Novo Nordisk’s oral formulation of Wegovy, approved in December, has seen an exceptionally strong debut in the U.S. market. In its first week on pharmacy shelves, the newly approved GLP-1 weight-loss pill generated over 18,000 prescriptions, reflecting immediate patient and prescriber enthusiasm. The rapid uptake underscores pent-up demand for a non-injectable option and positions Novo Nordisk to capture a substantial share of the obesity treatment segment previously constrained by supply shortages of injectable formulations.

Since the start of 2026, Novo Nordisk shares have rallied approximately 26% following a 41% decline in 2025, driven by optimism around its expanding GLP-1 portfolio. Current consensus forecasts highlight a forward price-to-earnings ratio near 17, significantly lower than key competitor levels above 50. Analysts argue this valuation gap suggests Novo Nordisk remains undervalued given its leading market share, robust pipeline and growth catalysts provided by both oral and injectable weight-loss therapies.

In the first nine months of 2025, Novo Nordisk increased U.S. promotional investment in its flagship GLP-1 brands to roughly $316 million for Wegovy and $169 million for Ozempic, up 54% and 44% year-over-year, respectively. This $487 million outlay more than doubles rival spending on obesity and diabetes drugs and signals a renewed marketing drive following prior supply constraints. The company plans to immediately extend its direct-to-consumer campaign to the oral Wegovy pill, leveraging cash-pay channels to navigate uneven insurance coverage. With advertising restored and regulatory scrutiny on drug promotion intensifying, Novo Nordisk aims to solidify its leadership in the rapidly growing obesity and metabolic disease market.