COPENHAGEN, February 7, 2026, 23:19 CET — The market is closed.
- Novo Nordisk’s Class B shares finished at 295.50 Danish crowns, climbing 5.29%. 1
- Hims & Hers plans to discontinue its compounded pill form of Wegovy, following increased U.S. regulatory pressure on similar copycat medications. 2
- This week saw Novo shares swing sharply—first tumbling, then clawing back some ground by Friday’s finish. 3
Novo Nordisk A/S Class B shares could see renewed attention Monday, after Hims & Hers said it’s pulling the $49 compounded Wegovy pill, responding to U.S. regulators. Novo’s Copenhagen-listed stock closed out Friday at 295.50 crowns, climbing 5.3%, Reuters data showed. 4
Why it matters now: That $49 offer has thrown a new spotlight on the speed with which low-cost, unauthorized versions can move through the booming obesity-drug sector — and just how tough it could get for drugmakers to hold the line on pricing in an out-of-pocket, cash-pay market.
Pharmacies that compound drugs—mixing active ingredients to tailor to individual patients or to fill supply gaps—have already chipped away at Novo’s injectable obesity treatment sales, according to Reuters. The practice occupies a regulatory grey area that continues to irk major drugmakers. “Until this issue is resolved, it adds another level of uncertainty,” said Markus Manns, portfolio manager at Union Investment. Morningstar’s Karen Andersen flagged a deeper concern, saying the situation “questions the value of patents for consumer-oriented drugs.” 5
Friday’s bounce came after the U.S. Food and Drug Administration fired off a sharper warning in response to Hims launching the pill on Thursday, which sent Novo shares down almost 8% during the session. FDA Commissioner Marty Makary vowed the agency would “take swift action” against companies selling illegal knockoffs, but Bernstein’s Christian Moore wasn’t optimistic, saying he’s not “holding [his] breath” for aggressive U.S. enforcement, citing history. 6
Novo has taken a firm stance. In a Feb. 5 statement, the company labeled Hims’ actions as “illegal mass compounding” and warned that it “poses a significant risk to patient safety,” promising both legal and regulatory steps. Novo emphasized that it’s the only maker of an FDA-approved Wegovy pill using SNAC technology for semaglutide absorption, adding that its product remains “available in all doses, in full supply” across the U.S. 7
The downside risk remains. Hims may have stepped back from selling the pill, but investors are still grappling with a core uncertainty: will regulators act quickly to rein in imitators, or will the market keep seeing this scenario play out whenever branded prices climb too high?
What happens next could hinge on details: exactly how the FDA enforces restrictions, if the Justice Department moves fast after referral, and the fate of other compounded products besides the pill. Traders are eyeing Novo’s approach to legal moves and any shifts in pricing or marketing from competitors.
Sunday’s Super Bowl ad barrage brings a fresh catalyst, thrusting Hims into the mainstream just as regulatory scrutiny ramps up. Investors are watching for any hint this splash actually shifts demand — or simply kicks off another phase in the ongoing debate. 8
Monday, February 9, stands out as the next checkpoint: Nasdaq Copenhagen will reopen, and the focus shifts to whether the FDA’s stricter tone leads to real action that might help stabilize Novo Nordisk’s struggling obesity-drug business.
