Novo Nordisk’s Oral Wegovy Attracts 80% New Patients Ahead of EU Rollout

Nearly 80% of Wegovy pill users are new to GLP-1 drugs, easing cannibalization fears. EU recommends oral 25 mg dose as Novo Nordisk faces growing competition. Stock down 12.5% YTD.

Nearly four out of five patients starting Novo Nordisk’s Wegovy pill have never used a GLP-1 drug before, according to company data that undercuts fears the oral version would merely cannibalise sales of its injectable predecessor. The finding arrives as the Danish drugmaker secures a positive recommendation from European regulators for the 25-milligram tablet, setting the stage for a transatlantic rollout later this year.

EU Clearance and Weight-Loss Data

The European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) has endorsed the oral Wegovy 25 mg dose for weight management and cardiovascular risk reduction, alongside a high-dose injectable version delivering 7.2 mg. The recommendation follows the Phase?3 OASIS?4 trial, which recorded an average weight loss of 16.6?% among participants. More than a third of patients shed at least 20?% of their body weight.

The European Commission is expected to grant final marketing authorisation shortly. Novo Nordisk plans to launch the pill in select countries outside the United States during the second half of 2026. In the US, where the tablet has been on the market since January, the company already reports over two million prescriptions.

Canada Price Cut Protects Market Share

While the pill opens new frontier, Novo Nordisk continues to defend its existing franchise. Since 29?May?2026, uninsured patients in Canada pay the same price for branded Ozempic as they would for generic alternatives. The programme targets the estimated one million Canadians using semaglutide therapies, many of whom are price-sensitive. Iain Graham, head of Novo Nordisk Canada, said the goal is to keep patients on the trusted brand while improving affordability.

The move is a direct response to growing generic competition. Maintaining patient loyalty without a price adjustment would risk significant churn among the uninsured population.

Pipeline and Competitive Landscape

Competition is intensifying. Eli Lilly’s daily oral therapy Foundayo (orforglipron) gained US approval on 1?April?2026, and pharmacy-benefit manager CVS Caremark added it to its formulary on 1?June. Zepbound, Lilly’s injectable, will regain preferred status from October. Novo Nordisk’s Wegovy products retain preferred coverage — but sole franchise status is gone.

On the pipeline front, the company will present fresh data on CagriSema and Zenagamtide at the ADA Scientific Sessions 2026. Both candidates are central to the strategy of broadening beyond semaglutide monotherapy.

Financial Outlook and Valuation

Management now forecasts a decline in adjusted revenue and operating profit of four to twelve per cent — a narrower range than earlier estimates, thanks to stronger-than-expected oral sales. The shares trade at €39.45, roughly 14?% above the level a month ago, yet still nearly 44?% below the 52-week high of €70.13.

Year to date, the stock has lost 12.5?% of its value. The price-earnings ratio sits at about 10.5, well below the historical average of 26, while the dividend yield approaches 4?%. The relative-strength index of 47.6 points to a neutral position — neither overbought nor oversold. Whether the low valuation represents a genuine opportunity or a value trap will depend on the EU launch trajectory and the next set of quarterly numbers.