These 4 charts show the scale of Novo Nordisk's woes

But its troubles are stacking up and today the stock trades at just a quarter of what it did at its peak less than two years ago. Pricing pressure, fierce competition, and pipeline setbacks have all hit the Danish drugmaker in recent months. Despite being first to launch a GLP-1 drug for weight loss, Novo's market share has eroded, and the company now only captures about 40% of the market, while rival Eli Lilly holds 60%, according to most estimates. Novo is clear-eyed about the challenges it faces, especially around pricing. After the company pre-released its 2026 forecast earlier this month and predicted declining sales, CEO Mike Doustdar told CNBC: "People should expect that it goes down before it comes back up." He's repeatedly said that new medicines, the Wegovy pill, and increased volumes will drive long-term growth. These charts show the scale of the challenges Novo is facing. Novo Nordisk is often referred to as a diabetes and obesity pure play. Its portfolio included six branded drugs with annual sales of at least $1 billion in 2025, fewer than comparable current and future rivals. Eli Lilly boasts eight so-called blockbuster drugs, and its portfolio also includes oncology and gene therapies. The combined sales of Ozempic and Wegovy, Novo's two biggest drugs, amounted to about $32 billion, or about 67% of total sales, last year. Combined sales of Lilly's two biggest drugs, Mounjaro and Zepbound, were about $37 billion, or about 56% of the company's total sales over the same period. Novo also sells insulin, including blockbusters Tresiba and NovoRapid, as well as some drugs for rare diseases like hemophilia, but none come close to bringing in what its GLP-1 drugs do. Among large-cap pharma companies hoping to enter the market for weight loss drugs in the coming years, such as AstraZeneca , Roche , Amgen , and Pfizer , through its acquisition of Metsera , the number of blockbuster drugs was significantly higher. Novo Nordisk has also come under pressure as pr...