Novo Nordisk (NVO) Stock Rebounds as Wegovy Upgrade and Medicare Deal Ease Pricing Fears

Novo Nordisk A/S stock is staging a sharp rebound today, 26 November 2025, as investors digest a trio of major developments: an FDA filing for a higher-dose version of its blockbuster obesity drug Wegovy, clarity on steep—but largely expected—Medicare price cuts for Ozempic and Wegovy, and fresh enthusiasm around its next‑generation obesity candidate amycretin.

As of 20:48 UTC on 26 November 2025, Novo Nordisk’s U.S.-listed ADRs (ticker NVO) traded at $48.79, up about 3.7% on the day, with intraday trading between $46.79 and $49.02 and volume near 15 million shares.

On its primary listing in Copenhagen, Novo Nordisk B shares closed at 314.20 Danish kroner, up 4.73% and topping the OMX Copenhagen 20 index. ^[1] Despite today’s rally, the Copenhagen-listed stock is still down roughly 50% year-to-date, reflecting a brutal de-rating after months of concerns over growth, competition and trial disappointments. ^[2]

Novo Nordisk Stock Today: Price Action on 26 November 2025

Copenhagen (NOVO B:CPH)
- Close: DKK 314.20
- Change: +4.73% (+14.20 DKK)
- One‑year change: around –49.7% ^[3]
U.S. ADRs (NYSE: NVO)
- Latest trade (20:48 UTC): $48.79
- Daily change: +$1.73 (~+3.7%)
- Intraday range: $46.79–$49.02
- Volume: ~14.99 million shares

The move higher comes after two days of intense volatility. On Monday, Novo Nordisk shares sank to multi‑year lows following the failure of its oral Ozempic (semaglutide) pill in Alzheimer’s disease trials. ^[4] Yesterday, they bounced on strong Phase 2 data for amycretin, a novel dual‑acting obesity and diabetes candidate. ^[5] Today’s rally is being driven primarily by regulatory and pricing clarity around the company’s core weight‑loss franchise.

Catalyst #1: Higher‑Dose Wegovy 7.2 mg Filed with FDA

The most straightforward “good news” for Novo Nordisk stock today is a new FDA filing for a higher dose of Wegovy.

On Wednesday, Novo Nordisk announced it has submitted a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration for Wegovy (semaglutide) 7.2 mg, a once‑weekly injection for chronic weight management in adults with obesity. ^[6]

Key points from the company’s filing and data:

Bigger weight‑loss effect:
In the 72‑week Phase 3 STEP UP trial in 1,407 adults with obesity (no diabetes), people who stayed on 7.2 mg lost an average of 20.7% of their body weight, compared with 17.5% for the currently approved 2.4 mg dose and 2.4% for placebo. ^[7]
More patients hitting very high weight‑loss thresholds:
Roughly a third of patients on 7.2 mg achieved ≥25% weight loss, versus mid‑teens percentages on 2.4 mg and virtually none on placebo. ^[8]
Safety profile in line with class:
Gastrointestinal side effects were more frequent at 7.2 mg than at 2.4 mg or placebo, but serious adverse events were reported in 6.8% of 7.2 mg patients versus 10.9% on 2.4 mg and 5.5% on placebo—suggesting no obvious new safety red flag. ^[9]
Ultra‑fast regulatory pathway:
The sNDA will be reviewed under the FDA Commissioner’s National Priority Voucher (CNPV) pilot program, with Novo Nordisk guiding to a review timeline of around 1–2 months after the filing is formally accepted—far faster than a typical obesity drug review. ^[10]

The same higher dose is already under review in Europe, the UK and other markets, with an EU decision expected in Q1 2026. ^[11]

For investors, the message is simple: Novo Nordisk is trying to extend and defend the Wegovy franchise at the high end of efficacy just as competition from Eli Lilly’s Zepbound ramps up. Analysts have framed today’s filing as an important step to keep Wegovy relevant for patients seeking the most aggressive medically supervised weight loss. ^[12]

Catalyst #2: Medicare’s 71% Price Cut Is Big – but Largely Expected

The other major driver of Novo Nordisk’s share price today is clarity on U.S. drug pricing for its GLP‑1 medicines.

As part of the second round of Medicare drug price negotiations under the Inflation Reduction Act, U.S. regulators have set new prices for 15 high‑cost medicines, including Novo Nordisk’s semaglutide products Wegovy, Ozempic and Rybelsus. ^[13]

For semaglutide:

The Medicare “maximum fair price” will be $274 per month starting in 2027, down from a 2024 list price of about $959—a headline discount of roughly 71%. ^[14]
Medicare and Medicaid coverage for Wegovy and Ozempic will be expanded as part of the broader deal with Novo Nordisk and Eli Lilly, with copays for Medicare patients capped at $50 for these drugs, potentially supporting higher volumes. ^[15]

At first glance, a 71% price cut sounds disastrous. However, markets seem to be breathing a sigh of relief:

The cuts are in line with previous guidance.
In its nine‑month 2025 financial report, Novo Nordisk had already warned that a Medicare “fair price” for semaglutide would likely shave about 6 billion Danish kroner (low single‑digit percentage) off its global 2026 sales. ^[16]
Analysts call the outcome “manageable”.
A Reuters note today highlighted that the new Medicare prices came in “largely as expected” and that the impact on Novo Nordisk’s long‑term earnings is seen as modest relative to the size of its obesity and diabetes franchise. ^[17]
Volume may offset lower prices.
Coverage expansion under Medicare and Medicaid, plus lower out‑of‑pocket costs, could bring millions more U.S. patients onto treatment, partially compensating for the steeper discounts. ^[18]

Today’s rebound in Novo Nordisk shares therefore reflects relief rather than surprise: the market now has concrete numbers instead of worst‑case speculation about U.S. price controls.

Catalyst #3: Amycretin Data Reinforce Next‑Generation Obesity Pipeline

While today’s headlines focus on Wegovy and Medicare, yesterday’s amycretin data still loom large in the background of NVO’s move.

Amycretin is a unimolecular co‑agonist of the GLP‑1 and amylin receptors, designed for both injectable and oral use in obesity and type 2 diabetes. ^[19]

In a Phase 2 trial in 448 people with type 2 diabetes on background metformin (with or without SGLT2 inhibitors), Novo Nordisk reported: ^[20]

Weight loss:
- Up to 14.5% total body‑weight reduction at 36 weeks with once‑weekly subcutaneous amycretin vs 2.6% with placebo.
- Up to 10.1% weight loss with once‑daily oral amycretin vs 2.5% with placebo.
Glycemic control (HbA1c):
- From a baseline HbA1c of 7.8%, subcutaneous amycretin lowered HbA1c by up to 1.8 percentage points; up to 89.1% of participants achieved HbA1c <7%.
- From a baseline of 8.0%, oral amycretin lowered HbA1c by up to 1.5 percentage points; over 77% of patients achieved HbA1c <7%.
Safety:
Both injectable and oral formulations were generally safe and well tolerated, with side effects mostly mild‑to‑moderate gastrointestinal events similar to existing incretin and amylin‑based drugs.

Novo Nordisk now plans to launch a Phase 3 program for amycretin in adults with type 2 diabetes in 2026, positioning it as a key next‑generation growth driver beyond the current Wegovy/Ozempic franchise. ^[21]

Zacks Equity Research noted that NVO shares gained about 4.7% on Tuesday on the amycretin news, even before today’s Medicare and Wegovy 7.2 mg headlines. ^[22]

The Dark Cloud in the Background: Alzheimer’s Trial Failure

Today’s rally also needs to be seen in the context of Monday’s sell‑off, when Novo Nordisk disclosed that its much‑watched Evoke and Evoke+ Phase 3 trials of oral semaglutide in early Alzheimer’s disease failed to meet their primary endpoint.

The two trials, enrolling 3,808 adults over about two years, tested oral semaglutide 14 mg vs placebo on standard of care. ^[23]
While semaglutide improved some Alzheimer’s‑related biomarkers, it did not significantly slow disease progression as measured by the Clinical Dementia Rating – Sum of Boxes (CDR‑SB) vs placebo. ^[24]
Novo Nordisk is terminating the 1‑year extension phase of these studies and will present full data at upcoming conferences, but has effectively drawn a line under semaglutide as an Alzheimer’s treatment. ^[25]

The Guardian reported that Novo Nordisk’s Copenhagen‑listed shares fell more than 10% intraday on Monday and closed down about 5.8%, with commentary highlighting that the company has lost more than half its market value in 2025 amid competitive and growth concerns. ^[26]

Importantly for investors:

Alzheimer’s represented a speculative upside rather than a core pillar of Novo’s obesity/diabetes strategy.
The failure does, however, reinforce the narrative that Novo Nordisk must keep innovating in obesity and cardiometabolic disease to justify its premium valuation in a fiercely competitive market led by Eli Lilly and emerging rivals. ^[27]

Fundamentals: Growth Still Strong, but Transformation Underway

Beyond today’s headlines, the medium‑term story for Novo Nordisk stock is shaped by its financial performance and a major restructuring program.

Nine‑Month 2025 Results

In its financial report for the first nine months of 2025 (published 5 November), Novo Nordisk reported: ^[28]

Sales up 12% in Danish kroner and 15% at constant exchange rates, reaching DKK 229.9 billion.
Strong growth driven by:
- Obesity care: high double‑digit growth, especially in International Operations.
- GLP‑1 diabetes drugs: solid double‑digit growth.
- Rare disease franchise: double‑digit growth at constant exchange rates.

Operating profit increased by around 10% at constant exchange rates, held back by restructuring costs but still positive.

Transformation and Job Cuts

On 10 September 2025, Novo Nordisk announced a sweeping transformation to “streamline operations and reinvest for growth”, including plans to cut about 9,000 positions from a workforce of roughly 78,400 by the end of 2026. ^[29]

Expected annualized savings: DKK 8 billion by end‑2026.
One‑off restructuring costs of around DKK 8 billion, mostly booked in Q3 2025, leading to a cut in full‑year 2025 operating‑profit growth guidance from 10–16% to 4–10% at constant exchange rates. ^[30]

New CEO Mike Doustdar has pitched the plan as necessary to keep Novo Nordisk nimble as obesity becomes a more consumer‑driven and competitive market, where it is battling not only Lilly but also a growing list of biotech and big pharma challengers. ^[31]

What Today’s News Means for Novo Nordisk Shareholders

Putting all of this together, what does 26 November 2025 signal for Novo Nordisk A/S stock?

1. Pricing Overhang Eases, but Isn’t Gone

The Medicare 71% discount on Ozempic and Wegovy is a headline shock, but it was largely baked into expectations and company guidance. The reaffirmed view from analysts that the impact is “manageable” helps explain today’s rally. ^[32]

However:

U.S. pricing pressure is clearly real and likely to intensify globally over time.
Investors will keep watching how volume growth and international expansion offset lower U.S. prices.

2. Wegovy 7.2 mg Strengthens the Near‑Term Obesity Story

The 7.2 mg Wegovy filing signals that Novo Nordisk isn’t standing still in obesity:

Higher efficacy gives it a stronger answer to Lilly’s Zepbound at the high‑weight‑loss end of the market.
The ultra‑fast FDA review under the CNPV pilot means investors might get a decision as soon as early 2026, potentially refreshing the growth story well before then. ^[33]

3. Amycretin and the Pipeline Offer Long‑Term Upside (and Execution Risk)

Amycretin’s Phase 2 data in type 2 diabetes reinforce Novo Nordisk’s ambition to remain at the forefront of next‑generation metabolic drugs: ^[34]

Potent weight loss plus strong glycemic control in both injectable and oral forms is exactly what payers and patients will want if GLP‑1s become standard for cardiometabolic risk reduction.
A successful Phase 3 program starting in 2026 could set up another major franchise later in the decade—but it also introduces a new layer of clinical, regulatory and commercial risk.

4. Valuation Debate: Is the Sell‑Off Overdone?

Even after today’s surge, Novo Nordisk stock trades far below its 2023–early‑2024 highs:

Copenhagen shares are down around 50% year‑to‑date, while some peers and the broader healthcare sector are up double digits. ^[35]
Analyst views are mixed:
- Goldman Sachs today cut its price target from 391 to 353 DKK but reiterated a “Buy” rating. ^[36]
- Zacks, however, currently rates NVO as Rank #4 (Sell), highlighting ongoing concerns over competition and the stock’s prior premium valuation. ^[37]

Consensus data compiled by MarketScreener show an average target price around 400 DKK for the Copenhagen listing, implying substantial upside from recent levels if Novo Nordisk executes on its obesity pipeline and transformation plan. ^[38]

Bottom Line for 26 November 2025

For today, the headline for Novo Nordisk stock is relief and recovery:

The Medicare price decision removes a key uncertainty and looks no worse than expected.
A higher‑dose Wegovy filing under an accelerated U.S. review program strengthens the near‑term obesity franchise.
Amycretin adds credibility to Novo Nordisk’s long‑term pipeline, even as the Alzheimer’s setback underscores the inherent risks of ambitious R&D bets.

Novo Nordisk A/S shares remain volatile, and the company still faces intense competition, regulatory scrutiny and execution risk. But as of 26 November 2025, markets are signalling that the core obesity and diabetes story is intact, and today’s rally reflects a re‑rating from “panic” back toward a more balanced view of risk and reward.

References

Novo Nordisk (NVO) Stock Rebounds as Wegovy Upgrade and Medicare Deal Ease Pricing Fears – 26 November 2025