As Novo Nordisk begins the search for its next CEO to succeed Lars Fruergaard Jorgensen, industry analysts are urging the Danish pharmaceutical giant to look to the United States — its largest and most profitable market — for leadership.
Novo Nordisk, renowned for its blockbuster weight loss drug Wegovy, announced on May 16, 2025, that CEO Jorgensen will step down amid rising competition in the obesity medication sector. Experts emphasize that an American CEO could better navigate the complex U.S. pharmaceutical landscape, particularly under evolving policies from the Trump administration affecting drug pricing, manufacturing, and regulation.
Despite Novo Nordisk’s dominance in the global obesity drug market, it faces significant challenges in the U.S. from rival Eli Lilly, maker of Zepbound. Lilly’s obesity medication has recently surpassed Wegovy in weekly prescriptions, fueled by clinical data highlighting its superior efficacy in weight loss outcomes.
Barclays analyst Emily Field notes that Novo Nordisk’s current approach has left it at a competitive disadvantage in the U.S., underscoring the need for leadership with deep knowledge of the American healthcare system.
Historically, Novo Nordisk has appointed Danish nationals as CEOs throughout its 102-year history. A shift to appointing a U.S.-based CEO would mark a significant strategic change. Lars Fruergaard Jorgensen’s predecessor, Lars Rebien Sorensen, led the company for 16 years, illustrating the company’s tradition of long-tenured, homegrown leaders.
In contrast, Eli Lilly’s CEO David Ricks has leveraged strong connections with the Trump administration, frequently meeting with President Trump and playing a leading role in pharmaceutical industry lobbying. This close engagement has positioned Lilly favorably amid U.S. policy shifts targeting drug pricing and domestic production.
Novo Nordisk executives confirmed the CEO search remains open to both internal and external candidates. Jorgensen highlighted Executive Vice President David Moore, head of the U.S. business, as a strong internal candidate with extensive industry experience.
Meanwhile, analysts like Morningstar’s Karen Andersen suggest Novo Nordisk could consider external candidates given the dynamic and competitive nature of the obesity drug market.
The U.S. pharmaceutical market remains crucial for Novo Nordisk’s growth amid increasing political pressure to lower prescription drug costs and boost domestic manufacturing. The company’s next CEO will need to adeptly balance innovation with regulatory and trade challenges in this complex environment.
