Novo Nordisk is a pharmaceutical company focused on diabetes and obesity treatments, built around its GLP-1 drug franchise. GLP-1 drugs mimic a hormone released after eating, stimulating insulin secretion and reducing appetite. The flagship products are Ozempic (injectable semaglutide for type 2 diabetes) and Wegovy (higher-dose injectable semaglutide for obesity). In late 2025, the FDA approved a Wegovy pill, making it the first oral GLP-1 approved for obesity in the U.S. Beyond GLP-1s, Novo Nordisk sells a broad insulin portfolio and a smaller rare disease business covering growth hormone and haemophilia treatments. Novo Nordisk sells through pharmacy benefit managers and insurers in the U.S. reimbursed channel, and is expanding a direct cash/self-pay channel via its NovoCare Pharmacy and telehealth partnerships. Revenue is driven by patient volume and pricing, though realized U.S. prices are significantly below list prices after PBM rebates. Novo Nordisk is investing heavily in manufacturing capacity to support GLP-1 volume growth, with CapEx running around DKK 55B annually. The pipeline is centered on higher-efficacy obesity combinations, including CagriSema and the next-generation amylin co-agonist zenagamtide, alongside acquisitions targeting adjacent conditions like MASH and chronic kidney disease.