Novo Nordisk Forges Singapore Weight-Loss Alliance as US Pricing Reset and Buyback Program Diverge

Novo Nordisk partners with NOVI Health in Singapore, cuts US GLP-1 prices, and continues buybacks as stock dips 40% amid competition and pricing concerns.

The Danish pharma giant is taking its GLP-1 franchise into new territory both geographically and commercially. On Tuesday, Novo Nordisk unveiled a strategic partnership with NOVI Health to roll out structured, physician-supervised weight-loss programmes in Singapore — a move that pairs its drugs with personalised health coaching, dietary advice and behavioural support. The initiative goes beyond a simple product launch, targeting the complex biological and environmental drivers of obesity through integrated clinical monitoring and lifestyle intervention.

In parallel, the company is trying to keep pace with a rapidly shifting American market. From July 1, a new “Medicare GLP-1 Bridge” will widen access to Wegovy for Medicare beneficiaries with obesity, while the monthly out-of-pocket cost for GLP-1 therapies has already fallen to roughly $350. Oral formulations start at about $149 for the initial dose. These price cuts are happening largely outside traditional insurance channels — Novo Nordisk has been building its own direct-to-consumer platforms, and since the oral Wegovy launch in January, over two million prescriptions have been written.

All of this comes as investor sentiment remains under pressure. The stock changed hands at €37.75 on Tuesday, a decline of 40.64% over the past twelve months and 46% below its 52-week high of €70.13. On Monday alone the shares lost 3.3%. The sell-off reflects mounting concerns that aggressive US pricing strategy could bleed into international markets, especially as oral formulations are scheduled for a wider global rollout in the second half of the year. Competition from tirzepatide-based products is also intensifying, and persistent worries about Ozempic pricing continue to weigh on sentiment.

Against that backdrop, Novo Nordisk has been leaning on its buyback programme as a signal of confidence. Since February 4, 2026, the company has been authorised to repurchase up to 15 billion Danish kroner worth of B-shares. As of May 29, it had acquired 17,889,179 B-shares at an average price of 263.47 DKK, for a total transaction volume of approximately 4.71 billion DKK. In the final days of May, it bought another 840,000 shares at prices ranging from 286.16 to 293.42 DKK. The company’s own holdings now stand at 35,074,480 B-shares, or 0.8% of total share capital. On a year-to-date basis, the stock has lost 15.44%, and the 12-month decline sits at 40.59%.

Technically, the chart tells a mixed story. The share price has crept back above its 50-day moving average but remains stubbornly below the 200-day line. The relative strength index, at 71.6, suggests the recent bounce is already looking stretched. While buybacks can support earnings per share, they do little to address the operational headwinds around pricing, competition and pipeline performance.

The next big catalyst will come from New Orleans. The Scientific Sessions of the American Diabetes Association run from June 5 to 8, and Novo Nordisk is expected to present clinical data, including phase 3 results from the REIMAGINE trials. On Sunday, June 7, the company will host a dedicated investor event covering the ADA abstracts and pipeline candidates such as CagriSema and the once-weekly injectable Zenagamtide. These data points carry extra weight because Novo Nordisk cannot rely solely on its existing product line to defend its lead in the cardiometabolic space — the future of the growth story depends on proving the next generation of therapies can thrive in a world where pricing has become both more political and more transparent.