Copenhagen, February 8, 2026, 22:42 CET — The market has closed.
Novo Nordisk A/S Class B (NOVOb.CO) starts the week with less pressure from copycat concerns, after Hims & Hers (HIMS.N) said it’s pulling its $49 compounded version of Novo’s Wegovy weight-loss pill. Novo, Hims & Hers, and Eli Lilly (LLY.N) are also sinking serious money into Super Bowl ads, all trying to catch more cash-paying U.S. customers. 1
This is hitting Novo’s stock right now, as the conversation moves from proving the drug’s effectiveness to justifying its price tag. Any blow to branded pill pricing—be it pharmacy “compounding” or simple discounts—shows up almost instantly in the share price.
Compounding involves pharmacies blending ingredients to create personalized medicines—occasionally replicating branded drugs, just at alternate doses. The practice is legal, though only in specific cases. Drugmakers, however, claim that widespread marketing of these compounds effectively skirts both patent protections and the FDA approval process.
Novo’s B shares clawed back some ground on Friday, closing at 295.50 Danish crowns for a gain of 5.29% after tumbling hard the previous two days. Shares slid 7.88% on Thursday and plunged 17.17% Wednesday, putting the five-session drop at roughly 20%, Nasdaq Copenhagen figures from MarketScreener show. 2
Shares bounced back Friday after the U.S. Food and Drug Administration vowed to crack down on the mass marketing of unauthorized drugs. FDA Commissioner Marty Makary posted on X that the agency plans to “take swift action” against firms pushing illegal copycat products. But Bernstein’s Christian Moore wasn’t optimistic, saying he was not “holding [his] breath” for real follow-through, pointing to past cases. 3
The FDA flagged Hims for its $49 pill, signaling it will clamp down on GLP-1 ingredients used in unapproved compounded drugs, and has kicked the case over to the Department of Justice for possible federal law violations. Novo spokesperson Liz Skrbkova called the move a positive step, while Lilly said it backs the FDA’s decision. Joanne Hawana at Mintz Levin noted the agency’s options could range from warning letters to injunctions or even seizing products, but stressed the FDA would need the Justice Department’s involvement to push for an injunction. 4
Opinions were mixed among investors and analysts on what the incident reveals about Novo’s patent protection for its pill technology. Karen Andersen at Morningstar pointed to Novo’s SNAC absorption tech as the key reason its branded pill works, saying a compounder’s version “will not be effective” without it—or, if included, would “push up against a legal red line.” Markus Manns of Union Investment called the launch “another level of uncertainty,” raising doubts about the patent value for drugs aimed at consumers. 5
Still, pulling out fast by a single seller doesn’t put the larger question to rest. Should regulators drag their feet, or if rivals figure out how to keep pushing cheaper options, Novo could be staring down a prolonged price battle in the self-pay market it’s been working to establish.
Pricing is still the main sticking point. The TrumpRx.gov site, rolled out by the Trump administration, zeroes in on discounts for GLP-1 weight-loss drugs, with Reuters reporting prices slashed to $149 a month in some cases, and an average closer to $350—down sharply from over $1,000. Still, Juliette Cubanski at KFF pointed out that roughly $200 a month “is still a lot of money for a lot of people.” 6
Novo faces another big moment on Monday, Feb. 9, as trading picks up again in Copenhagen. Traders are set to scan for any official FDA action on compounding ingredients, clues that the Justice Department is moving forward, and whether that flood of Super Bowl ads over the weekend stirs up demand—or simply draws more competitors into the cash-pay fray.
