Novo Nordisk Turns a Corner: EU Panel Backs Both Oral and High-Dose Wegovy as US Sales Surprise
24.05.2026 - 19:51:53 | boerse-global.de
Novo Nordisk’s beleaguered shares have snapped back with a vengeance, climbing 16% over the past month as a rare double endorsement from Europe’s drug regulator reignited faith in the Danish pharma giant’s obesity franchise. The stock, which had shed roughly 36% of its value in the preceding 12 months, now trades at €38.74 — still well below its 52-week peak of €70.13, but no longer in freefall.
The catalyst came on 22 May 2026, when the European Medicines Agency’s CHMP issued positive opinions for not one but two Wegovy formulations: a 25 mg oral tablet and a 7.2 mg single-dose injector pen. If the European Commission rubber-stamps the recommendations, as is customary, the pill would become the first oral GLP-1 therapy approved for weight management in the EU, while the high-dose pen — already sold as Wegovy HD in the US and UK — would offer a more convenient alternative to the current three-injection regimen.
Weight-Loss Data That Turns Heads
The oral tablet’s backing rests on the OASIS-4 trial, in which patients taking daily 25 mg semaglutide lost on average 16.6% of their body weight. Roughly one-third of participants shed more than 20%. Novo Nordisk also notes that the pill has no drug-interaction restrictions, a practical edge as it prepares to launch in select European markets during the second half of 2026.
The high-dose pen, meanwhile, delivered even more striking results. In the STEP-UP study, patients with obesity recorded a mean weight loss of 20.7%, with about a third achieving at least 25%. For those with Type-2 diabetes, the figure came in at 14.1%. The new single-use pen simplifies administration: the same weekly 7.2 mg dose previously required three separate 2.4 mg injections. Novo Nordisk expects to bring this variant to the EU in the third quarter of 2026.
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US Launch Outshines Expectations
On the other side of the Atlantic, where the oral version has been available since January 2026, early commercial traction has been far stronger than anticipated. First-quarter sales reached 2.3 billion Danish kroner — double the consensus analyst forecast. Of the 1.3 million prescriptions written, 80% went to patients who had never used a GLP-1 drug before, underscoring the demand that an oral alternative can unlock.
Yet a formidable rival is already snapping at its heels. Eli Lilly won US approval for its own oral obesity drug, Foundayo, in April 2026. Crucially, Lilly’s pill does not require fasting before administration — Wegovy’s oral form must be taken at least 30 minutes before a meal. That convenience gap, combined with Lilly’s pipeline asset Retatrutide, which hit 28.3% weight loss in Phase 3 trials, has investors pricing in a long-term competitive discount for Novo Nordisk.
Valuation Gaps and Headwinds
That discount is visible in the numbers. Novo Nordisk currently trades at a price-to-earnings ratio of around 13, while Eli Lilly commands nearly 29. The market is effectively rewarding Lilly for its later-stage pipeline and giving Novo Nordisk little credit beyond its current blockbusters. Patent expirations and intensifying government price controls in Europe add further pressure, threatening to compress margins through 2026.
Novo Nordisk at a turning point? This analysis reveals what investors need to know now.
Still, the technical picture is improving. After the recent 16% rally, the 200-day moving average at €42.19 emerges as the next resistance level. A formal EU approval in the coming weeks could provide the next clear catalyst.
Adding to the momentum, Novo Nordisk will present data on semaglutide in metabolic steatohepatitis (MASH) at the EASL congress in Barcelona next week, opening a potential new indication beyond obesity. The company’s half-year results, due on 5 August, will then reveal whether the regulatory wins are translating into commercial heft — and whether the stock’s recovery has further to run.
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