Copenhagen, Jan 31, 2026, 20:48 CET — The market has closed.
- Shares of Novo Nordisk Class B ended at 369.55 Danish kroner, slipping 0.23% following a nearly 8% drop over the past five sessions.
- Initial U.S. prescription figures have drawn attention to the company’s recently released Wegovy weight-loss drug.
- Upcoming catalyst: Feb. 4 quarterly results and 2026 outlook, spotlight on oral Wegovy adoption and competitive pressures in China.
Novo Nordisk’s Class B shares on the Copenhagen exchange slipped 0.23% to 369.55 Danish kroner Friday, marking roughly a 7.9% drop over the past five sessions. Investors now face a short weekend to process an expanding roster of catalysts.
The stock’s immediate path depends on one key factor: can the new pill form of Wegovy actually expand the market for obesity drugs, rather than just shifting patients from one format to another? This question is crucial as competition has moved beyond theory, and next week’s guidance will be critical in setting expectations.
Richard Vosser at J.P. Morgan maintained a Buy rating on the stock but trimmed the target price to 350 kroner, sitting below Friday’s closing price.
IQVIA data, highlighted by an analyst, revealed Wegovy prescriptions hit 26,109 in the U.S. during the week ending Jan. 23. Barclays analysts noted this marked a solid debut, especially after just 3,071 prescriptions in the initial four days post-launch on Jan. 5.
The pill offers patients a needle-free alternative, though injections remain the dominant choice and likely will for some time. Investors are closely monitoring if the tablet attracts new cash-paying customers or just shifts margin in exchange for convenience.
The European Medicines Agency announced that its Committee for Medicinal Products for Human Use (CHMP) has recommended conditional approval for Kayshild, a semaglutide treatment targeting MASH — an inflammatory type of fatty liver disease — in patients suffering from liver fibrosis.
A “conditional” authorisation is an EU approval route granting earlier access based on less complete data, but it requires additional studies afterward. The European Commission makes the final call, and there’s no guarantee on timing or uptake.
In China, Novo announced that Christine Zhou, who has led the business for years, will step down at the end of March. She managed the launches of Ozempic and Wegovy. Reuters reported Novo faces mounting competition there from Eli Lilly and Co, as well as local players like Innovent Biologics. Meanwhile, Sciwind Biosciences said its diabetes drug received approval, and a local patent for semaglutide is set to expire this year.
This is significant since exclusivity in China’s market often evaporates fast, leading to intense price competition. Investors will watch closely for management’s strategy on the next steps in that region.
In the U.S., Novo is ramping up marketing efforts to defend its turf and build demand for its pill. Data from MediaRadar reviewed by Reuters reveals Novo poured about $487 million into advertising Wegovy and Ozempic during the first nine months of 2025. That’s more than twice what Lilly shelled out for Zepbound and Mounjaro. David Moore, Novo’s U.S. operations chief, said the company intends to advertise the pill aggressively and drive sales via cash-pay direct channels. Rajiv Leventhal of Emarketer noted, “Lilly has that edge with Zepbound,” while Rae McMahan of Prescryptive commented, “It’s still a conversation that needs to be between the patient and their physician.” The report also mentioned that Donald Trump and Health Secretary Robert F. Kennedy Jr. have pushed for new disclosure rules aimed at curbing drug advertising. Reuters
Weekly prescription numbers tend to be uneven, and with patchy insurance coverage, a slower pickup in pill demand or increased pricing pressure from competitors could put the shares at risk following their recent drop.
Wednesday, Feb. 4, marks the next major catalyst as Novo releases its fourth-quarter earnings and updates its 2026 forecast. Investors want clear insights on the supply and demand dynamics for oral Wegovy, along with new information on China and developments beyond the obesity sector in the pipeline.
