Novo Nordisk Pushes Ahead in India and Oral Obesity Race as CagriSema Study Is Scrapped

Novo Nordisk's once-weekly insulin Awiqli goes on sale in India, targeting 101M diabetics, while a mid-stage CagriSema obesity trial is withdrawn amid pipeline recalibration. Oral semaglutide gains traction.

Novo Nordisk delivered a mixed bag of news on 9 July 2026, simultaneously rolling out a weekly insulin in the world’s second-most populous nation and pulling a mid-stage study for its closely watched obesity candidate CagriSema. The contrasting developments underscore how the Danish drugmaker is leaning into existing strengths while recalibrating its most ambitious pipeline bet.

Awiqli, the once-weekly basal insulin also known as insulin Icodec, officially went on sale in India on Thursday. Patients with type?1 or type?2 diabetes now need just 52 injections a year instead of 365 — a dramatic simplification that Novo Nordisk hopes will break down the psychological and practical barriers that keep many of India’s 101 million diabetics from starting insulin. Another 136 million Indians are considered pre?diabetic, giving Awiqli a vast addressable market. India becomes the seventh country to approve the product, following earlier green lights in the US, the European Union and several other markets.

The same day, however, the company confirmed it had withdrawn a placebo?controlled phase?2 trial designed to compare two different injection devices for CagriSema in overweight patients. The study, whose last public entry was on 7 July, was looking at weight loss, device handling and tolerability. CagriSema combines the amylin analogue cagrilintide with semaglutide in a weekly shot and sits at the heart of Novo Nordisk’s long-term obesity strategy. While earlier phase?3 data showed solid efficacy, the drug missed an internal target of 25% mean weight loss and failed to demonstrate non?inferiority against Eli Lilly’s Zepbound in a head?to?head comparison. The withdrawal of this device?focused study is a further setback, though analysts regard it as a side note rather than a fundamental blow to the programme.

Where Novo Nordisk is currently making headway is in the oral incretin space. The oral semaglutide version of Wegovy is gaining new prescriptions faster than Eli Lilly’s rival oral candidate Foundayo, thanks to stronger weight?loss results and fewer restrictions around drug interactions. From 6 July, the Wegovy pill also became available in UK pharmacies and online, adding another distribution channel. That momentum partly explains why institutional investors have been building positions: Capstone Capital Management bought 25,434 shares in the first quarter, while Franklin Resources and T. Rowe Price also adjusted their holdings. Institutional ownership now stands at 11.54%.

Management is simultaneously ploughing ahead with a DKr 15 billion share buyback programme launched on 4 February. As of 3 July, the company had repurchased 23,009,179 B?shares at an average price of DKr 270.32.

Meanwhile, a separate social initiative saw Novo Nordisk commit $4 million over three years to a health programme run by the University of Alabama at Birmingham. The funding, also announced on 9 July, will expand mobile health checks, nutritional counselling and local wellness projects in Alabama as part of the “The Interrupt” social programme.

On the trading floor, Novo Nordisk shares ended the week at €42.85, up 0.20% on the day. The stock has rallied 41.67% from its 52?week low of €30.25, set on 2 March 2026, but remains 27.95% below its level a year ago and far from the July 2025 peak of €61.20. The relative strength index of 63.8 points to positive momentum without hinting at overbought conditions, while the share price sits comfortably above both its 50?day moving average (€39.37) and its 100?day average (€36.44). With annualised volatility at 31.71%, investors should expect further swings as fresh obesity?pipeline data come into focus.