Novo Nordisk's Oral Wegovy Matches Real-World Test as Ozempic Edges Tirzepatide on Heart Risk

Novo Nordisk touts oral Wegovy and Ozempic heart data at EASD, cuts 108 US jobs, and buys back shares as the stock falls 25% year-to-date.

Fresh clinical evidence is giving Novo Nordisk a pair of wins in the metabolic-therapy arena, even as the Danish drugmaker trims its North American footprint and watches its share price sag.

Two data sets presented at the European Association for the Study of Diabetes (EASD) meeting this week underpin the company's push to broaden the therapeutic case for its GLP-1 franchise. On Wednesday, Novo Nordisk unveiled results from the OCTANE study, which tracked adults who switched from injectable weight-loss treatments to the oral Wegovy pill. Over three months, those patients shed an average of 4.1% of their body weight. Because the trial reflects routine clinical practice rather than tightly controlled registration studies, it offers a window into how the tablet performs outside the lab. Oral delivery carries strategic weight for the company, which aims to expand global manufacturing capacity for oral GLP-1 obesity treatments tenfold.

Cardiovascular Edge Over Rival Tirzepatide

A day earlier, Novo Nordisk rolled out a large registry analysis covering 636,525 adults with type-2 diabetes. Patients on a 2-milligram dose of Ozempic showed a statistically significant 6% lower risk of major cardiovascular events than those switched to Eli Lilly's competing tirzepatide. That finding sharpens Ozempic's profile in a market where both manufacturers are battling for dominance, and where cardiovascular outcomes have become a decisive factor for insurers weighing reimbursement.

The semaglutide molecule also showed benefits beyond weight loss. An analysis of the STEP-UP trial, presented Thursday at EASD, found liver fat dropped markedly among participants. Of those who began the study with elevated levels, 88.5% finished treatment with liver fat below the 5% threshold. With secondary conditions such as fatty liver disease drawing more attention in medical assessments, Novo Nordisk is working to widen the clinical rationale for its GLP-1 compounds against a wave of emerging successors.

Lilly's EloraTZP Raises the Competitive Bar

Competitive pressure is mounting. Eli Lilly reported that its experimental compound EloraTZP drove weight loss of up to 23.3% in adults with obesity and type-2 diabetes. In response, Novo Nordisk is reshaping its North American operations. Filings with New Jersey's labor department show the company plans to cut 108 positions at its US headquarters in Plainsboro by December 31.

The restructuring lands amid regulatory friction in the US. The FDA extended its review of hemophilia-A candidate Denecimig because remediation work is ongoing at a production site. Novo Nordisk says the delay does not affect its 2026 financial outlook and still targets a US launch in the first half of 2027 if approved. No new decision date has been set.

Buybacks Continue as Shares Slide

Alongside the operational moves, the company is pressing ahead with its multibillion-kroner share repurchase program. Through September 25, Novo Nordisk had bought back roughly 35.4 million of its own B-shares, spending just under DKK 9.94 billion against a total envelope of up to DKK 15 billion.

The market has yet to reward the science. Novo Nordisk shares closed Friday at EUR 33.06, leaving the stock down 25% year-to-date and the company's market capitalization at roughly EUR 146.62 billion. Skepticism over management's long-term growth targets roughly two weeks ago triggered a noticeable pullback. On top of that, CFRA analyst Wan Nurhayati downgraded the US-listed shares on September 22 from "Hold" to "Sell," with a price target of USD 38.