How Novo Nordisk Lost Its Grip on Weight-Loss Market: QuickTake

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.

But virtually all of those gains in its share price have been erased amid intense competition from cheaper copycat products and archrival Eli Lilly & Co., as well ...