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Can the US Launch of NVO's Wegovy Pill Reignite Momentum in 2026?
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Key Takeaways
NVO launched the once-daily Wegovy pill in the U.S., the first-ever GLP-1 obesity treatment in oral form.
NVO sees the pill as a way to regain lost market share after injectable Wegovy sales slowed in 2025.
NVO's tiered pricing and broad rollout strategy aim to curb compounded use and lift Wegovy sales in 2026.
Shares of Novo Nordisk (NVO - Free Report) jumped 5.2% on Monday and about 4% in the pre-market hours today as investors cheered the U.S. launch of its newly approved Wegovy pill (once-daily oral semaglutide 25 mg) to reduce excess body weight and maintain weight reduction in the long term, and to reduce the risk of major adverse cardiovascular (CV) events.
Approved by the FDA in December 2025, the oral Wegovy launch marks a major milestone for Novo Nordisk, making it the first GLP-1 medicine in a pill for those seeking help with their weight. Per NVO, this advancement opens new possibilities for more than 100 million Americans living with obesity.
Compared to injectable formulations, the pill offers a far more convenient administration option, significantly reducing the treatment burden and potentially improving patient adherence. The drug is already approved in the United States as a once-weekly injection for reducing major CV events, easing HFpEF symptoms, and relieving osteoarthritis-related knee pain in obesity.
The launch of the Wegovy pill positions Novo Nordisk for a potentially meaningful turnaround in 2026 after the slowing of the injectable drug’s sales momentum in 2025. This was primarily due to intensifying competition in the GLP-1 space, most notably from its arch-rival Eli Lilly (LLY - Free Report) , as well as the widespread use of compounded semaglutide in the United States. Eli Lilly markets its GLP-1-based drug as Zepbound (tirzepatide) injection for obesity. The Wegovy pill launch gives NVO a first-mover edge in oral weight-loss therapy, ahead of Eli Lilly. Its convenient pill format could help the company regain momentum and defend market share amid rising competition.
Novo Nordisk is also expanding access to Wegovy by combining broader distribution with strategic partnerships. The company is positioning the drug to reach patients through multiple touchpoints, including major U.S. pharmacies, select telehealth providers, and proprietary and third-party platforms. This approach aims to ensure patients have reliable access to authentic, FDA-approved treatments while reducing reliance on potentially unsafe, unapproved alternatives. If executed successfully, this strategy could reignite Wegovy’s sales momentum in 2026 as patients and providers move away from compounded alternatives.
Affordability is a key pillar of the rollout for the Wegovy pill, with tiered pricing aimed at widening adoption. Self-pay patients can access the starter dose at roughly $149 per month, with mid-range and higher doses priced progressively higher. Commercially insured patients may pay as little as $25 per month under savings programs. The pill is currently approved only in the United States and will be offered in multiple dose strengths, giving Novo Nordisk flexibility to capture a broad patient base while balancing access, pricing, and long-term revenue growth.
Competition Heating Up in the Obesity Space
Eli Lilly is Novo Nordisk’s fierce competitor in the obesity space. Like NVO, Lilly is investing broadly in obesity and has several new molecules currently in clinical development with a range of oral and injectable medications with different mechanisms of action. These include two late-stage candidates, orforglipron, a once-daily oral GLP-1 small molecule, and retatrutide, a GGG triagonist. LLY has already filed a regulatory application for orforglipron in the United States for the treatment of obesity.
The obesity space has garnered much of the spotlight over the past year due to the sizeable and still underpenetrated market opportunity. Smaller biotech firms, like Viking Therapeutics (VKTX - Free Report) , are also advancing GLP-1–based therapies to challenge the incumbents. Viking Therapeutics is developing its dual GIP/GLP-1 RA, VK2735, both as oral and subcutaneous formulations for the treatment of obesity. Last year, VKTX started two late-stage studies evaluating the subcutaneous formulation of VK2735. While one of these studies completed enrolment in November 2025 at a rapid pace, Viking Therapeutics expects to complete enrolment in the other study by the end of this quarter.
NVO Stock’s Price, Valuation & Estimates
In the past six months, Novo Nordisk shares have plunged 20.5% against the industry’s 20.7% growth. The company has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
NVO Stock Underperforms the Industry, Sector & the S&P 500
Image Source: Zacks Investment Research
Novo Nordisk is trading at a discount to the industry, as seen in the chart below. Going by the price/earnings ratio, the company’s shares currently trade at 15.7 forward earnings, which is lower than 17.54 for the industry. The stock is trading much below its five-year mean of 29.25.
NVO Stock Valuation
Image Source: Zacks Investment Research
Earnings estimates for 2025 have deteriorated from $3.67 to $3.57 per share over the past 60 days. During the same time frame, Novo Nordisk’s 2026 earnings estimates have declined from $3.91 to $3.51.
NVO Estimate Movement
Image Source: Zacks Investment Research
Novo Nordisk currently carries a Zacks Rank #4 (Sell).
Image: Bigstock
Can the US Launch of NVO's Wegovy Pill Reignite Momentum in 2026?
Key Takeaways
Shares of Novo Nordisk (NVO - Free Report) jumped 5.2% on Monday and about 4% in the pre-market hours today as investors cheered the U.S. launch of its newly approved Wegovy pill (once-daily oral semaglutide 25 mg) to reduce excess body weight and maintain weight reduction in the long term, and to reduce the risk of major adverse cardiovascular (CV) events.
Approved by the FDA in December 2025, the oral Wegovy launch marks a major milestone for Novo Nordisk, making it the first GLP-1 medicine in a pill for those seeking help with their weight. Per NVO, this advancement opens new possibilities for more than 100 million Americans living with obesity.
Compared to injectable formulations, the pill offers a far more convenient administration option, significantly reducing the treatment burden and potentially improving patient adherence. The drug is already approved in the United States as a once-weekly injection for reducing major CV events, easing HFpEF symptoms, and relieving osteoarthritis-related knee pain in obesity.
The launch of the Wegovy pill positions Novo Nordisk for a potentially meaningful turnaround in 2026 after the slowing of the injectable drug’s sales momentum in 2025. This was primarily due to intensifying competition in the GLP-1 space, most notably from its arch-rival Eli Lilly (LLY - Free Report) , as well as the widespread use of compounded semaglutide in the United States. Eli Lilly markets its GLP-1-based drug as Zepbound (tirzepatide) injection for obesity. The Wegovy pill launch gives NVO a first-mover edge in oral weight-loss therapy, ahead of Eli Lilly. Its convenient pill format could help the company regain momentum and defend market share amid rising competition.
Novo Nordisk is also expanding access to Wegovy by combining broader distribution with strategic partnerships. The company is positioning the drug to reach patients through multiple touchpoints, including major U.S. pharmacies, select telehealth providers, and proprietary and third-party platforms. This approach aims to ensure patients have reliable access to authentic, FDA-approved treatments while reducing reliance on potentially unsafe, unapproved alternatives. If executed successfully, this strategy could reignite Wegovy’s sales momentum in 2026 as patients and providers move away from compounded alternatives.
Affordability is a key pillar of the rollout for the Wegovy pill, with tiered pricing aimed at widening adoption. Self-pay patients can access the starter dose at roughly $149 per month, with mid-range and higher doses priced progressively higher. Commercially insured patients may pay as little as $25 per month under savings programs. The pill is currently approved only in the United States and will be offered in multiple dose strengths, giving Novo Nordisk flexibility to capture a broad patient base while balancing access, pricing, and long-term revenue growth.
Competition Heating Up in the Obesity Space
Eli Lilly is Novo Nordisk’s fierce competitor in the obesity space. Like NVO, Lilly is investing broadly in obesity and has several new molecules currently in clinical development with a range of oral and injectable medications with different mechanisms of action. These include two late-stage candidates, orforglipron, a once-daily oral GLP-1 small molecule, and retatrutide, a GGG triagonist. LLY has already filed a regulatory application for orforglipron in the United States for the treatment of obesity.
The obesity space has garnered much of the spotlight over the past year due to the sizeable and still underpenetrated market opportunity. Smaller biotech firms, like Viking Therapeutics (VKTX - Free Report) , are also advancing GLP-1–based therapies to challenge the incumbents. Viking Therapeutics is developing its dual GIP/GLP-1 RA, VK2735, both as oral and subcutaneous formulations for the treatment of obesity. Last year, VKTX started two late-stage studies evaluating the subcutaneous formulation of VK2735. While one of these studies completed enrolment in November 2025 at a rapid pace, Viking Therapeutics expects to complete enrolment in the other study by the end of this quarter.
NVO Stock’s Price, Valuation & Estimates
In the past six months, Novo Nordisk shares have plunged 20.5% against the industry’s 20.7% growth. The company has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
NVO Stock Underperforms the Industry, Sector & the S&P 500
Novo Nordisk is trading at a discount to the industry, as seen in the chart below. Going by the price/earnings ratio, the company’s shares currently trade at 15.7 forward earnings, which is lower than 17.54 for the industry. The stock is trading much below its five-year mean of 29.25.
NVO Stock Valuation
Earnings estimates for 2025 have deteriorated from $3.67 to $3.57 per share over the past 60 days. During the same time frame, Novo Nordisk’s 2026 earnings estimates have declined from $3.91 to $3.51.
NVO Estimate Movement
Novo Nordisk currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.