In December, Novo Nordisk gained FDA approval for an oral formulation of its blockbuster weight-loss drug Wegovy. The pill recorded more than 18,000 U.S. prescriptions in its first week and exceeded 26,000 prescriptions by the second full week, according to IQVIA data. This early momentum helped drive a 26% rally in Novo Nordisk shares in early 2026, following a 41% decline in 2025. With a trailing P/E ratio of 17, well below key competitor Eli Lilly’s ratio north of 50, analysts argue that Novo Nordisk remains undervalued and poised for further upside as oral Wegovy contributes to top‐line growth and market share expansion in the burgeoning GLP-1 segment.

During the first nine months of 2025, Novo Nordisk invested approximately $316 million promoting Wegovy and $169 million on Ozempic in the U.S., representing year-over-year increases of 54% and 44%, respectively, compared with the same period in 2024. Combined outlays of $487 million more than doubled rival spending, as Eli Lilly allocated roughly $131 million to Zepbound and $83 million to Mounjaro. This ramp-up followed a supply shortage in 2024 and was accompanied by plans to market the forthcoming Wegovy pill directly to consumers via cash-pay channels. Despite political scrutiny over high drug advertising costs, Novo’s strengthened marketing presence underpins its first-mover advantage in obesity treatments.

Novo Nordisk is facing a class-action suit alleging that it entered a reverse-payment deal with Teva Pharmaceuticals to delay generic versions of its diabetes drug Victoza until June 24, 2024. Plaintiffs claim that this scheme preserved more than $5 billion in U.S. Victoza sales recorded in 2018 and forced patients onto Ozempic at higher prices. Victoza’s last active patent expired in August 2022, with pediatric exclusivity extending protection through February 2023; the lawsuit contends that Novo’s actions delayed generic entry by at least 16 months. If successful, the suit could expose Novo Nordisk to hundreds of millions in damages for alleged overcharges on Victoza, its generics and Ozempic.