Novo Nordisk Targets New Growth as Oral Wegovy Pricing and MASH Data Converge

Novo Nordisk fights compounded competition with $149 oral Wegovy, and presents promising semaglutide data for MASH liver disease, seeking to diversify revenue and revive a slumping stock.

Novo Nordisk is pressing on two fronts to revive investor confidence: a low-cost oral version of Wegovy is pulling patients back from compounded alternatives, while new clinical data on semaglutide’s potential in metabolic liver disease opens a fresh commercial lane. Both efforts aim to stretch the drug’s reach beyond diabetes and obesity at a time when the stock has shed more than a third of its value over the past year.

The pricing gambit appears to be gaining traction. Nine U.S. physicians surveyed by Novo Nordisk report that patients are switching from compounded GLP-1 preparations to the branded oral pill, with the lowest monthly dose priced at $149 for self-pay patients. Higher doses range from $199 to $299 through the NovoCare platform, depending on the duration of the offer. The strategy is designed to undercut the gray market while preserving a regulated revenue stream. Over two million prescriptions for the oral Wegovy pill have been written so far, with roughly 207,000 added each week.

Regulatory momentum is also swinging in Novo Nordisk’s favor. In late April, the U.S. Food and Drug Administration proposed removing semaglutide and tirzepatide from the 503B bulk substance list, a move that would make it harder for compounding pharmacies to produce copycat versions legally. That channel, already under pressure, could shrink further, driving patients back to the branded drug.

On the clinical front, Novo Nordisk is using the European Association for the Study of the Liver (EASL) congress in Barcelona, running from May 27 to 30, to spotlight semaglutide’s effect on MASH — metabolic dysfunction-associated steatohepatitis, a progressive liver condition affecting an estimated 250 million people worldwide. Data from the ESSENCE phase 3 program showed that a 2.4 mg dose of semaglutide significantly reduced liver inflammation and fibrosis in MASH patients. The company also presented a safety analysis indicating a favorable profile across diverse patient groups, including postmenopausal women and Japanese patients — populations often underrepresented in liver research.

Nearly 90% of MASH cases go undiagnosed, the company notes. The disease can progress to cirrhosis, liver failure, and liver cancer, and has become a leading driver of liver transplants in Western countries. Securing approval in this indication would give semaglutide a third pillar beyond diabetes and obesity, adding to the drug’s already broad revenue potential.

Novo Nordisk’s first-quarter earnings underscore the operational scale. The company reported net sales of roughly 96.8 billion Danish kroner and operating profit of 59.6 billion kroner. Management raised its 2026 outlook to a range of minus 4% to minus 12% revenue growth at constant exchange rates, a corridor that leaves room for improvement as the oral Wegovy rollout accelerates.

Capital allocation remains disciplined. The company is executing a share buyback program worth up to 15 billion Danish kroner over twelve months. A separate tranche for B-shares, running from early May 2026 through early February 2027, can reach 11.2 billion kroner. As of May 13, Novo Nordisk had already repurchased nearly 16 million B-shares at an average price of 260.62 kroner, for a total outlay of roughly 4.17 billion kroner.

Despite these moves, the stock continues to trade under pressure. The shares closed at EUR 37.88 on Friday, down 0.99% on the session, though they have recovered from a March low of EUR 30.48. That still leaves them roughly 45% below the 52-week high, with a year-to-date loss of 15.22% and a one-year decline of 37.21%. Investors are watching to see whether the combination of a pricing-led rebound in prescriptions, a tightening regulatory environment for copycats, and a promising new indication can reverse the narrative.

The immediate test will come in Barcelona, where Novo Nordisk must convince clinicians and investors alike that the MASH evidence is strong enough to support a broad commercial launch. If the data resonates, semaglutide could serve as a growth engine well beyond its current core markets.