Novo Nordisk’s obesity-drug business has exploded in just a few years. Between 2021 and 2025, the company’s 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 “weight-loss injection.”
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 strengths, while Ozempic’s formulations are geared toward diabetes treatment. In practice, however, Ozempic has reportedly been prescribed off-label for this purpose, even though this is officially prohibited in the EU.
Whichever label it carries, the United States is the company’s central market. Novo Nordisk’s 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’s largest pharma market has become the epicenter of the GLP-1 boom.
