1. A Ray of Light: The Birth of a Miracle Drug
The story begins with a somewhat unfamiliar hormone called ‘GLP-1.’ Originally, it was a helpful worker in our body that regulated blood sugar and signaled fullness to the brain. Denmark’s proud pharmaceutical company, Novo Nordisk, focused on the potential of this GLP-1. They discovered that a substance initially developed as a diabetes treatment also had outstanding effects on weight loss.
After extensive research, Novo Nordisk developed a modified form of GLP-1 called ‘semaglutide,’ which maximizes the hormone’s effects and stays longer in the body. This became the core of the diabetes drug ‘Ozempic’ and the heart of ‘Wegovy,’ which made new history in obesity treatment. For humanity, which had long struggled with obesity without effective solutions, the arrival of Wegovy was truly a ray of light.
2. A World-Shaking Craze: The Era of the ‘Weight Loss Injection’
In 2021, Wegovy, approved by the US FDA, swept the world in an instant. Nicknamed the ‘miracle diet injection,’ Hollywood stars and celebrities began to testify to its effects one after another. Clinical results showing an average 15% weight loss with just one weekly injection gave hope to countless people suffering from obesity, leading to explosive demand.
Demand far exceeded supply, causing a global ‘Wegovy shortage.’ People crossed borders to obtain the drug, and Novo Nordisk’s stock price soared uncontrollably. In Denmark, Novo Nordisk’s market capitalization even surpassed the entire national GDP, showcasing its status as a true ’national company.’
3. The Other Side of the Light: Side Effects and Inevitable Rebound Confirmed by Research
However, behind the dazzling success lay a price to pay. Side effects initially regarded as minor inconveniences began to surface clearly through research data, increasing users’ concerns.
# Side Effects of Wegovy According to Research
Side effects were clearly reported starting from the most representative study proving Wegovy’s effectiveness, the STEP (Semaglutide Treatment Effect in People with Obesity) clinical trial. A significant number of participants experienced gastrointestinal side effects such as nausea (44%), diarrhea (30%), vomiting (24%), and constipation (24%). This was an unavoidable consequence of the drug’s mechanism slowing gastrointestinal motility.
Furthermore, a study published in the medical journal ‘JAMA’ raised the possibility that GLP-1 class drugs like Wegovy could increase the risk of serious conditions such as pancreatitis, gallbladder disease, and intestinal obstruction. Although rare, these risks are potentially fatal and cannot be taken lightly. Additionally, rodent studies reported an increased risk of medullary thyroid carcinoma, leading to a ‘black box warning’ on the product. The issue of losing muscle mass along with fat during weight loss was also highlighted as a significant side effect.
# The Fear of Rebound Weight Gain After Stopping the Drug
A more fundamental problem arises when the drug is discontinued. Wegovy does not cure the ‘disease’ of obesity but rather controls the ‘symptoms’ while its effects last. The appetite and bodily systems suppressed by the drug return to their original state, or even worse, once the medication stops.
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This phenomenon was clearly demonstrated in the extension study of the STEP 1 clinical trial. Participants who stopped Wegovy regained more than two-thirds of the weight they had lost within one year. For example, if they lost 15 kg, they gained back 10 kg in a year. The suppressed appetite exploded, and the slowed gastrointestinal motility normalized, causing weight to rapidly return to its original level. Ultimately, maintaining weight loss with Wegovy may require lifelong medication, imposing significant economic and psychological burdens and deep frustration on many people.
4. The Rise of a Giant: Eli Lilly’s Counterattack
Just when it seemed Novo Nordisk would reign forever, the US pharmaceutical giant Eli Lilly launched a fierce challenge. Eli Lilly’s ‘Mounjaro (Zepbound)’ was a more advanced drug than Wegovy. Targeting not only GLP-1 but also another hormone, GIP, it demonstrated in clinical trials an average weight loss effect exceeding 20%, surpassing Wegovy.
The arrival of this powerful competitor quickly changed the market landscape. Consumers and investors began shifting their attention to Mounjaro, which showed superior effects. Furthermore, Eli Lilly pushed forward with developing an oral obesity treatment (orforglipron), tightening the noose around Novo Nordisk. This signaled the emergence of a ‘game changer’ capable of attracting many potential customers reluctant to use injections.
5. A Shaken Kingdom: Crisis of Denmark’s National Company
Eventually, market concerns became reality. In June 2024, Novo Nordisk’s stock price, which had peaked, began to plummet sharply. The combination of strong competition, clear limitations such as side effects and rebound, and slower-than-expected market growth led to a downward revision of the company’s 2025 earnings forecast, causing investors to turn their backs mercilessly.
In just over a year, the stock price crashed by more than 60% from its peak, facing a massive crisis. This is not just a corporate crisis but raises fears of spreading to the entire Danish economy, which heavily depends on Novo Nordisk. Once hailed as a ‘miracle drug’ that would save the world, Wegovy’s brilliant glory days have ended. Now, Novo Nordisk is forced into a desperate survival battle to defend its throne.
