Key Takeaways
(P1) A higher dose of Novo Nordisk A/S’s (NYSE: NVO) weight-loss drug Wegovy helped a key group of patients achieve nearly 28% average weight loss, according to new data that raises the competitive stakes with rival Eli Lilly and Company (NYSE: LLY).
(P2) "Early weight loss may indicate who is likely to achieve the most weight loss from semaglutide," Dr. Dror Dicker, an investigator in the study and associate clinical professor at Tel-Aviv University, said in a statement. "But it is important to highlight that those without an ‘early’ treatment response still experience a substantial and clinically meaningful weight loss."
(P3) The new sub-analysis of the STEP UP trial, presented at the European Congress on Obesity, found that patients on a 7.2 mg dose of semaglutide who lost 15% or more of their body weight in the first 24 weeks went on to an average weight loss of 27.7% after 72 weeks. This "early responder" group comprised about 27% of participants on the higher dose. Overall, the 7.2 mg dose produced an average 20.7% weight loss across all participants, compared to 17.5% for the standard 2.4 mg dose.
(P4) The data gives Novo Nordisk fresh ammunition in the escalating battle for dominance in the obesity drug market, projected to reach as much as $125 billion by 2035. The results directly challenge Eli Lilly’s powerful therapies Zepbound and Mounjaro, which have rapidly captured market share and driven significant revenue growth for the U.S. drugmaker.
A separate analysis focused on body composition provided further positive results for Novo Nordisk. In a sub-population of 55 trial participants, MRI scans showed that 84% of the weight lost with both the 2.4 mg and 7.2 mg doses of semaglutide was from a reduction in fat mass.
Crucially, the study found that functional muscle strength was preserved even with significant weight loss. This addresses a key concern for both patients and physicians regarding the quality of weight reduction achieved with GLP-1 therapies. Abdominal visceral fat, which is highly associated with cardiometabolic risk, was reduced by over 30%.
"These studies show that weight loss with Wegovy is predominantly driven by reductions in fat, while muscle function is preserved," said Emil Kongshøj Larsen, an executive vice president at Novo Nordisk.
The strong efficacy data for the higher dose comes at a critical time for Novo Nordisk, which has faced mounting pricing pressure and intense competition. While the Danish company had a first-mover advantage with its Wegovy injection, Eli Lilly has seen blockbuster demand for its competing products. In the first quarter of 2026, Lilly reported that Zepbound and Mounjaro sales accounted for more than 60% of its total revenues.
The rivalry is also heating up in the race to produce a more convenient oral pill. Eli Lilly gained FDA approval for its once-daily pill Foundayo in April 2026, challenging Novo Nordisk's oral version of Wegovy which was launched in January 2026.
The new high-efficacy data may help Novo Nordisk defend its market share and justify premium pricing for Wegovy. The results suggest that not all patients respond the same way and that higher doses can produce significantly better outcomes for a meaningful subset of users.
This new data strengthens Novo Nordisk's position in the highly competitive obesity market. Investors will now watch to see how physicians incorporate this higher-dose data into their prescribing habits and whether it can slow the momentum of Eli Lilly's Zepbound.
This article is for informational purposes only and does not constitute investment advice.
