The State of Weight-Loss Drug Advertising 2024

Key Takeaways:

• In 2023, ad spend on weight-loss drugs by Novo Nordisk and Eli Lilly surged by 250% YoY in the US, with Lilly leading the increase. Despite this rise, both pharmaceutical giants have scaled back their ad spending in recent months likely due to intensifying supply chain issues driving drug shortages and inflating other expenses, with Novo’s 1Q24 spend down over 50% QoQ

• In Feb’24, Eli Lilly's new direct-to-consumer website, offering direct orders for drugs like Zepbound, surpassed CVS.com and Walgreens.com in average time spent, per Sensor Tower data

• Between mid-Dec’23 and mid-Mar’24, individuals targeted by Eli Lilly's ads in the US experienced a 350% surge in pharma & healthcare ad impressions compared to the general population in the US, with GlaxoSmithKline leading the charge (+467%)

• Compared to Novo Nordisk, Eli Lilly is more actively targeting the Hispanic community. Since the year's start, approximately 33% of Eli Lilly’s ads for Mounjaro were in Spanish. These ads constituted 12% of Mounjaro’s ad impressions, double the 6% share for the combined Novo's Ozempic and Wegovy

  • Lilly's Spanish-language ad strategy showcases a targeted approach, with ads focusing more on diabetes management than weight-loss outcomes

• Novo’s ad impressions from weight-loss-themed ads reached a peak of over 500mn in 4Q23, the highest since at least 1Q22 amid the launch of Eli Lilly’s new weight loss drug, Zepbound

• Variations in Novo's ad budget for weight loss products might explain more than 60% of its stock price fluctuations. However, the impact of ad spend on stock performance is non-linear, with initial increases potentially boosting stock prices, but the effect diminishing with higher investments. Other factors, including new findings on product efficacy, have likely also contributed to rising share prices

For more information, request the full report from reports@sensortower.com.