Novo Nordisk’s new Wegovy pill generates 2.26B DKK in Q1, double forecasts; revenue jumps 32% to 96.82B DKK. Company updates outlook, faces regulatory shifts and rival safety concerns.

Novo Nordisk has delivered a quarter that does more than just beat the numbers – it rewrites the narrative. The Danish drugmaker’s new Wegovy pill generated 2.26 billion Danish kronen in its first three months, roughly double what analysts had penciled in, while more than two million prescriptions have been written since the launch. The result is a stark reminder that the obesity giant’s growth engine is far from stalling.

Revenue for the first quarter hit 96.82 billion kronen, a 32% currency-adjusted jump that dwarfed the consensus estimate of 69.38 billion. Operating profit came in at 59.62 billion kronen, also far above expectations. The gross margin widened to 85.9% against forecasts of 81.3%, underscoring the pricing power of the GLP-1 franchise even as competitive pressure mounts. The Wegovy injectable alone contributed 18.24 billion kronen to the top line.

Management responded by tweaking its full-year outlook. Novo now expects revenue and operating profit to shrink by between 4% and 12%, a less severe contraction than previously guided. The pill’s early adoption – tablets lower the entry barrier for patients wary of needles – has clearly altered the revenue trajectory. On Wall Street, the stock has rallied 21.5% over the past month, though at Friday’s close of €39.02 it remains 33% below its year-ago highs.

Should investors sell immediately? Or is it worth buying Novo Nordisk?

While the oral Wegovy dominates the headlines, a regulatory catalyst is building in the background. The U.S. Food and Drug Administration is weighing action against compounded copies of GLP-1 drugs, specifically semaglutide, liraglutide and tirzepatide, that are produced by bulk pharmacies under the 503B list. If the agency moves to tighten the gray market, Novo could capture a larger share of patients currently drifting toward cheaper alternatives. At the same time, a safety cloud has emerged over a rival: Eli Lilly’s oral candidate Orforglipron, branded Foundayo, reported a case of liver failure. Lilly still commands roughly 60% of the GLP-1 market, but any lingering safety debate could benefit Novo’s script growth.

The competitive landscape is also shifting on the access front. Starting July 2026, the U.S. Medicare GLP-1 Bridge program will run through the end of 2027, giving eligible patients access to Wegovy at a $50 monthly copay. That opens a new demand channel just as generics inch closer – Sandoz plans test launches of generic semaglutide in Canada and Brazil this year, though major patent expirations in the U.S. and Europe are not expected until the 2030s.

Next up for the bull case is clinical evidence. On May 12, Novo Nordisk will present data at the European Obesity Congress in Istanbul, including a head-to-head comparison of the Wegovy pill against Lilly’s orforglipron. Early studies have suggested an edge for the Danish drug, and investors will be keen to see if the conference validates those findings with concrete results. The oral Wegovy has already vaulted Novo to a 65% share of new prescriptions in the U.S., but converting that momentum into sustained market leadership will depend on reliable supply and continued regulatory wins.

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