Oral Wegovy Pill to Drive 51% Growth; Controlling Shareholder AUM Declines
Novo Nordisk’s FDA approval of an oral Wegovy pill in December 2025 is projected to drive half of its incremental sales growth, boosting portfolio revenue from $13.5 billion in 2026 to $18.9 billion by 2031. Meanwhile, share-price declines last year shrank Novo Holdings’ assets under management from 1,060 billion DKK to 694 billion DKK.
1. Oral Wegovy Pill Launch Drives Future Growth
The FDA approved Novo Nordisk’s once-daily oral semaglutide pill for chronic weight management in December 2025, adding to the existing weekly injectable. Sales forecasts project total Wegovy portfolio revenue rising from $13.5 billion in 2026 to $18.9 billion by 2031, with the pill contributing 51% of incremental growth and capturing 17% of sales by 2031.
2. Share Price Decline Shrinks Controlling Shareholder AUM
Novo Nordisk's share price decline over the past year reduced Novo Holdings A/S assets under management from 1,060 billion DKK to 694 billion DKK. Contributing factors include a share repurchase freeze, a stronger krone versus the dollar, and intensifying competition in obesity treatments, while projected returns eased to 9% in 2025 from 15% previously.