Danish company Novo Nordisk closed Q2 with revenue exceeding expectations, but the situation is more complicated than it seemed. Sales of Wegovy pills were lower than expected, leading to a disappointing conclusion of results. The company had raised its sales estimates for the entire exercise, but numbers had another effect.

Two obesity medications developed by US-based Zepbound and Mounjaro had a positive impact on results, increasing users compared to Foundayo – direct rival of Wegovy – with sales of $98 million versus $105.6 million. But the real question remains: what happens when Novo Nordisk's weight loss pill fails? That's why market attention remains focused on Wegovy and the competitiveness of Danish company remains in question.

Eli Lilly, meanwhile, has seen its stock price rise already, with its 2026 guidance set before the new weight loss pill was launched. Jefferies analyst commented that "this fact leaves many questions open for 2027". The results of Wegovy pills raised concerns about the competitiveness of Danish company.

But what happens when competition becomes increasingly aggressive? A review of guidance is not enough to convince the market. More data are needed to better react.

Numbers seem to say otherwise: in Q2, sales of two obesity medications developed by US-based Zepbound and Mounjaro were 46% and 91% higher respectively, representing 64.7% of group revenue. The lack of expectations was, instead, the pill Foundayo – direct rival of Wegovy – with sales of $98 million versus $105.6 million. In summary, the situation is complicated and we need to wait a few more months before seeing an improvement in sales of Wegovy pills.