Is Novo Nordisk a Victim of Success or Hubris with Semaglutide?

A new report from Reuters tells us that Novo Nordisk is having a hard time coming to terms with its failure to solidify a leadership position in the obesity market it created from nothing with semaglutide. Former executives and financial analysts alike say the company was too conservative and unprepared for a blockbuster launch: “way, way, off.”

But the company, even now after sacking its CEO, seems to be in denial. “The premise you are following is simply not true.” This was Novo’s response when Reuters suggested the company’s forecasting might have been too conservative.

The Line Between Persistence and Stubbornness

There is a difference between persistence and stubbornness. Without persistence, Novo Nordisk might never have come to market with such a remarkable breakthrough for obesity. Many other companies turned away. Novo was visionary in its persistence.

But when persistence melts into stubborn rigidity, a market leader can quickly become an also-ran. Remember the Blackberry? Or the Fitbit? Reality bites hard when you ignore it.

So certainly, it’s foolish for Novo to deny that forecasting was too conservative and that better preparations for launch might have led to more persistent success in the market. Learning from mistakes is valuable and this market is still quite young.

But it’s not yet clear they are ready to learn and move ahead with a renewed sense of purpose. The drama of a collaboration with Hims & Hers that flamed out in just 55 days is not a good sign.

Much work remains to fulfill the potential for better obesity care. Novo may once again lead or wind up as a footnote in this story. We hope they regain their bearings.

Click here, here, and here for more on the challenges Novo is facing.

Landscape with the Fall of Icarus, painting by Pieter Bruegel the Elder / Wikimedia Commons

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July 2, 2025