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Big Pharma braces for increased competition in the weight loss drug market in 2025

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The news: Sales of Eli Lilly’s two blockbuster GLP-1s—Zepbound and Mounjaro—fell short of expectations for the second straight quarter, per its recent Q4 earnings report.

Conversely, Novo Nordisk reported strong sales of its Ozempic and Wegovy medications with Wegovy sales doubling YoY, per its Q4 report.

The bigger picture: The most important takeaways from the two companies’ earnings reports are insights into how each is dealing with competition between one another, competition from the compounded GLP-1 drug market, and demand for their drugs outpacing supply.

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