Key Takeaways:
Novo Nordisk A/S's oral Wegovy (semaglutide) has surpassed 3 million total prescriptions since its U.S. launch in early 2026, with more than 1 million patients starting the pill within 16 weeks — the fastest uptake of any GLP-1 product in U.S. history.
"The oral formulation is expanding the addressable market rather than just shifting patients from injectable therapies," a Novo Nordisk spokesperson said. "More than 80 percent of pill prescriptions came from patients who had not previously used a GLP-1 medicine."
Weekly prescriptions for the Wegovy pill reached 207,000 by mid-April, and the Wegovy franchise now holds roughly 65 percent of new-to-brand prescription market share in anti-obesity medications. The company also launched Wegovy High-Dose at 7.2 milligrams in April, which achieved a mean weight loss of 20.7 percent in clinical trials. The U.K. became the first European country to approve the oral formulation for chronic weight management, following prior approvals in the U.S. and the UAE.
The milestone comes during a transition year for Novo Nordisk. The company expects 2026 adjusted sales and operating profit to decline between 4 percent and 12 percent at constant currencies, driven by U.S. pricing pressure, reduced Medicaid coverage for obesity treatments and intensifying competition from Eli Lilly & Co.'s Zepbound (tirzepatide) and oral Foundayo (orforglipron). Adjusted sales fell 4 percent in the first quarter, and adjusted gross margin compressed to 80.6 percent from 83.5 percent a year earlier.
Novo Nordisk shares trade near $43, down roughly 70 percent from their 2024 highs, at a forward price-to-earnings multiple of about 10 times — well below the five-year average of 29 times and the sector median of 18 times. Eli Lilly trades at roughly 40 times forward earnings.
The company is advancing its next-generation pipeline to extend its obesity franchise. CagriSema, a combination of cagrilintide and semaglutide, faces a U.S. Food and Drug Administration decision by the end of 2026. The mid-stage asset amycretin is slated to enter Phase III after showing strong weight-loss efficacy. Novo Nordisk has also submitted regulatory filings for Mim8 in hemophilia A and secured approvals for Alhemo in hemophilia A and B.
The rapid adoption of the Wegovy pill signals that oral GLP-1 therapies can broaden the obesity treatment market beyond injections, a dynamic that may support Novo Nordisk's long-term revenue recovery. Investors will watch for the CagriSema FDA decision in the fourth quarter and for international rollout updates on the oral Wegovy pill as key catalysts.
This article is for informational purposes only and does not constitute investment advice.
