Novo Nordisk

Novo Nordisk is the result of a 1989 merger of Denmark’s two historic insulin pioneers—Novo and Nordisk—both of which began producing insulin within two years of its discovery in Canada.

• https://www.novonordisk.com/

Key dates summary

• 1922–1923 → Novo founded, starts insulin production
• 1923–1924 → Nordisk founded, starts insulin production
• 1989 → Merger creates Novo Nordisk A/S
• 1990s–2000s → Becomes world leader in diabetes care (especially with insulin analogs and later GLP-1 drugs like Ozempic/Wegovy)

Origins of the two founding companies

1. Novo Industri A/S (founded as Novo Terapeutisk Laboratorium)
   • Founded: 1922 (insulin production started in 1923)
   • Founders: Brothers Hans Christian Hagedorn (physician), August Krogh (Nobel Prize-winning physiologist), and August Kongsted (financier)
   • Key milestone: In 1923, August Krogh’s wife, Birgit (a physician with diabetes), encouraged him to bring insulin knowledge from Canada (where Banting & Best discovered insulin in 1921) back to Denmark. Novo began producing insulin the same year using a method developed by Hagedorn (longer-acting neutral protamine Hagedorn insulin, or NPH, later became famous).
   • The name “Novo” comes from Latin “novus” = new.
2. Nordisk Gentofte A/S (originally Nordisk Insulinlaboratorium)
   • Founded: 1923
   • Founders: August Kongsted (same financier as Novo), Hans Christian Hagedorn (initially involved), and the brothers Harald and Thorvald Pedersen
   • Started insulin production almost simultaneously with Novo in 1923–1924.
   • The Pedersen brothers later took full control after a split from Hagedorn and Kongsted.

For decades, Novo and Nordisk were fierce Danish rivals—both producing insulin, both based in the Copenhagen area, and both controlled by charitable foundations (a structure that still exists today).

Competitors & Key Overlapping Products

1. Eli Lilly and Company - USA

• Mounjaro (tirzepatide for diabetes), Zepbound (tirzepatide for obesity), orforglipron (experimental oral GLP-1)
• Novo’s fiercest rival: expected to overtake Novo in GLP-1 market share in 2025 due to superior weight-loss efficacy in head-to-head trials and faster growth (e.g., Zepbound prescriptions now exceed Wegovy's in the US). Dual-action therapies give Lilly an edge over Novo's semaglutide.

2. AstraZeneca - UK/Sweden

• Bydureon (exenatide for diabetes), Farxiga (dapagliflozin for diabetes/heart failure)
• Competes in diabetes management with SGLT2 inhibitors; less direct in obesity but gaining in cardiometabolic combos. Market share shifts highlight AstraZeneca's push into weight management innovations.

3. Boehringer Ingelheim - Germany

• Survodutide (experimental glucagon/GLP-1 for obesity), Jardiance (empagliflozin for diabetes)
• Emerging challenger outside the Novo-Lilly duopoly; survodutide is the first new AOM (anti-obesity medication) entrant in 2025, targeting broader metabolic indications like liver disease.

4. Pfizer - USA

• Experimental oral/injectable obesity candidates (e.g., via acquisitions like Metsera bid)
• Indirect via pipeline; aggressively pursuing obesity through M&A (e.g., bidding war with Novo for Metsera in Oct 2025). Competes in broader pharma but ramping up in GLP-1 alternatives.

5. Sanofi - France

• Lantus (insulin glargine), Toujeo (long-acting insulin)
• Strong in insulin (Novo's core legacy area); less dominant in GLP-1/obesity but expanding into next-gen insulins and combos.

Additional Context

• Duopoly Dynamics: Novo and Eli Lilly control ~90% of the GLP-1 market, but Lilly's momentum (e.g., +40% projected Wegovy-competing sales growth) has pressured Novo's stock, down ~50% YTD amid supply issues and trial disappointments for next-gen drugs like CagriSema.
• Emerging Threats: Biotechs like Metsera (target of Novo/Pfizer bids) and others developing once-monthly or oral GLP-1s could disrupt by 2026. Generic semaglutide entries post-patent (early 2030s) will intensify pressure.
• Market Shifts: In 2025, obesity care sales grew 37% for Novo, but overall guidance was cut to 8-11% due to pricing scrutiny, compounded versions, and rivals' innovations.

This landscape evolves rapidly with ongoing trials and regulatory approvals—e.g., Lilly's obesity pill orforglipron outperformed Novo's oral semaglutide in a 2025 diabetes trial.