Copenhagen, Feb 6, 2026, 10:56 CET — Regular session
- Novo Nordisk shares rose about 5% in early trade, recovering part of this week’s sharp slide
- FDA chief said the agency would move against mass-marketed “illegal copycat” drugs
- Investors are watching for enforcement steps and Novo’s promised legal action against Hims & Hers
Novo Nordisk A/S shares climbed 4.7% in early trading on Friday after the U.S. Food and Drug Administration pledged to crack down on mass-marketing of unapproved drug copies. By 0848 GMT, the stock was up 4.9% at 294.50 Danish crowns.
The bounce matters because the market has been trying to price a new kind of threat: cheaper, pharmacy-made “compounded” versions of weight-loss medicines pushed directly to consumers online. Hims & Hers Health this week began selling a compounded version of Novo’s Wegovy pill at $49 a month initially, undercutting branded pricing and jolting the sector. Reuters
Novo’s shares have been battered since it warned that sales and operating profit could fall between 5% and 13% in 2026, citing lower drug prices in the United States. The stock tumbled 16% on Wednesday, wiping about $50 billion off its market value, Reuters reported.
Novo said it would take legal and regulatory action against Hims & Hers over what it called illegal mass compounding and risks to patient safety. The company said it was acting to protect the integrity of the FDA’s drug-approval system and its intellectual property.
At an investor meeting in London on Thursday, CEO Mike Doustdar dismissed the $49 compounded pill, telling attendees: “You’re wasting $49 in my opinion.” He said Novo’s pill uses SNAC technology to help the body absorb semaglutide, adding that a copy would not work the same way, while Hims said its pill uses “liposomal technology” intended to support absorption. Reuters
Even with Friday’s lift, the stock is trading not far above its 52-week low of 266.90 crowns, based on exchange data.
The broader European market was weaker, with the STOXX 600 down and traders focused on earnings and volatility in tech, leaving Novo’s move standing out.
But the relief trade has a shelf life. “It seems illegal (Hims move). However, it is not clear if and how long it will take Novo to stop them and if the FDA is willing to step in,” Markus Manns, a portfolio manager at Union Investment, told Reuters. Reuters
Traders will be watching for any concrete FDA enforcement steps and the first court filings tied to Novo’s threatened action. On the company calendar, the next dates in view include the Feb. 11 deadline for shareholder proposals, the March 26 annual general meeting and first-quarter results due May 6.
