Rival GLP-1 pill matches Wegovy weight loss data, adding to competitive pressure on Novo Nordisk Proactive uses images sourced from Shutterstock
Citi has kept its ‘neutral’ rating on Novo Nordisk (NYSE:NVO) after a rival company released clinical data showing its oral GLP-1 drug delivered weight loss broadly comparable to Novo’s own obesity pill, adding to a growing list of competitive threats facing the Danish pharmaceutical giant.
Structure Therapeutics published updated phase II results from its ACCESS obesity programme showing that aleniglipron, an oral small-molecule GLP-1 drug, achieved 16.3% placebo-adjusted weight loss at 44 weeks on the 180mg dose and up to 16.2% on the 120mg dose at 56 weeks.
Novo’s Wegovy Pill, by comparison, achieved 13.9% placebo-adjusted weight loss at 64 weeks.
Citi flagged two features of the Structure data that could prove significant.
First, there was no sign of a plateau across doses, suggesting patients may continue losing weight beyond the trial period if treatment is extended.
Second, treatment discontinuations due to side effects were below 4% across the datasets, compared with 6.9% for the Wegovy Pill, while nausea and vomiting rates were broadly similar.
The bank was careful to note the limitations of the comparison. Phase II data is inherently preliminary and the results will need to be replicated in a Phase III trial, which Structure expects to begin in the second half of 2026.
Citi maintained its ‘high risk’ designation alongside the ‘neutral’ rating, reflecting its view that long-term competitive pressure on Novo’s obesity franchise remains a genuine concern for the investment case.