Lilly, Novo Cite Canadian Generic Competition in Q2 Earnings

Executives at Novo Nordisk and Eli Lilly directly addressed the impact of generic competition in Canada during second-quarter earnings calls, with Novo Nordisk pointing to its savings card program as the leading tactic to retain volume for Ozempic and Wegovy.

Novo Nordisk: Savings Card as Lead Canadian Tactic

Emil Kongshøj Larsen, executive vice-president of international operations at Novo Nordisk, told investors that generic entrants have started to capture market share in Canada, but that the company has been able to grow absolute volumes. Larsen said the company's leading tactic in Canada is its savings card program, and that Novo Nordisk has observed volume retention for both Ozempic and Wegovy across cash and private insurance channels.

Novo Nordisk CEO Mike Doustdar told analysts the Danish drugmaker is serving almost 70 per cent more people compared with a year earlier, and noted growing consumer interest in oral formats over injectables. The company's operating profit rose 11 per cent in the quarter, with Wegovy pill prescriptions in the U.S. surpassing five million since launch.

Eli Lilly: Canadian Performance and Generic Supply Constraints

Patrik Jonsson, president of Lilly International, said the company was "pleasantly surprised" by its performance in Canada, adding that Lilly has also observed "significant supply constraints" among generic companies operating in the market. Jonsson said the situation warranted close monitoring.

Globally, Mounjaro sales rose 91 per cent in the second quarter to US$9.94 billion, while Zepbound sales reached US$4.93 billion. Together the two products accounted for 64.7 per cent of Eli Lilly's revenue in April, May and June. Chief financial officer Lucas Montarce said U.S. revenue was up 48 per cent versus the same period last year, driven largely by Zepbound and Mounjaro, while revenue in the rest of the world grew 136 per cent, primarily from Mounjaro sales in Latin America and Asia. Montarce added that in Q2, approximately six out of 10 total prescriptions and approximately seven out of 10 injectable prescriptions in the category were for a Lilly medicine.

Health Canada Reiterates Counterfeit Warning

Against a backdrop of high consumer demand, Health Canada has published a public advisory warning Canadians about unauthorized and counterfeit versions of GLP-1 receptor agonist products. The advisory, last updated January 21, 2026, states that Health Canada has identified various retailers in Canada selling unauthorized GLP-1 products, both in stores and online, and that some websites and social media advertisements misuse official Health Canada logos and display fake endorsements.

The regulator confirmed that semaglutide products marketed under the Ozempic, Rybelsus and Wegovy brands, and tirzepatide products marketed under the Mounjaro and Zepbound brands, are prescription drugs authorized by Health Canada. Health Canada advised consumers to buy prescription drugs only from licensed pharmacies and to verify authorization by checking for the eight-digit Drug Identification Number (DIN) in Health Canada's Drug Product Database. The Department said it is working with the Canada Border Services Agency to stop unauthorized shipments from entering the country.

What Canadian Shoppers Can Do

• Verify authorization: Look up the DIN on the label in Health Canada's Drug Product Database before purchase.
• Use licensed pharmacies only: Health Canada notes that only licensed pharmacies can legally sell prescription drugs in Canada.
• Compare pharmacy pricing: Use the GLP1Prices.ca insurance coverage checker, the generic semaglutide tracker, and the FAQ to review verified Canadian retail pricing.

This article is for informational purposes only and does not constitute medical advice.

Sources

• GLP-1 drugs are driving higher sales for Eli Lilly and Novo ...
• Thinking about buying GLP-1 drugs like Ozempic or Mounjaro ...