Healthcare · Profile from Healthcare Research Companion
Novo Nordisk A/S
The Danish insulin maker, controlled by a charitable foundation, that created the modern obesity-drug market with semaglutide (Ozempic and Wegovy) and briefly became Europe's most valuable company. Between 2023 and 2026 it went from supply-constrained triumph to a cautionary tale: it lost US share to Eli Lilly, fought compounders and telehealth sellers (then partnered with the biggest of them), paid ~$11bn for Catalent fill-finish plants, lost a bidding war for Metsera, replaced its CEO and most of its board, cut ~9,000 jobs, and guided to falling sales in 2026 even as its Wegovy pill became the fastest GLP-1 launch in US history.
At a glance
- Founded
- Nordisk Insulinlaboratorium 1923 (August and Marie Krogh, H.C. Hagedorn); Novo Terapeutisk Laboratorium 1925 (Harald and Thorvald Pedersen); merged 1989
- Founders
- August Krogh (Nobel laureate 1920), Marie Krogh, Hans Christian Hagedorn; the Pedersen brothers
- Headquarters
- Bagsværd, Denmark
- Ownership / structure
- Public company (Copenhagen: NOVO B; NYSE ADRs: NVO); controlled by the Novo Nordisk Foundation through Novo Holdings (~28% of capital and ~77% of votes, reported) via unlisted A shares with ten times the votes of B shares
- Leadership (2026)
- Maziar Mike Doustdar, President and CEO (since 7 August 2025); Lars Rebien Sørensen, Chair (elected at the 14 November 2025 EGM, re-elected 26 March 2026); Karsten Munk Knudsen, CFO; Jamey Millar, EVP US Operations (from February 2026, succeeding Dave Moore)
- Segments
- Diabetes and obesity care (Ozempic, Rybelsus, Wegovy injection, Wegovy HD and Wegovy pill, insulins); rare disease (haemophilia, growth hormone)
- Payer and patient
- Commercial plans and PBMs, Medicare Part D (semaglutide IRA price $274 from 2027), the Medicare GLP-1 Bridge for obesity ($50 copay from 1 July 2026), Medicaid, cash-pay via NovoCare Pharmacy, TrumpRx, retail pharmacies and telehealth partners; international health systems
- Scale
- 2025 sales DKK 309.1bn (~$45bn+; +6% in DKK, +10% at CER), incl. DKK 82.3bn obesity care; 68,794 full-time equivalents at end-2025 (−10%; the annual report also cites ~69,500 people including part-timers) and ~67,900 in Q1 2026; 2026 adjusted-sales guidance −5% to −13% (February), −4% to −12% (May), 0% to −6% (August), at CER
- Capital / market cap
- Market cap peaked at ~$600bn+ (mid-2024, reported); the ADR traded at ~$39 on 29 October 2026, roughly a quarter of its 2024 peak (reported prices); DKK 15bn buyback running from February 2026
- Signature moves (incl. failures)
- 1989 merger; Victoza and Saxenda (2010–14); Ozempic (2017); Wegovy and the shortages (2021–25); Catalent (2024); compounding fight, the Hims partnership and split (2025) and the 2026 lawsuit-then-collaboration; CEO change, board overhaul and 9,000 job cuts (2025); government deal, price cuts and Wegovy pill (2025–26); Metsera bid lost (2025); CagriSema losing head-to-head trials to tirzepatide (2026)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1989
Novo and Nordisk Merger
Merger
2010
Victoza and Saxenda
Launch
2017
Ozempic Launch
Launch
2021
Wegovy Launch and Shortages
Launch (constrained by supply)
2024
Catalent Acquisition
Acquisition (capacity, via a two-step structure)
2025
CEO Change and Restructuring
Restructuring / leadership change
2025
Compounding Fight and Hims Partnership
Partnership (terminated), litigation, then a second partnership
2025
Price Cuts Government Deal and Wegovy Pill
Pricing change (government agreement) and launch