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How Will Ozempic and Wegovy Sales Aid NVO's Upcoming Q4 Results?
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Key Takeaways
Ozempic and Wegovy made up 66% of NVO sales in 9M 2025, making their Q4 performance central to results.
Novo Nordisk faces slower U.S. momentum as compounded alternatives and intense rivalry weigh on Wegovy uptake.
Beyond GLP-1s, Rybelsus, insulin and Rare Disease products likely supported NVO's overall revenues in Q4.
Novo Nordisk (NVO - Free Report) 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 152.5 billion in the first nine months of 2025, representing about 66% of NVO’s total sales. Investors will be most keen to know the sales numbers of these two drugs when Novo Nordisk reports fourth-quarter results on Feb. 4, before the opening bell.
Since their initial launch, Novo Nordisk has secured several label expansions for both Ozempic and Wegovy injections to expand patient access and drive demand. Wegovy is approved for reducing major cardiovascular events, easing HFpEF symptoms, and relieving osteoarthritis-related knee pain in obesity. 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 currently seeking regulatory approval for a higher dose Wegovy (7.2mg) with greater efficacy in the United States and the EU. It 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 and November guidance cuts amid ongoing headwinds in its GLP-1 franchise, sales of Ozempic and Wegovy are expected to have remained under pressure in the fourth 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.
NVO’s Peers in the Obesity Space
Eli Lilly (LLY - Free Report) 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 just over three years, Mounjaro and Zepbound have become LLY’s key top-line drivers. In the first nine months of 2025, the drugs generated combined sales of $24.8 billion, accounting for 54% of Eli Lilly’s total revenues. Following strong third-quarter 2025 results, LLY raised its 2025 full-year revenue and EPS guidance.
Lilly is expected to deliver another strong quarter when it reports financial results on Feb. 4, driven by robust demand for its blockbuster GLP-1 drugs, improved supply, deeper U.S. market penetration and expanding international launches. Beyond its cardiometabolic portfolio, Lilly’s oncology and immunology drugs, including Verzenio, Taltz, and newer launches like Omvoh, Ebglyss and Jaypirca, are also expected to have supported steady top-line expansion in the fourth quarter.
However, Novo Nordisk secured the long-awaited FDA approval for its oral Wegovy pill to treat obesity and reduce cardiovascular risk in late December, followed by its commercial launch in early January. This marked a major milestone, making Wegovy the first GLP-1 RA available in an oral form for weight management. Compared to injectable formulations, the pill offers a far more convenient administration option. By beating Eli Lilly to the oral GLP-1 market, NVO enjoys the first-mover advantage, which is expected to boost Wegovy sales in 2026. Eli Lilly has also filed a regulatory application seeking the approval of its oral GLP-1 pill, orforglipron, for obesity, which is currently under review by the FDA.
The obesity space has garnered much of the spotlight over the past year due to the sizeable and still underpenetrated market opportunity. Smaller biotech firms, like Viking Therapeutics (VKTX - Free Report) , are also advancing GLP-1–based therapies to challenge the incumbents. Viking Therapeutics is developing its dual GIP/GLP-1 RA, VK2735, both as oral and subcutaneous formulations for the treatment of obesity. Last year, VKTX started two late-stage studies evaluating the subcutaneous formulation of VK2735. While one of these studies completed enrolment in November 2025 at a rapid pace, Viking Therapeutics expects to complete enrolment in the other study by the end of this quarter.
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How Will Ozempic and Wegovy Sales Aid NVO's Upcoming Q4 Results?
Key Takeaways
Novo Nordisk (NVO - Free Report) 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 152.5 billion in the first nine months of 2025, representing about 66% of NVO’s total sales. Investors will be most keen to know the sales numbers of these two drugs when Novo Nordisk reports fourth-quarter results on Feb. 4, before the opening bell.
Since their initial launch, Novo Nordisk has secured several label expansions for both Ozempic and Wegovy injections to expand patient access and drive demand. Wegovy is approved for reducing major cardiovascular events, easing HFpEF symptoms, and relieving osteoarthritis-related knee pain in obesity. 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 currently seeking regulatory approval for a higher dose Wegovy (7.2mg) with greater efficacy in the United States and the EU. It 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 and November guidance cuts amid ongoing headwinds in its GLP-1 franchise, sales of Ozempic and Wegovy are expected to have remained under pressure in the fourth 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.
NVO’s Peers in the Obesity Space
Eli Lilly (LLY - Free Report) 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 just over three years, Mounjaro and Zepbound have become LLY’s key top-line drivers. In the first nine months of 2025, the drugs generated combined sales of $24.8 billion, accounting for 54% of Eli Lilly’s total revenues. Following strong third-quarter 2025 results, LLY raised its 2025 full-year revenue and EPS guidance.
Lilly is expected to deliver another strong quarter when it reports financial results on Feb. 4, driven by robust demand for its blockbuster GLP-1 drugs, improved supply, deeper U.S. market penetration and expanding international launches. Beyond its cardiometabolic portfolio, Lilly’s oncology and immunology drugs, including Verzenio, Taltz, and newer launches like Omvoh, Ebglyss and Jaypirca, are also expected to have supported steady top-line expansion in the fourth quarter.
However, Novo Nordisk secured the long-awaited FDA approval for its oral Wegovy pill to treat obesity and reduce cardiovascular risk in late December, followed by its commercial launch in early January. This marked a major milestone, making Wegovy the first GLP-1 RA available in an oral form for weight management. Compared to injectable formulations, the pill offers a far more convenient administration option. By beating Eli Lilly to the oral GLP-1 market, NVO enjoys the first-mover advantage, which is expected to boost Wegovy sales in 2026. Eli Lilly has also filed a regulatory application seeking the approval of its oral GLP-1 pill, orforglipron, for obesity, which is currently under review by the FDA.
The obesity space has garnered much of the spotlight over the past year due to the sizeable and still underpenetrated market opportunity. Smaller biotech firms, like Viking Therapeutics (VKTX - Free Report) , are also advancing GLP-1–based therapies to challenge the incumbents. Viking Therapeutics is developing its dual GIP/GLP-1 RA, VK2735, both as oral and subcutaneous formulations for the treatment of obesity. Last year, VKTX started two late-stage studies evaluating the subcutaneous formulation of VK2735. While one of these studies completed enrolment in November 2025 at a rapid pace, Viking Therapeutics expects to complete enrolment in the other study by the end of this quarter.