Novo Nordisk is relying on new leadership to regain its lead in the growing weight loss drug market. The Danish company announced that longtime CEO Lars Fruergaard Jørgensen is stepping down as its obesity drug Wegovy faces strong competition from Eli Lilly’s Zepbound. Although Eli Lilly entered the market later, it is now emerging as the front-runner in a market expected to be worth over \$150 billion by the early 2030s.
The new CEO will have to help Novo Nordisk catch up with Eli Lilly, fend off new competitors, and handle upcoming challenges. These include launching new weight loss drugs before Wegovy’s patents expire, managing Medicare drug price negotiations, and responding to planned pharmaceutical tariffs.
Novo Nordisk has not yet named a successor but is considering both internal and external candidates.
BMO Capital Markets analyst Evan Seigerman noted that while Novo Nordisk held an early lead, it has lost ground at a critical time as more competitors enter the market.
At its peak, Novo Nordisk was Europe’s most valuable company, worth \$615 billion, driven by high demand for Wegovy and its diabetes drug Ozempic.
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