The article discusses how Novo Nordisk, originally a leader in GLP-1 weight-loss drugs with its product Ozempic, lost its competitive edge to Eli Lilly in the U.S. market. In August 2024, Novo Nordisk celebrated a large annual summer party, underscoring its previous success, which saw its stock reaching an all-time high of $658 billion in June of that year. This event highlighted Novo's growth, particularly in employment, despite facing increasing competition.

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How Ozempic maker Novo Nordisk blew its lead in GLP-1 weight-loss drugs. Can Europe compete in the high-stakes global economy?

The Danish company developed the most lucrative new drug the world had ever seen. Then America’s Eli Lilly outmaneuvered it and took control of the diet-drug market.

Aug. 5, 2026, 12:52 p.m. ET

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(27 min)

Collage of an Ozempic box, a Novo Nordisk logo on a vehicle, a building, and a graph showing a downward trend. Photo: MarketWatch photo illustration/Getty Images, iStockphoto

In August 2024, Novo Nordisk bused its employees to the sprawling Roskilde fairgrounds outside Copenhagen for its annual summer party. The Danish company had hosted the bash for many years, but in 2024 the event roughly doubled in size to an estimated 20,000 attendees, according to local press reports, reflecting the fresh hiring of thousands of employees. Singers performed on four stages, and the festivities went on past midnight.

At Novo Nordisk, it looked like the party would never end. Weeks earlier, in June 2024, the company’s stock had soared to its all-time high, valuing the drugmaker at $658 billion, according to FactSet. This company from Denmark, a country with a population of about 6 million, had again become the biggest company in Europe by market capitalization.

About the Author

Jaimy Lee

Jaimy Lee is a healthcare editor and reporter for MarketWatch. She is based in New York.

Steve Goldstein

Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.

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