Novo Nordisk Raises U.S. GLP-1 Ad Spend 54% to $500M, Outpacing Eli Lilly
Novo Nordisk spent nearly $500 million on U.S. ads for Wegovy and Ozempic in the first nine months of 2025, allocating $316 million to Wegovy (up 54% year-over-year) and $169 million to Ozempic (up 44%). The budget, over twice Eli Lilly’s spend, underpins its market defense and oral Wegovy rollout.
1. Advertising Investment Details
Novo Nordisk allocated nearly $500 million to U.S. advertising for its GLP-1 treatments in the first nine months of 2025. The company directed $316 million to Wegovy, a 54% year-over-year increase, and $169 million to Ozempic, up 44%, marking more than double the spend of its nearest rival.
2. Competitive Positioning and Strategy
With supply constraints easing and Eli Lilly’s Zepbound gaining weight-loss prescriptions, Novo Nordisk is bolstering its market defense. Management plans to immediately promote an upcoming oral formulation of Wegovy and expand distribution through cash-pay and direct-to-consumer channels to sustain growth against intensifying competition.
3. Analyst Rating and Outlook
Citi initiated coverage of Novo Nordisk with a Neutral rating and set a DKK 400 price target, citing a fair valuation at current levels despite sustained high demand for obesity treatments. The outlook reflects confidence in the company’s competitive positioning, balanced by pricing and market‐share pressures.