Novo’s Wegovy pill thesis continues to bear out in 2026, as the oral obesity med keeps impressive sales apace while sparing pre-existing prescriptions tied to the company’s injectable GLP-1.
But as launches begin to take flight beyond the U.S. and the appetite for oral Wegovy builds, Novo’s manufacturing and supply chain considerations will again become a key factor in the pill’s ultimate success, analysts at Citi wrote in a note to clients Wednesday.
In the year’s second quarter, Novo reported (PDF) net sales of 78.48 billion Danish kroner (around $12.1 billion), representing 3% growth at constant currencies. The top-line number was slightly hampered by a reversal of a rebate provision tied to the 340B drug pricing program last year, the company said.
Adjusted sales, on the other hand, climbed 7%, which Novo attributed in large part to GLP-1 volume growth across international markets.
Taking a closer look at the numbers, Novo’s total obesity care sales leaped 16% at constant currencies to 23.15 billion kroner (nearly $3.6 billion). Some 19.5 billion kroner was linked to injectable Wegovy—good for a 1% increase—while around 3.22 billion kroner (nearly $500 million) originated from sales of Novo’s new obesity pill.
Since launching the Wegovy pill at the top of the year, Novo and analysts alike have made frequent proclamations about the oral obesity med’s swift uptake, especially in light of the fact that Novo has been able to maintain an apparently substantial lead over Lilly’s rival obesity pill Foundayo, which hit the U.S. market in April.
Novo’s pill has now reached more than 5 million patients since its launch, with total weekly prescriptions for the week ending July 17 exceeding 265,000, Novo said Wednesday. Elsewhere, the pill’s launch is already transmitting positive signals in the United Arab Emirates and the United Kingdom, too, where Novo rolled out its product in June and July, respectively.
So far, Novo is “highly satisfied” with the pill’s uptake in those three markets, CFO Karsten Munk Knudsen told reporters on a media call earlier Wednesday.
“It's important to note that the pill is mainly launched into the self-pay segment,” he explained. “So far, that’s where we’ve seen the penetration, with more than 90% of scripts coming from self-pay.”
When the Wegovy pill launched earlier this year, Novo set a price of $149 per month for its 1.5-mg starting dose among patients paying out of pocket, with the price ticking up to $299 per month at the highest dose.
“This is consumers paying out of pocket, and that's why we need to find the right price point that unlocks the market yet still reflects the clinical benefits of the product,” Knudsen said.
While Novo has homed in on a Wegovy pill pricing “sweet spot” for the time being, the company will “probably” need to adjust in the future based on both the competition and consumer behavior, the CFO explained.
The trajectory of the Wegovy pill “with limited cannibalization of injectable Wegovy” seems to confirm that the launch of an oral obesity med can meaningfully expand the market for chronic weight management, the Citi team wrote Wednesday. Meanwhile, the recent inclusion of GLP-1s on the Medicare bridge program appears to “reinforce the volume opportunity from broader access,” the analysts said.
Nevertheless, Novo will have to make sure it can keep up with demand for its pill as it expands beyond the U.S., the Citi team cautioned, describing the “path to uninterrupted global Wegovy pill supply” as “not clearly defined.”
“With launches broadening beyond the US and demand building rapidly, manufacturing readiness will be important to sustaining momentum without constraining access or creating uneven market availability,” the Citi team wrote, in a warning reminiscent of the shortage pitfalls both Novo and Lilly faced early in the rollouts of their injectable GLP-1s for obesity.
To that point, Novo CEO Mike Doustdar espoused confidence in Novo’s supply chain during the company’s media call. He alluded to upcoming, targeted launches of the pill in Europe, beginning in Germany, noting that “we are making sure that we are going all in and are able to provide these medications to whoever that needs them.”
Novo has been upfront about expectations for a tough 2026 as it attempts to redirect its business. Nevertheless, booming GLP-1 sales in the U.S. and burgeoning international launches have motivated the company to lift its full-year sales guidance, which now forecasts a 0% to 6% decline at constant currencies versus expectations for a 4% to 12% decline as of early May.
Novo’s stock price was trading up around 3% as of 11 a.m. ET on Wednesday morning. However, the company’s share price took a tumble the day before when Novo teased its guidance update early.
Reflecting on the market reaction, Doustdar told reporters that “we don’t manage the company for today’s share price,” but rather “to create long-term value.”
“Today’s result shows that our business is performing better than expectations, which is why we raised the guidance,” the CEO explained.
“I have no doubt that over time the fundamentals will be reflected in the shareholder value as well,” he added.