The investment bank also pointed to Novo Nordisk's commercial execution challenges, including losing market share to competitor Eli Lilly (NYSE: LLY ). UBS forecasts Novo Nordisk's sales growth will slow to approximately 6% in the second half of the year, down from 18% in the first half, despite significant unmet need in the obesity treatment market. The research note highlighted that Ozempic appears to have plateaued earlier than expected despite strong brand awareness, which UBS interprets as indicating stronger doctor reception to Eli Lilly's competing product Mounjaro.