Copenhagen, June 23, 2026, 23:52 CEST
Novo Nordisk’s B shares jumped 2.6% to 307.75 Danish crowns on Tuesday. The stock is up 5.1% since Friday’s close and has gained 9.9% over three sessions. The OMXC25 index in Copenhagen fell 0.07%.
Novo put a new number out for investors: 84,500. That’s roughly how many compounded semaglutide units iDexis supplied each month in South Africa, the company told a court. Novo says that’s more than it sold of Ozempic and Wegovy combined in the country. A court order on Monday barred iDexis from compounding, supplying, and marketing the semaglutide products while they’re under regulatory review. Compounding in this case refers to pharmacies preparing or adjusting a drug for patients. The court filing doesn’t clarify if a unit from iDexis matches a Novo pack, so there’s no way to turn the number into revenue.
Novo’s win goes beyond legal noise because of the market’s size. If some demand shifts to registered drugs, Novo could gain branded sales in South Africa without a long wait for new signoff. Price is the sticking point. Novo dropped the lowest Wegovy dose to 1,873 rand from 3,090 rand earlier this year, but Eli Lilly’s Mounjaro already held 52% of the South African market by late January. “The original prices were not conducive for the South African market,” said Thabeng Leping, Novo’s market-access head in the country. Reuters
Novo’s buybacks are giving some extra support. The company said Monday it had bought back 20.96 million B shares since Feb. 4 at an average price of 266.09 crowns, spending 5.58 billion crowns. By Tuesday’s close, those shares were worth about 6.45 billion crowns, up 873 million from what Novo paid.
Novo’s repurchase was small compared to the market. The company bought an average of 215,000 shares a day last week. That’s 3.5% of Tuesday’s trading volume. If Novo spends the rest of its 15 billion-crown program at Tuesday’s price, that would get about 30.6 million more shares, equal to 0.69% of all shares.
This can handle some of the selling, but on its own doesn’t fully account for the stock’s 9.9% jump over three sessions. The court order may change which companies provide prescriptions. The buyback only shifts ownership of a small company stake.
CVS Health said Monday it will roll out a $50 monthly copay for eligible Medicare patients starting July 1, under a federal program. The move could boost Novo’s volume but the step is not unique to the company. CVS is also a retail partner on NovoCare discounts for Wegovy and Ozempic. “Access is only part of the equation,” CVS pharmacy executive Sid Tenneti said. Patients need support “to stay on therapy and see results,” he said. cvshealth.com
Novo’s U.S. shares climbed 3.4% to $47.42 on Tuesday, adding to Monday’s 6.2% gain. The S&P 500 dropped 1.4% on Tuesday.
The South African order is only interim. Price-driven buyers could stick with Lilly instead of switching to Novo’s offering, and grabbing volume may mean Novo has to cut prices more. Novo is still guiding for adjusted sales and operating profit to drop 4% to 12% in 2026 at constant exchange rates, excluding currency fluctuations.
