Novo Nordisk A/S ADR (NVO), a trailblazer in the weight-loss revolution, has endured a bruising 2025. The Danish pharma giant has been hit by trimmed growth forecasts, pricing pressure, rising competition from Eli Lilly (LLY), mass layoffs, dramatic leadership changes, and even a high-profile public bidding war with U.S. rival Pfizer (PFE). Although Novo’s blockbuster Ozempic enjoyed a four-year head start over Lilly’s Mounjaro, Lilly has now pulled ahead in U.S. prescriptions.
Novo’s struggles to keep up with demand also allowed compounding pharmacies to step in, chipping away at its market share and making 2025 one of its toughest years yet. But just as investor confidence was wearing thin, Novo delivered what felt like an early Christmas gift. On Dec.22, the Wegovy manufacturer became the first drugmaker to win FDA approval for a GLP-1 pill for weight loss, a milestone some analysts called a “redemption for investors” following the stock’s worst year on record.
