Novo CEO Says Obesity Drug Market Won’t Be a Winner-Take-All Battle With Eli Lilly

Novo Nordisk CEO Mike Doustdar stated on Wednesday, August 13, 2026, that the booming market for weight-loss medications will not devolve into a winner-take-all battle with chief rival Eli Lilly, arguing instead for a diverse pharmaceutical landscape that will segment as patients seek out specialized treatments.

The Danish drugmaker entered 2026 facing intense pressure in the blockbuster obesity drug sector after its 2026 financial forecast contrasted sharply with Eli Lilly, according to CNBC reporting. While Lilly projected 2026 sales growth of 25 percent, Novo forecast that its sales and profits could decline by as much as 13 percent. U.S.-listed shares of Novo have swung wildly this year, trading in a spread between $43.24 and $64.16, as investors weigh pricing headwinds, regulatory scrutiny, and rising competition.

Despite the market volatility, Doustdar pushed back against the notion that the obesity drug sector will operate as a zero-sum game between two major players, according to an interview with Reuters published on Wednesday, August 13, 2026.

Right now the investor community has thought this is supposed to be a zero-sum game between two players – there’s a loser and a winner. As you foresee the future of GLP-1s and obesity and weight-loss drugs, it will not be Coke versus Pepsi. It will be Coke and Pepsi and Fanta and Dr Pepper and Red Bull. People are thirsty, and they can make their choices.

Mike Doustdar, Novo Nordisk CEO

Market Segmentation and Portfolio Strategy

Doustdar compared the evolving obesity portfolio to the company’s established insulin business for diabetes, where Novo sells half of the world’s insulins across 12 different brands, according to Reuters. He noted that just as different insulins serve different patient needs while all reducing blood sugar, upcoming GLP-1 medications will offer distinct clinical profiles for the more than 100 million U.S. adults classified as obese.

A major focus for investors remains Novo’s oral GLP-1 pill version of Wegovy, which launched at the beginning of January 2026. Doustdar told CNBC that approximately 246,000 patients are currently taking the Wegovy pill, adding that the oral treatment is outpacing the early rollouts of existing GLP-1 injections. According to Reuters, the Wegovy pill currently holds a 90 percent market share in the oral GLP-1 category, bolstered by clinical data showing better weight loss compared to Eli Lilly’s Foundayo pill.

While future adoption rates between oral medications and injections remain difficult to project, Doustdar told Reuters that the company sits in a strong position if the sector settles into an even split between pills and shots. Novo previously projected in January that oral treatments could make up more than a third of GLP-1 usage by 2030.

Compounding Pressures and Legal Battles

Novo’s path forward is complicated by mass-market compounding pharmacies and telehealth providers offering unapproved copycats of semaglutide. Novo estimates that 1.5 million Americans are currently taking compounded versions of weight-loss drugs supplied by firms like Hims & Hers and various wellness clinics, according to CNBC reporting.

Although branded semaglutide injections are no longer in short supply, copycat manufacturers have continued aggressive direct-to-consumer marketing under a regulatory loophole permitted during previous shortages.

We understand why compounding, mass compounding, got started. It was on the back of a shortage. We really don’t understand why it continued, Doustdar told CNBC, emphasizing that the company’s legal actions target fairness rather than competition itself. Earlier in the year, Novo filed a patent infringement lawsuit against telehealth provider Hims & Hers and received an FDA warning letter regarding advertising claims.

Looking toward upcoming pipeline treatments, Doustdar addressed investor concerns regarding the next-generation experimental obesity drug CagriSema, which trials showed helped patients lose an average of 23 percent of their body weight, compared to over 25 percent for Eli Lilly’s Zepbound. Despite some market disappointment, Doustdar maintained that CagriSema will provide a powerful addition to the medical toolkit when the company aims to launch it next year.