Pharmaceutical company Novo Nordisk is conducting a review of its media account, according to multiple sources.  

The firm spends upwards of $600 million annually on media, according to agency research firm COMvergence.  

The company's last big media review was in 2020 when WPP's Wavemaker was awarded the U.S. portion of the account where the company spends most of its ad budget.   

There were rumors circulating this week that NN had completed the review and that Omnicom came out on top. However, a spokesman for the pharma company said that no award had been announced to the contenders as of late Tuesday.   

"We received your note and wanted to confirm that Novo Nordisk has not communicated any decision related to an AOR," the spokesman replied to an email query. 

The company has been in the news recently—for a lawsuit it filed earlier this month against rival pharma company Eli Lily for allegedly false GLP-1 advertising. The two companies are fierce competitors in the GLP-1 weight loss drug category. NN founded the category with the launch of Wegovy and Lily followed with Zepbound.