Novo Nordisk presents promising obesity trial results for high-dose Wegovy and oral semaglutide, while restructuring manufacturing in Odense to balance pipeline priorities with revenue pressures.

Novo Nordisk is navigating a delicate balancing act: advancing its obesity pipeline with two fresh clinical readouts while simultaneously streamlining manufacturing capacity in Denmark. The Danish drugmaker presented new data at the European Congress on Obesity in Istanbul covering both its injectable Wegovy and an oral semaglutide formulation, offering investors a dual reason to revisit the stock after a brutal 12-month sell-off.

A subgroup analysis of the Phase 3 STEP-UP study tested a 7.2-milligram dose of semaglutide — three times the current standard Wegovy dose of 2.4 mg — in 1,407 adults over 72 weeks. Among early responders who shed at least 15 percent of their body weight within the first 24 weeks, the average loss reached 27.7 percent by the end of the trial. Across the entire cohort, the high dose delivered a mean loss of 21 percent, equivalent to roughly 23 kilograms per participant. The results also showed that 84 percent of lost weight came from fat mass, with visceral belly fat dropping by more than 30 percent while muscle mass declined by 10 percent.

Separately, the OASIS 4 study of the oral semaglutide pill reinforced the compound’s long-term potential. Nearly one-third of patients responded early, losing an average of 13.2 percent of body weight within 16 weeks. By the study’s end, that figure climbed to 21.6 percent. Beyond the scale, Novo Nordisk highlighted quality-of-life gains: eight in ten patients with initial physical limitations doubled their mobility, enabling everyday tasks such as bending over or standing for extended periods. The data also offered encouraging signals for postmenopausal women and suggested possible protective effects on heart health and migraine frequency.

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

On the operational front, the company is reshaping its footprint. On May 13, site head Jesper Trebbien Andersen halted construction of a planned production facility in Odense, pivoting the location toward warehousing and logistics instead. Approximately half of the 150 employees at the site received layoff notices, and further hiring for the project has been frozen. The move indicates that Novo Nordisk is not merely expanding capacity but actively reallocating resources — a pragmatic adjustment as it weighs pipeline priorities against near-term revenue pressures.

The stock has begun to claw back some ground after a punishing stretch. Shares recently traded around €39, up roughly 12 to 14 percent over the past month, though year-to-date they remain down about 13 percent. Over the past twelve months, the decline still stands at approximately 34 percent. The recent close above the 50-day moving average offers a technical glimmer, but the fundamental picture remains tempered.

Management’s outlook remains cautious. For 2026, revenue is now expected to contract by 8 percent — a slight improvement over prior forecasts. First-quarter revenue dipped 4 percent, beating the 5 percent decline analysts had penciled in, while operating profit for the full year is also seen falling by 8 percent. The net margin of 37.23 percent remains robust but does not fully mask the growth deceleration. The consensus analyst rating holds at “Hold,” with an average price target of roughly $65.56.

The next catalyst lies in execution: converting the clinical edge of higher Wegovy doses into commercial traction while expanding access to oral semaglutide through digital pharmacy channels such as Amazon Pharmacy. If both tracks deliver, the recent rebound could find firmer footing than the clinical data alone have provided.

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