BAGSVÆRD, Denmark, August 19, 2026, 09:02 CEST — Nasdaq Copenhagen trading has started, while U.S. exchanges remain closed.
- Novo Nordisk’s U.S. ADR finished up 1.85% at $45.71 on Tuesday.
- Eligible patients can access Wegovy through Medicare’s GLP-1 Bridge with a $50 monthly copay.
- The last five analyst ratings for NVO are all Holds, with an average price target of $45.
Novo Nordisk A/S NYSE:NVO advanced 1.85% to $45.71 on Tuesday, with renewed investor attention on semaglutide coverage. The close exceeded the S&P 500’s performance by 2.54 percentage points. Eli Lilly and Company NYSE:LLY finished up 3.60%.
Danish group’s B shares CPH:NOVO-B started trading Wednesday at DKK 293.10. By 09:02 CEST, they were at DKK 293.80, a decline of 0.86%. The mixed response highlights the investor dilemma: broader availability may increase prescription numbers, but government-set prices and competitors restrict revenue per prescription.
The Medicare GLP-1 Bridge launched on July 1 and will continue until December 2027. Qualified Part D enrollees are required to pay $50 per month for approved weight-loss medications, including both forms of Wegovy. According to CMS, the monthly net price is listed at $245.
CMS Administrator Mehmet Oz stated the program “creates a new pathway for eligible beneficiaries to afford GLP-1 medications.” However, eligibility is more limited compared to full Medicare coverage. Patients currently on a GLP-1 under Part D may be ineligible. CMS announcement
| Medicare GLP-1 Bridge | Verified term | Investor relevance |
|---|---|---|
| Beneficiary copay | $50 per month | Lowers out-of-pocket costs for patients |
| Manufacturer net price | $245 per monthly supply | Enhances availability but compresses price achieved |
| Program period | July 1, 2026–Dec. 31, 2027 | Establishes an 18-month period for demand analysis |
| Covered Novo products | Wegovy tablets and injections | Spans both pill and injection forms |
| Covered rivals | Foundayo; Zepbound KwikPen | Eli Lilly stands to benefit from access |
Novo’s recent data indicates positive momentum on prescription numbers. By July 17, weekly U.S. prescriptions for the Wegovy pill surpassed 265,000. Combined, all forms of Wegovy reached around 575,000 weekly prescriptions. This means the pill accounted for approximately 46% of all franchise prescriptions, according to data provided by the company.
The company said cumulative pill prescriptions surpassed five million after 30 weeks, averaging approximately 167,000 each week. The most recent figure, exceeding 265,000, marked an increase of at least 59%. These figures are initial estimates, as prescription timing and refill patterns differ.
| Novo Nordisk Q2 2026 indicator | Reported result | Comparison |
|---|---|---|
| Adjusted sales growth | +7% at CER | GLP-1 volume gains and U.S. rebates supported |
| Adjusted operating-profit growth | +11% at CER | Adjusted profit recorded at DKK 33.39bn |
| Weekly U.S. Wegovy prescriptions | About 575,000 | Pill accounted for nearly 46% |
| Wegovy pill cumulative prescriptions | More than 5 million | Total reached in 30 weeks |
| 2026 adjusted sales outlook | 0% to -6% at CER | Forecast increased due to higher GLP-1 projections |
Chief executive Mike Doustdar described the Wegovy portfolio as “a key growth driver for Novo Nordisk in 2026.” Adjusted sales for the second quarter increased 7% at constant exchange rates. Gains from higher obesity-drug volumes were partially balanced by lower realised prices. This trend is likely to accelerate with the Bridge.
| Market snapshot | Price / level | Move | Relative to NVO ADR |
|---|---|---|---|
| Novo Nordisk ADR NYSE:NVO | $45.71 | +1.85% | Reference |
| Eli Lilly NYSE:LLY | $1,225.73 | +3.60% | Led NVO by 1.75 points |
| S&P 500 | 7,691.76 | -0.69% | NVO gained 2.54 points more |
| Novo Nordisk B CPH:NOVO-B | DKK 293.80 | -0.86% | Value at 09:02 CEST |
Lilly’s sharper share increase is significant. Medicare offers coverage for both companies’ drugs, meaning the program does not secure Novo’s position in the market. In the second quarter, Lilly’s Mounjaro and Zepbound posted a combined total of nearly $15 billion. Novo’s edge is now more linked to its pill option and the broader Wegovy range.
Wall Street remains wary. All five analysts who have updated their ratings over the past three months recommend holding the stock. The consensus price target stands at $45, which is 1.55% under Tuesday’s closing price. The highest estimate, at $47, indicates potential gains of just 2.82%.
| Analyst | Firm | Recommendation | Target | Date |
|---|---|---|---|---|
| Evan Seigerman | BMO Capital | Hold | $47 | Aug. 17 |
| Kerry Holford | Berenberg | Hold | $47 | Aug. 11 |
| James Quigley | Goldman Sachs | Hold | $44 | Aug. 6 |
| Jasper Hellweg | Argus Research | Hold | Not given | Aug. 7 |
| Michael Nedelcovych | TD Cowen | Hold | $42 | June 29 |
Risks: Bridge enrolment numbers might fall short of expectations, or patients might prefer Lilly’s offerings. Increased volume may not compensate for the $245 net price and other U.S. rebates. Setbacks from unsuccessful trials, loss of patent protection, and a firmer dollar could further weigh on performance.
Further evidence appears in prescription data rather than news headlines. Novo’s Capital Markets Day on September 21 is expected to reveal if increased access-driven volumes can offset price declines to support earnings. Third-quarter earnings are due out on November 4.
Related articles: NYSE:NVO
Novo Nordisk NYSE:NVO · CPH:NOVO-B
August 18 market performance
U.S. Wegovy weekly prescription mix
The pill's latest weekly run rate was at least 59% above its average since launch, based on more than 5 million prescriptions over 30 weeks.
