Novo Nordisk hits record sales in Korea… led by Wegovy

Sales reach KRW 695.3 billion in 2025, up 85.6% YoY

Company’s sales strategy and portfolio shifts as GLP-1 share surges

Novo Nordisk achieved record domestic sales, driven by its obesity treatment 'Wegovy.' As obesity treatments become a primary growth driver, the company’s earnings structure is shifting away from its previous focus on diabetes and hemophilia.

According to the Financial Supervisory Service on the 3rd, Novo Nordisk’s sales increased from KRW 308.5 billion in 2024 to KRW 613.6 billion last year, up 85.6% year-on-year. Operating profit rose 77.1% over the same period, from KRW 13.7 billion to KRW 24.2 billion.

Novo Nordisk’s performance shows a clear distinction before and after the launch of Wegovy (semaglutide).

Prior to the arrival of Wegovy, the company maintained steady growth based on insulin products, hemophilia treatments, and the once-daily obesity drug ‘Saxenda (liraglutide),’ although growth rates were relatively limited.

However, its performance surged with the launch of Wegovy in Korea in 2024. With the launch of Wegovy, Novo Nordisk recorded KRW 374.7 billion in sales that year, representing a 62.7% increase from the previous year.

According to the market research institution IQVIA, Wegovy generated KRW 467 billion in sales last year, accounting for over 70% of total revenue, and established itself as Novo Nordisk’s core revenue source just one year after its launch. This represents a rare case where a single product drives the growth of a local affiliate.

Quarterly trends also highlight rapid growth. Wegovy posted KRW 60.3 billion in Q4 2024, and sales rose to KRW 133.8 billion in Q2 2025, surpassing KRW 100 billion in quarterly sales. It recorded KRW 137 billion and KRW 116.7 billion in Q3 and Q4, respectively, quickly dominating the market.

This shift has directly translated into actual market demand.

Previously, obesity treatment relied mainly on diet and exercise, with limited use of adjunctive drugs. Injectable treatments like Saxenda existed, but the daily dosing burden and adherence issues constrained market expansion.

In contrast, Wegovy demonstrated significant weight loss with once-weekly dosing, greatly improving convenience. Clinical results showing over 15% weight reduction served as a catalyst for shifting obesity treatment from a selective management option to an aggressive treatment option.

In Korea, demand surged immediately after launch, leading to supply shortages, with clinics and hospitals reporting a spike in prescription inquiries. This is interpreted not as a temporary trend but as a release of latent demand.

As a result, inventories increased sharply. Novo Nordisk’s inventory rose from KRW 80.8 billion in 2024 to KRW 348.2 billion last year, a 331% increase.

This reflects the company’s supply expansion strategy to meet surging Wegovy demand. As supply shortages persisted, with repeated sell-outs following the initial launch, the company made a proactive effort to secure inventory and improve its distribution capabilities.

In particular, since consistent and stable administration is crucial for obesity treatments, securing inventory is evaluated not merely as an increase in costs but as a key operational indicator supporting revenue growth.

Beyond GLP-1 to next-generation mechanisms… Novo Nordisk expands its metabolic pipeline

Obesity drug ‘Wegovy’

Novo Nordisk is globally expanding semaglutide’s indications beyond obesity and diabetes into broader metabolic diseases.

Semaglutide has demonstrated reductions in major adverse cardiovascular events (MACE), extending its therapeutic scope beyond diabetes and obesity.

By accumulating clinical evidence that encompasses not only diabetes patients but also high-risk cardiovascular groups, it has been clearly demonstrated that GLP-1 agonists can contribute to improving long-term outcomes beyond weight loss.

Furthermore, with the addition of chronic kidney disease (CKD) indications, the company is increasing its presence in the renal disease sector previously pioneered by SGLT-2 inhibitors.

Recently, semaglutide gained accelerated approval for MASH, further expanding into liver disease.

Their mechanistic strengths of weight loss, improvement in insulin resistance, and suppression of inflammation have led to reduced hepatic fat accumulation and improved fibrosis, positioning them as a new alternative in the MASH field, where treatment options have previously been limited.

In addition, the company is preparing new drugs with novel mechanisms of action. CagriSema is a combination drug containing 2.4 mg of semaglutide, the active ingredient in Wegovy, and 2.4 mg of the long-acting amylin analog cagrilintide. Cagrilintide mimics the action of amylin, a hormone that naturally suppresses appetite, and is being developed as a once-weekly dose due to its longer duration of action compared to existing treatments.

Additionally, the triple agonist ‘UBT251 (GLP-1/GIP/GCG), currently being codeveloped with a Chinese partner, is also emerging as a next-generation growth driver. This is a multi-target drug in the same class as Eli Lilly’s retatrutide. Results of a 24-week Phase II clinical trial recently disclosed in China showed that UBT251 demonstrated a maximum weight loss of 19.7%.

If these drugs are introduced to the domestic market, Novo Nordisk’s growth trajectory is expected to accelerate further.