Novo Nordisk’s GLP-1 Pill Hits US Pharmacies as Wegovy Shows Promise Against Alcohol Addiction

Novo Nordisk enters a pivotal week: Wegovy cuts heavy drinking days by 70% in a new study, oral Ozempic launches in 70,000 US pharmacies, and Q1 earnings are expected to drop sharply.

Novo Nordisk enters a pivotal week armed with two powerful narratives—one from the clinic, the other from the pharmacy counter. A new study suggests its blockbuster Wegovy could slash heavy drinking days by more than half in patients with alcohol dependence, while the oral version of Ozempic has just landed in over 70,000 US pharmacies. Both developments arrive just days before the Danish drugmaker is expected to report a sharp drop in first-quarter earnings.

Wegovy Study Opens Up a Vast New Market

The 26-week trial tracked 108 overweight patients diagnosed with alcohol use disorder, half of whom received Wegovy alongside standard talk therapy. By the end of the study, those on the GLP-1 drug reported heavy drinking on an average of five days per month—down from 17 days at the start, a reduction of 12 days. Total alcohol consumption and blood biomarkers also improved significantly.

Professor Anders Fink-Jensen, who led the research, said semaglutide appears to influence not just appetite but the biological drivers of addictive behavior. The mechanism traces back to how GLP-1 drugs modulate dopamine signaling in the brain, dampening cravings for alcohol, nicotine, and other substances. With roughly 28 million Americans suffering from alcohol dependence last year, the potential market dwarfs Novo’s existing indications for diabetes and obesity.

Still, experts caution that larger, longer-term studies with more diverse patient populations are needed before these findings can translate into clinical practice.

Oral Ozempic Hits Shelves as Foundayo Struggles

Since May 4, Novo’s semaglutide tablets have been available under the Ozempic brand in more than 70,000 US pharmacies, making it the only FDA-approved oral GLP-1 therapy for type 2 diabetes. The company has enlisted partners including GoodRx and WW International to broaden distribution, with WW offering access through its Med+ program.

Early prescription data suggests Novo is gaining traction. In its comparable launch week, oral Wegovy generated 18,410 prescriptions. By contrast, Eli Lilly’s newly launched Foundayo managed just 3,707 scripts in its second week on the market—a clear early advantage for the Danish pharma giant.

But Lilly is not standing still. The US rival posted 56 percent revenue growth in the first quarter and raised its full-year guidance to between $82 billion and $85 billion. Lilly now commands 60.1 percent of the US obesity and diabetes market, versus Novo’s 39.4 percent. Foundayo also carries a practical edge: the pill can be taken anytime without restrictions on food or drink, a direct challenge to Novo’s oral semaglutide, which requires stricter dosing rules.

Earnings Test Investor Patience

On Wednesday, May 6, Novo Nordisk will report first-quarter results. Analysts expect revenue to fall roughly 8 percent year over year, with earnings per share declining about 16 percent. Management has already guided for 2026 sales growth of minus 5 to minus 13 percent at constant exchange rates, with the same range for operating profit. This marks the first full quarterly report since the disappointing CagriSema trial results rattled investors.

The stock has been under heavy pressure. Citi recently downgraded the shares, while Bernstein initiated coverage with an underperform rating. Novo’s management has responded with a sweeping overhaul: a new CEO, board changes, price cuts, and plans to eliminate 9,000 jobs. The market is pricing in a swing of nearly 7 percent in either direction on earnings day.

Valuation Debate Heats Up

Despite the gloom, a contrarian case is building. On CNBC’s Fast Money, analysts argued in late April that Novo, down roughly 68 percent from its mid-2024 peak, now offers a more attractive risk-reward profile than Lilly. The stock trades at about 12 times earnings, compared with Lilly’s 26 times. Optimists point to a projected free cash flow yield above 6.5 percent for 2027, plus a dividend yield of around 4 percent.

The options market appears to agree. Nearly 78 percent of traded contracts in recent sessions were calls, signaling that some investors are betting on an upside surprise. Novo has also been buying back shares, repurchasing 3.44 billion Danish kroner worth of stock under a 15 billion kroner program that remains active.

What to Watch on Wednesday

The stock currently sits at €37.92, roughly 46 percent below its 52-week high—though it has gained about 14 percent over the past 30 days, hinting at a possible stabilization. Whether that recovery holds depends largely on whether management reaffirms or cuts its full-year guidance.

Two questions will dominate the earnings call: how pricing dynamics are evolving under Medicare Part D, and whether Foundayo has already begun to erode Wegovy prescriptions. The answers could determine whether this week marks the beginning of a turnaround or another leg down for one of Europe’s most closely watched pharmaceutical stocks.