Intense competition in the GLP-1 market from rivals like Eli Lilly (Zepbound, Foundayo) poses a significant challenge to Novo Nordisk's market share and pricing power, despite its existing lead with Wegovy and Ozempic.

Inflationary pressures and rising interest rates could impact consumer spending on certain healthcare treatments, particularly discretionary weight-loss drugs not fully covered by insurance, and increase the company's operational and financing costs for R&D and expansion.

Regulatory decisions, such as FDA approvals for new indications or formulations (e.g., Wegovy HD) and warning letters related to adverse event reporting, directly affect product marketability, reputation, and operational compliance.