Novo Nordisk's Rally Has Room To Run Driven By Oral Wegovy's Momentum

Novo Nordisk shares have rallied approximately 27% since my previous coverage, driven by accelerating commercial momentum behind oral Wegovy and expanding investor confidence. Oral Wegovy captured roughly 89% of new U.S. prescriptions versus Eli Lilly's 11%, with 153,050 weekly prescriptions compared with 19,550. More than 80% of oral Wegovy prescriptions came from new GLP-1 patients, expanding the overall market instead of cannibalizing injectable products. International approvals across the U.S., UAE, UK, and European Union support a multi-market rollout that could drive revenue growth into 2027. Despite exceptional pill momentum, consensus still forecasts Q2 revenue declining 8.9% and EPS falling 17.8% as generic competition pressures injectable sales.

Since my last coverage , Novo Nordisk A/S ( NVO ) is up by about 27%, strongly outperforming the broader market. The most significant development is the growing commercial traction of oral Wegovy, which is