Novo Nordisk Emerges as Big Loser in Weight-Loss Drug Battle

Novo Nordisk is increasingly looking like the big loser in the battle for market share in weight-loss drugs, as archrival Eli Lilly gave an upbeat sales forecast that highlighted the immense pressure the Danish company is facing.

Investors’ reaction today underscored the stark differences. Novo shares tumbled as much as 20% after it warned yesterday of a steep revenue drop this year, citing price competition. Lilly, meanwhile, jumped in early US trading after saying it expects sales to increase as much as 27% in 2026.

The diverging forecasts reflect Lilly’s much stronger competitive position. Its blockbusters Mounjaro (for diabetes) and Zepbound (for obesity) have another decade of patent life. Novo’s competing drugs will come under pressure as soon as this year from generics in some countries.

Novo is stepping up efforts to fight back. It hired Jamey Millar as its new US chief to oversee a turnaround in its most important market. Novo CEO Mike Doustdar said Millar’s understanding of consumers from his time at Procter & Gamble, combined with his experience in pharma, is “exactly what we need today leading our US organization.”