Novo Nordisk faces intensifying GLP-1 competition from Eli Lilly

Novo Nordisk is facing intense competition in the GLP-1 weight-loss and diabetes market, particularly from Eli Lilly. While Novo Nordisk maintains a 55 percent share of the weekly injectable GLP-1 volume market, Eli Lilly’s tirzepatide-based products, Mounjaro and Zepbound, have overtaken the company in the United States market.

Financial performance has shown mixed results. In the first quarter of 2026, Novo Nordisk reported a 32 percent increase in total sales to 96.8 billion Danish kroner on a constant currency basis, though adjusted operating profit fell 6 percent. This decline was partly attributed to a $4.2 billion reversal of sales rebate provisions related to the 340B Drug Pricing Program.

To combat market share erosion, Novo Nordisk is shifting its strategy toward volume and the adoption of oral formulations. The company is also navigating a transition in its business model as it focuses on its GLP-1 pill to compete with Lilly’s expanding pipeline and aggressive direct-to-consumer strategies.