Novo Nordisk Sharpens Obesity Arsenal With High-Dose Wegovy Data and a Strategic Portfolio Pruning

Novo Nordisk is sending a clear message to investors this week: the Danish pharma giant is doubling down on its metabolic franchise, even as it clears out early-stage research that no longer fits the core mission. The company has offloaded worldwide rights to its experimental Parkinson’s cell therapy STEM-PD to Boston-based startup Cellular Intelligence, receiving an equity stake plus potential milestone payments and royalties in return. The deal marks the final chapter of the cell therapy unit Novo closed at the end of 2025, and it frees up resources to focus on what really moves the needle: obesity.

That message was reinforced at the European Congress on Obesity in Istanbul, where Novo unveiled a rich dataset for its high-dose Wegovy formulation (7.2 mg). Patients on the elevated dose lost an average of 20.7% of their body weight over 72 weeks, versus 17.5% for the standard dose and just 2.4% in the placebo group. The figures were even more striking for so-called early responders — those who shed at least 15% of their weight by week 24. This group went on to lose 27.7% of their body weight by the end of the study, a result that clinicians will note as evidence of durable therapy success.

Importantly, the weight loss was not at the expense of lean mass. According to the data, 84% of the reduction came from fat tissue, while muscle strength and function were preserved. MRI scans showed a more than 30% drop in visceral fat, the dangerous abdominal fat linked to cardiovascular disease. Novo also presented a broad analysis of Wegovy’s effects in women across different life stages, including pre- and post-menopause, drawing on both clinical trials and real-world evidence. The company highlighted improvements in migraine, depression, and menopause-related symptoms alongside reduced risks of heart attack and stroke. In total, Novo submitted 52 abstracts covering Wegovy, its oral semaglutide variant, and the investigational combination therapy CagriSema.

Should investors sell immediately? Or is it worth buying Novo Nordisk?

The oral Wegovy tablet is gaining particular traction in the US market. In the week ending 17 April, prescriptions topped 200,000, and the drug contributed 2.26 billion Danish kroner in first-quarter revenue after its US launch. Chief executive Mike Doustdar described the US performance as a “turnaround situation,” with Wegovy now capturing 65% of new prescriptions in the country. The improved outlook prompted Novo to raise its full-year 2026 guidance: currency-adjusted revenue and operating profit are now expected to decline by only 4% to 12%, better than the earlier projection. Group sales in the first quarter rose 32% on a currency-adjusted basis to 96.8 billion kroner, while operating profit surged 65%.

The stock has responded accordingly. Shares traded at €39.96 recently, gaining 1.36% on the day and 24.12% over the past 30 days — a sharp rebound from the March trough of around €30. Still, the share price remains down year-to-date, reflecting persistent anxiety about competitive pressure. Eli Lilly continues to press aggressively into the GLP?1 space with its rival product Foundayo, and the broader weight-loss market could expand to $100 billion by the end of the decade.

Novo is also leaning on artificial intelligence to stay ahead of the pack. Internally, a partnership with OpenAI will help the company rapidly analyse complex datasets, identify new drug candidates, and optimise manufacturing, supply chain, and sales processes. The full integration is targeted for completion by end of 2026. Meanwhile, the Parkinson therapy divestiture itself has an AI twist: Cellular Intelligence plans to use its own platform to manufacture STEM?PD more cheaply and aims to launch a phase 2 study in early 2027.

With the ECO congress running until 15 May, the market will be watching for additional detail on the high-dose Wegovy regimen, the oral tablet’s trajectory, and the prospects for CagriSema. If Novo can translate the clinical breadth it has demonstrated in Istanbul into a sustained increase in prescriptions and profitability, the recent share-price recovery may prove to have more than a short-term foundation.

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