How Novo Nordisk Lost Its Lead in the Weight-Loss Market

Danish drugmaker Novo Nordisk A/S was at the forefront of the weight-loss injection boom as people discovered that its Ozempic shot, originally developed to treat diabetes, could help trim their waistlines.

Novo took the active ingredient of Ozempic, semaglutide, and rebranded it as Wegovy to be used specifically for weight loss. The success of these blockbuster drugs helped Novo become the most valuable publicly listed company in Europe for a spell.