Novo Nordisk鈥檚 obesity-drug business has exploded in just a few years. Between 2021 and 2025, the company鈥檚 sales in this segment jumped roughly tenfold: from $1.3 billion to $12.4 billion, driven largely by Wegovy and its active ingredient semaglutide, which is marketed as a once-weekly 鈥渨eight-loss injection.鈥
Semaglutide, however, was first developed for type 2 diabetes and is still sold for that indication as Ozempic. The key distinction is dosing: Wegovy pens are available in higher semaglutide concentrations, while Ozempic鈥檚 formulations are geared toward diabetes treatment. In practice, however, Ozempic has reportedly been prescribed off-label for this purpose, even though this is prohibited in several EU countries.
Whichever label it carries, the United States is the company鈥檚 central market. Novo Nordisk鈥檚 2025 annual report shows that America is by far the biggest customer for both Ozempic and Wegovy. For products sold specifically for weight loss, the U.S. accounts for more than 60 percent of sales. That dominance is also a reflection of demand: with obesity rates among the highest in the world, the world鈥檚 largest pharma market has become the epicenter of the GLP-1 boom.
