secured several label expansions for both Ozempic and Wegovy to expand patient access and drive up demand. Wegovy is now approved for reducing major cardiovascular events, easing HFpEF symptoms, and relieving osteoarthritis-related knee pain in obesity. The FDA is also reviewing Novo Nordisk’s application for a 25 mg oral semaglutide (Wegovy pill) for obesity and cardiovascular disease, with a decision expected by year-end. Ozempic is also the only GLP-1 therapy approved to reduce kidney disease progression and cardiovascular death in patients with T2D and chronic kidney disease. NVO is also pursuing a label expansion of Ozempic in treating peripheral artery disease in the United States and the EU.
However, given Novo Nordisk’s July guidance cut and the ongoing headwinds in its GLP-1 franchise, sales of Ozempic and Wegovy are expected to have remained under pressure in the third quarter of 2025. The company continues to face slower-than-expected U.S. momentum for both drugs, as unregulated compounded semaglutide products persist in the market despite regulatory crackdowns. Although sales of Ozempic and Wegovy are likely to have posted year-over-year growth, the pace of the growth has probably slowed. This is mainly due to Wegovy’s uptake remaining below expectations amid limited market expansion and rising competition, while Ozempic’s momentum moderated due to intensified rivalry in the U.S. diabetes market.
Beyond Wegovy and Ozempic, Novo Nordisk’s oral semaglutide therapy Rybelsus for T2D, together with its insulin franchise and Rare Disease portfolio, is likely to have provided additional support to overall revenues during the period.
Eli Lilly LLY is Novo Nordisk’s fierce competitor in the diabetes/obesity space, which markets its tirzepatide-based drugs, Mounjaro (T2D) and Zepbound (obesity). Despite being on the market for less than three years, Mounjaro and Zepbound have become LLY’s key top-line drivers. In the first half of 2025, the drugs generated combined sales of $14.7 billion, accounting for 52% of Eli Lilly’s total revenues. LLY’s Mounjaro and Zepbound follow a dual mechanism of action as a GIP and GLP-1 RA.
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