Novo Nordisk A/S (NOVOb.CO): Tracking Canada and Europe GLP-1 sales – Q3'26

IQVIA data through August 2026 suggest generic semaglutide is starting to impact Novo sales in Canada. In Europe, Novo injectable GLP-1 sales continue to grow with market share stabilising around 40%. Mounjaro remains the most searched brand across EU5 despite the Wegovy Pill launch in the UK and Germany. In Canada, Ozempic value sales declined ~29% YoY in July and ~8% YoY in August, while volumes fell ~22% YoY in July and rose ~2% YoY in August; IQVIA value data do not yet reflect the lower Ozempic price in Canada (~65% cut triggered by generics entry), and volume uptake of generics is currently limited due to supply constraints from Dr Reddy's API quality issues, leaving Apotex as the only generic on the market. In Europe, Novo's value share in the injectable market has been stabilising at ~40% over June-August 2026, and Mounjaro remains the top-selling injectable GLP-1 in Germany, the UK, Spain and Italy and is now close to Ozempic in France. For Novo (reporting 3Q26 on 4 November),