Novo Nordisk's Pipeline Piv Oral Wegovy Debuts in Germany, MASH Nod Lands in China, and Paediatric Data Bolsters the Semaglutide Story

Novo Nordisk launched oral Wegovy in Germany, won a MASH approval in China and reported Phase 3 paediatric success, but faced a trial halt and a downgrade.

Novo Nordisk spent the past week demonstrating that its growth ambitions extend well beyond the syringe. The Danish drugmaker rolled out an oral version of its weight-loss blockbuster in one European market, secured a fresh indication in China, and reported late-stage trial success in a patient group it has barely touched — all while contending with a pipeline setback and a broker downgrade that have weighed on its share price.

Three Fronts, One Strategy

Germany became the first EU country to offer Wegovy in tablet form, with the launch taking place at the start of September. A company spokesperson confirmed the rollout to Reuters. The oral formulation is designed to capture patients who are reluctant to use injections and to blunt the competitive threat posed by rival oral products entering the GLP-1 space.

Days earlier, Novo Nordisk announced that Wegovy had won approval in China for the treatment of metabolic dysfunction-associated steatohepatitis, or MASH — an advanced form of fatty liver disease. It marks the first time a drug in the GLP-1 class has been cleared for this indication in the country. The company framed the decision as an expansion of Wegovy's evidence base, stretching from weight management and cardiovascular health into liver function. China's market for obesity and metabolic medicines is viewed as a major growth engine, making the regulatory green light strategically significant for the group's long-term positioning.

On the clinical side, Novo Nordisk reported that semaglutide met its primary endpoint in the Phase 3 STEP Young trial. Among children aged 6 to under 12 with obesity, 40.4% of participants on full treatment adherence were no longer classified as obese after 68 weeks. The combination of semaglutide and lifestyle changes opens a previously underserved age group to the company's top-selling compound.

Ziltivekimab Woes and a Broker Downgrade

Not everything went Novo Nordisk's way. On the previous Wednesday, the company halted two more Phase 3 trials of ziltivekimab — HERMES and ATHENA — after an independent data monitoring committee found a low probability of success relative to an earlier failed predecessor study. One remaining cardiovascular trial in the programme continues, with results expected in the first half of 2027. The decision dealt a blow to a development effort intended to open growth avenues beyond the core diabetes and obesity franchises.

The stock has since retreated 3.4%. On Friday it closed at EUR 37.05, down 2.6% on the day. Over the week, the shares lost 7.6%, and year-to-date they are down 16%. The price now sits roughly 32% below its 52-week high of EUR 54.86 reached on 23 January, while remaining 22% above its 52-week low set in early March.

Morgan Stanley added to the gloom on Friday, cutting its rating on Novo Nordisk from Equal-weight to Underweight. The analysts cited only moderate medium-term growth and the risk of a patent loss on semaglutide in the early 2030s. According to Reuters, the stock fell 2.4% on the same day.

Technicals and the Looming Capital Markets Day

The technical picture remains weak. With an RSI of 34.1, the shares are approaching oversold territory, and the price trades below both its 50-day and 200-day moving averages.

Investors are now turning their attention to the capital markets day scheduled for 21 September, when Novo Nordisk is expected to lay out its medium-term strategy and offer possible answers to the recent trial disappointments. The timing of Morgan Stanley's downgrade — arriving just ahead of that event — raises the stakes. Shareholders will likely press management on how the company plans to secure growth beyond its current core portfolio, particularly in light of the ziltivekimab setback and the ongoing debate over semaglutide's patent exposure.

The recent approvals in China and Germany, together with the paediatric data, provide some early building blocks. Whether they are enough to shift the sceptical analyst mood will become clearer only after the capital markets day. Until then, the stock remains a proposition for investors willing to weigh near-term volatility against the longer-term substance of the product pipeline.