Novo Nordisk’s Oral Wegovy Surpasses $300 Million in Q1 as Global Launch Looms

Novo Nordisk's oral Wegovy smashed Q1 sales forecasts at $330M, with 2M prescriptions. Global launch begins H2 2026 amid patent wins in China and pipeline advances.

The pill is winning over the needle. Novo Nordisk’s oral version of its blockbuster weight-loss drug Wegovy has smashed analyst expectations in its US debut, generating 2.26 billion Danish kroner (roughly $330 million) in first-quarter sales — nearly double what the market had predicted. Since its January launch, the tablet has accumulated over two million prescriptions, signaling a seismic shift in how patients approach obesity treatment.

The Danish drugmaker is now preparing to take the product worldwide. Management confirmed that the international rollout of the oral Wegovy will begin in the second half of 2026, requiring a global supply chain that can keep pace with surging demand. To that end, Novo Nordisk is pouring roughly 55 billion kroner into manufacturing capacity this year, with a significant chunk earmarked for a new facility in North Carolina.

A Patent Shield in China Buys Critical Time

While the oral Wegovy grabs headlines, Novo Nordisk secured a quieter but equally vital victory in its most important growth market. The basic patent for semaglutide — the active ingredient behind both Ozempic and Wegovy — expired in China in March. However, a free-trade agreement with Switzerland has granted Ozempic regulatory data protection until April 2027.

That breathing room is essential. China is home to an estimated 148 million adults with diabetes, making it the world’s largest market for such therapies. The clock is already ticking: at least 16 Chinese pharmaceutical companies are developing semaglutide generics, with several already in Phase III trials. In Europe and the US, patent protections extend into the 2030s, giving Novo Nordisk a longer runway in those regions.

Pipeline Progress Meets Pricing Pressure

The first quarter delivered tangible pipeline wins beyond the oral Wegovy. The US Food and Drug Administration approved a high-dose version of Wegovy in March, which achieved an average 20.7% weight loss in clinical trials, and the product hit the US market in April. The FDA also cleared Awiqli, the first once-weekly basal insulin for type 2 diabetes.

CEO Mike Doustdar has signaled an increasingly aggressive M&A strategy to defend Novo Nordisk’s market leadership against rivals like Eli Lilly, which received US approval for its own obesity pill Foundayo in April. Doustdar pushed back against analyst criticism of the company’s internal research, pointing to accelerated development programs.

Yet the headline successes mask a deteriorating core business. Currency-adjusted diabetes sales shrank 12% in the quarter. Global Ozempic revenue fell 8%, while Rybelsus — the older oral semaglutide — dropped 15%. Analysts at Jefferies viewed the company’s updated full-year guidance negatively, noting that management only modestly raised the lower end of its profit forecast. Novo Nordisk now expects currency-adjusted earnings to decline between 4% and 12% for 2026.

A Stock Still in Recovery Mode

The operational strength has not gone unnoticed by investors. The stock has climbed roughly 25% over the past month to trade near €40, clawing back some ground after a brutal stretch. Even so, the shares remain 34% below their level a year ago, weighed down by lower US reimbursement rates and intensifying price competition.

Adjusted first-quarter earnings came in at nearly 33 billion kroner, comfortably above market expectations, though reported revenue was flattered by a one-time US accounting effect. Strip that out, and sales edged slightly lower.

Looking ahead, the pipeline must deliver in the second half. Novo Nordisk plans to launch the AMAZE-9 study for an oral version of the experimental drug Zenagamtide in the third quarter, followed by a Phase III trial for high-dose Cagrilintide in the fourth quarter. The global Wegovy pill rollout in late 2026 will be the ultimate test of whether the company’s manufacturing investments can match its commercial ambitions.