Novo Nordisk's Weekly Insulin Debuts in the US, But the Stock Story Remains Stuck on GLP-1

Novo Nordisk launches once-weekly insulin Awiqli in the US, but Berenberg downgrade and institutional selling weigh on shares despite legal victories.

The Danish pharmaceutical heavyweight has quietly expanded its diabetes franchise with the US launch of Awiqli, a once-weekly basal insulin that could ease the treatment burden for millions of patients accustomed to daily injections. Yet even as the company pushes fresh catalysts into the market, the share price tells a different story — one dominated by competitive anxiety, cautious analysts, and institutional investors trimming their exposure.

A Fresh Revenue Stream Outside the Weight-Loss Spotlight

Awiqli arrives with little of the fanfare that typically surrounds Novo Nordisk's obesity franchise, but it targets a market where the company has long enjoyed deep roots. The weekly dosing schedule represents a meaningful shift in diabetes care, potentially giving patients a less intrusive alternative to the daily regimen that has been standard for decades.

The launch comes on the heels of FDA approval and lands at a moment when the company could use a dependable income source beyond the intensely competitive GLP-1 arena. While investor attention has been laser-focused on the Wegovy-versus-Eli Lilly rivalry, the insulin product may offer something the market has been craving: a measure of stability.

Legal Wins and a CEO's Pushback

Novo Nordisk has also been busy defending its turf in the courtroom. Early August brought a preliminary injunction from a Dutch court against Ceban Ziekenhuisfarmacie, a pharmacy accused of distributing a counterfeit semaglutide nasal spray. The ruling ordered the pharmacy to halt the infringing activity and disclose supply chain records.

Days earlier, the company and Eli Lilly jointly secured the dismissal of a US antitrust lawsuit brought by Strive Specialties, which had challenged the pair's access to the GLP-1 market. Novo Nordisk expressed satisfaction with the outcome, according to Reuters.

In a separate Reuters interview, CEO Mike Doustdar pushed back against the notion that the obesity market will boil down to a winner-take-all contest between Novo Nordisk and Eli Lilly. He pointed to oral formulations and the breadth of the company's pipeline as key differentiators against its American rival.

Berenberg Cuts Its Rating as Institutions Drift Away

The market, however, appears less convinced. Berenberg downgraded the stock from "Buy" to "Hold" on Wednesday, trimming its Copenhagen price target from 325 to 305 Danish kroner. The bank's rationale: the upside from the oral Wegovy pill is already reflected in the current valuation, while Eli Lilly continues to chip away at market share.

Institutional activity reinforces that cautious tone. Regulatory filings show several large investors reduced their positions during the second quarter. Saratoga Research & Investment Management sold 200,320 shares, cutting its stake by 5.8 percent — though Novo Nordisk remains its second-largest holding. Exchange Traded Concepts went further, trimming its position by 20.5 percent to 146,234 shares.

Eli Lilly's Legal Offensive Raises the Stakes

The competitive pressure intensified this week as Eli Lilly filed six federal lawsuits against pharmacies and peptide distributors, accusing them of selling unauthorized versions of its obesity drug candidate Retatrutid. The aggressive legal posture underscores just how fiercely the weight-loss market is being contested — and how much ground Novo Nordisk is fighting to hold.

The recent international expansion of the oral Wegovy pill, now available beyond US borders, reads as an attempt to reclaim lost momentum. But whether that move can close the gap Berenberg describes remains an open question, with the bank arguing the pill's potential is already priced into the shares.

A Share Price That Reflects the Skepticism

The numbers on the screen mirror the mood. On Friday, the stock closed at EUR 39.40, down 2.6 percent on the day. Over the past 30 days, the decline has reached roughly 10 to 11 percent, and the shares now sit about 28 percent below their year-to-date high. The mid-August half-year results initially lifted the stock by 2.6 percent, but disappointing study data quickly erased those gains.

Meanwhile, a routine governance matter unfolded in the background: restricted shares vested for board members and Executive Vice President Emil Kongshøj Larsen under the company's centenary share program. The move carries no immediate signal for investors, though it underscores management's ongoing alignment with long-term objectives.

For the weeks ahead, the key questions are whether Awiqli can gain rapid traction in the US market and whether the recent legal victories will bolster confidence in the pricing power of the semaglutide franchise. Either could help the stock break free from its recent slump — or at least give investors a reason to look beyond the GLP-1 battleground.