Novo NVO has an opportunity to extract greater value from semaglutide by expanding its use beyond traditional diabetes, obesity and cardiovascular indications. This strategy is increasingly relevant as the company faces intense competition from Eli Lilly LLY across cardiometabolic care. Semaglutide-based GLP-1 products, including Ozempic and Rybelsus for type II diabetes (T2D) and Wegovy for obesity, accounted for roughly 75.5% of Novo's adjusted first-half 2026 sales, leaving the company highly exposed to changes in competition, pricing and market share. Novo is already extending semaglutide beyond its traditional diabetes and obesity uses, with Wegovy's 2025 U.S.
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