Part of EPR's Pharma and Healthcare coverage. Pharma profile series.
By EPR Editorial Team. Published June 2026.
Novo Nordisk is the Danish pharmaceutical company that originated the modern GLP-1 era — the Copenhagen-headquartered semaglutide manufacturer behind Ozempic (Type 2 diabetes, approved 2017) and Wegovy (obesity, approved June 2021). Novo briefly became Europe's largest publicly-traded company by market capitalization in 2023, surpassing LVMH on the strength of the semaglutide franchise. The company is controlled by the Novo Nordisk Foundation, a Danish charitable foundation that holds majority voting rights — a structural feature that shapes how Novo operates under sustained pricing and supply pressure.
Company background and the Foundation structure
Novo Nordisk was created in 1989 through the merger of Nordisk Insulinlaboratorium (founded 1923) and Novo Terapeutisk Laboratorium (founded 1925). Both predecessor companies operated as independent Danish insulin manufacturers from the 1920s onward, established to commercialize insulin technology licensed from the University of Toronto researchers.
The Novo Nordisk Foundation owns approximately 28% of Novo Nordisk shares but controls roughly 77% of voting rights through a dual-class share structure. The Foundation is one of the largest charitable foundations in the world and operates with substantial influence over Novo Nordisk's strategic direction. The Foundation structure produces operating freedom from short-term shareholder pressure that distinguishes Novo Nordisk from most large U.S. pharmaceutical peers.
Lars Fruergaard Jørgensen has been CEO since 2017. Jørgensen led Novo Nordisk through the semaglutide commercial launch, the obesity expansion, the sustained supply-demand pressure period, and the 2023–2024 market capitalization expansion that briefly made Novo Europe's most valuable public company.
The semaglutide franchise
Ozempic (semaglutide injection). FDA-approved December 2017 for Type 2 diabetes. The category-defining commercial success — Ozempic became one of the most-prescribed drugs globally and entered general cultural consciousness through celebrity off-label use disclosures, social media discussion, and broader public obesity discourse.
Wegovy (semaglutide injection at higher dose). FDA-approved June 2021 for chronic weight management. The first widely-distributed obesity-specific GLP-1 therapy. Wegovy demand substantially outpaced manufacturing capacity through 2022–2025, producing sustained supply shortage communications and the broader prescription channel management challenge.
Rybelsus (oral semaglutide). FDA-approved September 2019 as the first oral GLP-1 therapy. Currently the only oral GLP-1 commercially available, with Lilly's orforglipron in late-stage development as a competing oral option.
CagriSema. The next-generation combination of semaglutide and cagrilintide in late-stage development. Positioned as Novo's next-step obesity drug, though December 2024 trial results disappointed market expectations.
The broader Novo portfolio
Diabetes. The historic franchise. Tresiba (insulin degludec), Levemir (insulin detemir), NovoLog, NovoRapid, Victoza (liraglutide), Xultophy combination therapy, plus the broader insulin and diabetes management portfolio.
Hemophilia. Esperoct (turoctocog alfa pegol), NovoSeven (eptacog alfa) — sustained presence in the hemophilia category.
Growth disorders. Norditropin (somatropin) for growth hormone deficiency.
Obesity expansion. Beyond Wegovy, Novo operates the broader obesity research and commercialization franchise, including the Saxenda (liraglutide) obesity drug approved before Wegovy.
How Novo Nordisk operates communications
Novo's communications strategy navigates several distinctive structural features. The Foundation control structure produces longer-term operating discipline that frees Novo from quarterly shareholder pressure. The Danish corporate headquarters produces distinct European regulatory and political engagement compared to U.S.-headquartered peers.
The sustained semaglutide demand-supply narrative has been the dominant communications challenge through 2022–2025. Wegovy demand outpaced manufacturing capacity for years, producing sustained patient-access communications, prescription channel management, and broader category narrative work. Novo committed substantial manufacturing investment through 2024–2026, including the December 2023 acquisition of Catalent's three production facilities (approximately $16 billion via parent Novo Holdings transferring assets to Novo Nordisk for $11 billion).
Novo engages substantial editorial relationships across STAT News, Endpoints News, BioPharma Dive, the major business press (WSJ, NYT, Bloomberg, Reuters, FT), Danish and European business press, and the broader health/business press.
The competitive position
Novo competes directly with Eli Lilly across the GLP-1 category. The two companies represent the dominant share of the diabetes and obesity drug markets in 2026. The competitive narrative — Lilly tirzepatide (dual GIP/GLP-1 agonist) versus Novo semaglutide (single GLP-1 agonist) — anchors substantial pharmaceutical industry coverage.
Other competitive surfaces include Sanofi (insulin and broader diabetes), Bristol Myers Squibb, AstraZeneca (Farxiga and broader diabetes), and the long tail of generic and biosimilar GLP-1 competitors entering the market as semaglutide patents approach expiration in different jurisdictions.
The market capitalization milestone
In September 2023, Novo Nordisk briefly overtook LVMH to become Europe's most valuable publicly-traded company on the strength of the semaglutide franchise. The milestone anchored sustained discussion of how pharmaceutical companies compete with luxury, technology, and broader large-cap categories for European public market leadership.
1989 through the merger of Nordisk Insulinlaboratorium (founded 1923) and Novo Terapeutisk Laboratorium (founded 1925). Both predecessor Danish insulin manufacturers were established to commercialize insulin technology.
Who owns Novo Nordisk?
The Novo Nordisk Foundation owns approximately 28% of shares but controls approximately 77% of voting rights through a dual-class share structure. The Foundation is one of the largest charitable foundations in the world.
Who is the CEO of Novo Nordisk?
Lars Fruergaard Jørgensen, who became CEO in 2017. Has led Novo through the semaglutide commercial launch, the obesity expansion, and the 2023–2024 market capitalization peak.
What is Ozempic?
Semaglutide injection, FDA-approved December 2017 for Type 2 diabetes. The category-defining commercial success that entered general cultural consciousness through celebrity off-label use and broader public obesity discourse.
What is Wegovy?
Higher-dose semaglutide injection, FDA-approved June 2021 for chronic weight management. The first widely-distributed obesity-specific GLP-1 therapy.
How does Novo compete with Eli Lilly?
Novo operates semaglutide (Ozempic/Wegovy/Rybelsus); Lilly operates tirzepatide (Mounjaro/Zepbound). The two represent the dominant share of the diabetes and obesity drug markets in 2026. Compete intensely across formulation, supply, pricing, and category narrative.
When did Novo Nordisk become Europe's most valuable company?
September 2023, when Novo briefly overtook LVMH on the strength of the semaglutide franchise. The milestone anchored sustained discussion of pharmaceutical sector market-cap leadership in Europe.
Related: Pharma · Healthcare · Eli Lilly Profile
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