Novo Nordisk Faces Key Battle In U.S. Market
Danish drugmaker Novo Nordisk had a tough 2025. Its stock fell the most ever since it started trading over 30 years ago. The drop happened because of guidance cuts, strong competition from Eli Lilly, leadership changes, and cheaper copycat drugs in the U.S.
Now, as 2026 begins, Novo is trying to regain investor confidence in its weight loss business.
Wegovy Pill Approved in the U.S.
Just before the new year, Novo announced that its new oral weight loss pill, Wegovy, was approved in the U.S. This is the first oral GLP-1 treatment for weight loss. After the news, Novo’s shares rose nearly 10%.
The pill could help Novo protect its market share from rivals like Eli Lilly, which is expected to launch its own oral weight loss drug, orforglipron, later this year.
Why the Pill Matters
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The Wegovy pill works as well as the injectable version, helping patients lose an average of 16.6% body weight in 64 weeks.
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Eli Lilly’s orforglipron helps people lose around 12.4% in 72 weeks.
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Pills are more convenient than injections—they don’t need cold storage and are easier to distribute.
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Consumers are likely to prefer pills over injections because of convenience.
Novo Nordisk vs Eli Lilly
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Eli Lilly’s weekly injection Zepbound has already gained significant market share.
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Novo Nordisk focuses on treating obesity as a disease, not just weight loss. Its drugs also help with liver, heart, and kidney health.
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However, most Americans are more interested in maximum weight loss, which is what drives the market.
What’s Next for Novo
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Novo also filed for FDA approval of a higher-dose Wegovy injection (7.2 mg), which could lead to 20.7% weight loss, similar to Eli Lilly’s Zepbound.
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Analysts say if the Wegovy pill succeeds, Novo could recover market share and grow in the U.S.
Conclusion
2026 will be a critical year for Novo Nordisk. The approval of the Wegovy pill gives hope, but the company still faces strong competition in the U.S. weight loss market.
