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Diabetes and obesity treatments account for the vast majority of Novo Nordisk’s sales. Its largest-selling medicine is Ozempic for adults with type 2 diabetes, while Wegovy supplies most of its obesity-treatment revenue. It also sells insulin and medicines for rare diseases. Subsidiaries, distributors and independent agents bring its products to local markets, where private insurers, government programmes and self-paying patients fund treatment.
The United States is a key market and supplies most sales of Ozempic and Wegovy. What Novo Nordisk earns there depends heavily on the prices and rebates negotiated with insurers and pharmacy benefit managers, which manage drug spending. In most markets, its insulin and GLP-1 medicines require prescriptions, and most countries subsidise or control their prices. Continued sales also depend on competing with companies such as Eli Lilly and developing new medicines as existing patents expire.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Eli Lilly competes with Novo Nordisk for diabetes and obesity prescriptions—the treatment areas accounting for more than 90% of Novo’s sales in its 2025 filing. Lilly’s progress in selling GLP-1 medicines to these patients is a key signal of the competition facing Novo’s biggest business.
Sanofi competes with Novo Nordisk to supply people with diabetes with both rapid-acting mealtime insulin and long-acting basal insulin. Its insulin business is the relevant overlap for Novo investors, rather than its vaccine sales.
Viking Therapeutics could challenge Novo Nordisk’s Wegovy with its obesity drug candidate VK2735, now in Phase 3 trials. Viking has not generated revenue, so trial results matter more for this rivalry than current sales.
Amgen could compete for Novo Nordisk’s Wegovy prescriptions with MariTide, its obesity drug candidate in Phase 3 trials. MariTide’s trial results are the news to watch for future competition in weight-management medicines.
Hims & Hers Health offers consumers weight-loss prescriptions through its digital platform, including pharmacy-compounded semaglutide that competes with Novo Nordisk’s branded medicines. Novo sued over alleged patent infringement in February 2026; developments in that case could affect Hims & Hers’ ability to keep offering those products.
AstraZeneca competes with Novo Nordisk to sell medicines to people with diabetes, including GLP-1 injections. That diabetes overlap, rather than AstraZeneca’s oncology sales, is the relevant business for assessing competition facing Novo.
Madrigal Pharmaceuticals competes with Novo Nordisk’s semaglutide for patients receiving MASH treatment through Rezdiffra, its only approved product. Rezdiffra’s US sales are the direct revenue line to watch for this rivalry.
Dr. Reddy’s Laboratories has sought to sell a generic version of Novo Nordisk’s Ozempic, its weekly treatment for adults with type 2 diabetes and biggest-selling product in 2025. The companies settled the associated US patent litigation, but confidential terms leave the timing of generic entry undisclosed.
Ascendis Pharma competes with Novo Nordisk in growth hormone treatments, but also licenses Novo its TransCon technology for developing metabolic medicines. Progress in those partnered programs matters to Novo’s drug development and to Ascendis’ future milestone and royalty payments.
Dr. Reddy's Laboratories Limited earningsRDY
Dr. Reddy’s report may show whether its generic Ozempic is moving toward commercialisation, a signal of potential generic competition for Novo Nordisk’s top-selling medicine.
Watch for disclosure of launch preparations or sales progress for Dr. Reddy’s generic Ozempic. Clear commercial progress would make the timing of generic competition for Novo’s diabetes medicine more pressing; no update would leave entry timing uncertain, not prove that entry will not happen.
Fed Interest Rate Decision
For Novo Nordisk, the Fed’s decision sets a benchmark for borrowing costs across the economy, but its filing identifies sales, prices, costs and exchange rates—not interest expense or income—as the factors affecting operating cash flow.
Expected4.0%Last release4.0%
A higher rate can make repricing debt and new borrowing cost more, while a lower rate can make them cheaper; the filing does not identify either interest expense or income as a main driver of Novo Nordisk’s operating cash flow.
Eli Lilly & Co. earningsLLY
Eli Lilly’s report will show how its diabetes and obesity medicines are selling, a signal of competition in Novo Nordisk’s core markets.
Look at Lilly’s diabetes and obesity medicine sales and whether use or market share continues to expand. Stronger sales and use would indicate Lilly is winning prescriptions from rivals such as Novo, making Novo’s volume share harder to defend; slowing growth or flat share would suggest less pressure, but Novo’s own figures still decide its performance.
Novo-Nordisk A/S earningsThis company
Novo Nordisk’s report will show whether sales of its diabetes and obesity medicines can withstand lost market share and deeper US rebates.
Read diabetes and obesity sales alongside volume market share and average prices after rebates. Rising sales with stable share and realised prices would show that treatment demand is becoming steadier revenue; rising sales with further share or price declines would show competition or payer pressure eating into growth.
Hims & Hers Health, Inc. earningsHIMS
Hims & Hers Health’s report may show whether its platform still offers compounded semaglutide, a signal of online competition for Novo Nordisk’s branded weight-loss medicines.
Look for whether Hims & Hers still offers compounded semaglutide and whether the business shows signs of continuing. Continued availability would mean an online channel is still competing for weight-loss prescriptions and challenging Novo’s branded medicines; a pullback would ease pressure from this route, but the report cannot settle the patent case.
