Novo Nordisk is a Danish pharmaceutical company that built its business on diabetes care and has become a leader in obesity treatment through GLP-1 drugs like Ozempic and Wegovy. Demand for these weight-loss and diabetes medications has outpaced the company's ability to manufacture them, forcing years of capacity expansion to keep up. The company's roots go back over a century to some of the earliest commercial insulin production, and diabetes care still anchors a large share of revenue alongside the newer obesity franchise. Novo Nordisk competes most directly with Eli Lilly in the GLP-1 category, and both companies are racing to expand manufacturing and develop next-generation formulations.