Novo Nordisk’s newly approved oral GLP-1 weight-loss pill received more than 18,000 prescriptions in its first week on the U.S. market, according to IQVIA data. This strong uptake validates the company’s direct-to-consumer advertising strategy and cash-pay channels, which were implemented to address uneven insurance coverage. Investors have responded favorably, sending the stock up 26% in early 2026 after a 41% decline in 2025. At a forward P/E ratio of 17, versus over 50 for its closest competitor, Novo Nordisk remains comparatively undervalued, supporting forecasts for further gains as the new oral formulation drives broader patient adoption beyond injectable options.

Between January and September 2025, Novo Nordisk invested an estimated $316 million promoting Wegovy and $169 million on Ozempic in the U.S., increases of 54% and 44% year-over-year, respectively, per MediaRadar data. The combined $487 million outlay more than doubled Eli Lilly’s approximately $214 million spend on Zepbound and Mounjaro during the same period. Despite Novo Nordisk’s heavier marketing push following resolution of prior supply constraints, market share has shifted: Zepbound prescriptions surpassed Wegovy last year, giving Lilly roughly 60% of the U.S. obesity drug market. Clinical trial results released in late 2024 showed Zepbound users achieving 47% greater weight loss than those on Wegovy, intensifying competitive pressures.

Novo Nordisk faces a class action lawsuit filed by JM Smith Corporation accusing the company of extending its monopoly on its diabetes therapy Victoza through a reverse-payment agreement with Teva Pharmaceutical. The complaint contends that Novo delayed generic competition until June 24, 2024, transitioning patients to Ozempic and preserving over $5 billion in U.S. Victoza sales. Plaintiffs claim the scheme blocked other generic challengers, forced purchasers to pay supracompetitive prices for Victoza products and Ozempic, and seeks recovery of hundreds of millions of dollars in alleged overcharges. The legal challenge introduces potential liability risks ahead of upcoming earnings reports.