COPENHAGEN, Jan 24, 2026, 20:49 (CET) — Market closed
- In Copenhagen, Novo Nordisk’s Class B shares closed the week up, boosted by early signs of strong U.S. demand for its Wegovy pill.
- A fresh U.S. lawsuit targeting the older diabetes medication Victoza piles on legal pressure.
- Focus shifts to the Feb. 4 quarterly results and the upcoming update on prescription momentum.
Novo Nordisk A/S Class B shares (NOVOb.CO) closed higher on Friday in Copenhagen and head into the new week on that note, boosted by early signs of strong demand for its Wegovy weight-loss drug.
Much of Novo’s profit hinges on its obesity-drug franchise, making the stock a stand-in for the durability of this trend. Prescription tallies offer one of the rare near-real-time glimpses investors have between earnings reports.
Novo’s wager on pills is significant because it targets patients who steer clear of injections. It also taps into cash-pay demand, where patients cover costs themselves instead of going through insurance.
Novo B shares ended Friday at 401.35 Danish crowns, gaining 1.17% following Thursday’s 6.11% jump. The stock fluctuated between 400.00 and 409.95 crowns during the session, with slightly more than 10 million shares traded. 1
Analysts reported that Wegovy’s pill recorded 18,410 U.S. prescriptions in the week ending Jan. 16, based on IQVIA data, following its Jan. 5 launch. Barclays’ James Gordon described the initial figures as “very strong,” while Jefferies’ Akash Tewari called them “directionally encouraging” for Eli Lilly’s oral obesity drug orforglipron, which the FDA is set to decide on by April. Novo shares have climbed about 25% this January, rebounding after last year’s profit warnings and slowing Wegovy sales weighed on the stock. 2
Late Friday, Novo faced a proposed class action lawsuit in New York alleging it engaged in a “pay-for-delay” scheme—where a brand company pays a generic manufacturer to hold off on entering the market—to shield sales of its older diabetes medication Victoza. The complaint, filed by wholesaler Smith Drug, claims a 2019 settlement delayed Teva’s generic launch until 2024, though generics could have come as early as 2023. Novo declined to comment, Reuters reported. 3
Indian regulators have given the green light to Sun Pharma, Zydus Lifesciences, and Alkem Laboratories to produce and market generic semaglutide, the key ingredient in Wegovy and Ozempic, Reuters reported. The drug’s patent will expire in March 2026, paving the way for more affordable versions in India, the world’s largest market by population. Vishal Manchanda, an analyst at Systematix Institutional Equities, noted, “The generic players will come in with lower prices and expand the number of people they can reach.” 4
Traders warn early prescription data can be misleading — starter doses often accelerate demand, and cash-pay patients may drop off fast if side effects or costs hit. Signs of supply constraints or tougher coverage decisions on the wider Wegovy line could stall the rally.
All eyes turn to Feb. 4, when Novo is set to release its fourth-quarter 2025 results ahead of the Copenhagen market open; an earnings call is scheduled for 13:00 CET, the company confirmed. 5
Investors will focus on 2026 guidance, pill pricing and demand updates, and if management views litigation and upcoming generic competition as manageable hurdles. Monday’s session will reveal if the stock can sustain last week’s gains when Copenhagen trading restarts.
