Novo Nordisk’s recently approved oral version of Wegovy has exceeded expectations, registering more than 18,000 prescriptions in its first week and topping 26,000 in the second full week, according to IQVIA data. This robust uptake underscores strong patient and clinician interest in a convenient, pill‐based GLP-1 therapy. Early prescriptions were driven largely by cash‐pay channels as insurers adjust coverage, with the company proactively supporting direct‐to‐consumer marketing. Analysts estimate that if the launch trajectory continues, annualized revenue from oral Wegovy could surpass $2 billion by year‐end, bolstering Novo Nordisk’s leadership in the obesity treatment market.

After supply constraints in 2024, Novo Nordisk ramped U.S. advertising spending on Wegovy and Ozempic to an estimated $487 million through September 2025, up from $316 million and $169 million respectively in the prior year period. This outlay more than doubles Eli Lilly’s combined $214 million on competing obesity and diabetes brands. The renewed marketing push follows improved production capacity and is complemented by plans to launch promotional campaigns for the new oral Wegovy immediately. Despite aggressive spend, rival data indicate that Lilly’s Zepbound has captured roughly 60% of U.S. obesity drug prescriptions, reflecting the intensity of head‐to‐head competition.

Novo Nordisk shares have rebounded sharply after a 41% decline in 2025, rising roughly 26% year-to-date in early 2026. The stock trades at a price‐to‐earnings ratio of about 17, well below competitor multiples exceeding 50, suggesting relative undervaluation given the company’s double‐digit historical growth and strong product pipeline. Consensus revenue forecasts of mid‐single‐digit growth for the coming quarters may prove conservative if oral Wegovy sustains its early momentum. However, technical indicators and a forward PEG ratio above sector median counsel caution against aggressive multiple expansion in the near term.

Novo Nordisk faces a class‐action complaint alleging it orchestrated a reverse payment agreement with Teva Pharmaceuticals to delay generic Victoza until June 2024, preserving monopoly pricing for at least 16 months post‐patent expiration. Victoza generated more than $5 billion in U.S. sales in 2018, and the lawsuit claims purchasers overpaid on Victoza, its generics and Ozempic as prescriptions were steered to the newer treatment. Plaintiffs seek hundreds of millions in alleged overcharges. The outcome could set a precedent on pay‐for‐delay settlements and introduce uncertainty around future brand and generic launch timelines.