Novo Nordisk's Contradictory Landscape: Oral Wegovy Wins a Second Market as US Headwinds Intensify
Veröffentlicht: 02.06.2026 um 04:52 Uhr, Redaktion boerse-global.de
The same day Novo Nordisk secured a landmark regulatory green light for its oral version of Wegovy in the Gulf, it lost a prized commercial advantage in the world’s largest drug market. The Danish pharmaceutical giant is learning that progress rarely comes in a straight line.
The Emirates Drug Establishment approved the once-daily semaglutide tablet on June 1, 2026 for adults living with obesity or overweight plus weight-related conditions. That makes the United Arab Emirates the second country globally to authorise the oral formulation, following the US Food and Drug Administration’s clearance in December 2025. The approval carries two indications: long-term weight management and a reduction in major adverse cardiovascular events among high-risk patients — a dual selling point that strengthens the case with payers and regulators alike. The regulatory decision draws on data from the OASIS-4 trial, where adherent patients on 25 mg oral semaglutide achieved an average weight loss of 16.6 per cent.
Yet even as Novo Nordisk expands the geographic footprint of its oral GLP-1 asset, pricing pressure is tightening in the US. Pharmacy benefit manager CVS Caremark updated its formularies on the same June 1 date, adding Eli Lilly’s oral competitor Foundayo to its preferred list. Wegovy remains covered but has lost its previous exclusivity status. Worse may come in October, when CVS is scheduled to grant broader preferred access to Lilly’s injectable Zepbound. The moves signal a step change in competition for the GLP-1 market — exactly where Novo Nordisk has built its strongest growth story.
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Legal challenges are piling up in parallel. Multiple US law firms, including Parker Waichman LLP, have filed product-liability claims alleging that Wegovy and Ozempic caused non?arteritic anterior ischaemic optic neuropathy (NAION), an irreversible eye condition that can lead to permanent blindness. A specific complaint was lodged on May 29, 2026 in the US District Court for the Eastern District of Pennsylvania, citing research from Harvard’s Mass Eye and Ear showing that diabetic patients on semaglutide are four times more likely to develop NAION than those on other therapies. The cases are being consolidated under Multidistrict Litigation No. 3094, which now encompasses thousands of claims related to gastrointestinal and ophthalmological injuries.
On a different front, independent research published May 31 in Fertility and Sterility found that women who lost at least 10 per cent of their body weight on semaglutide experienced an average testosterone reduction of 51 per cent — a potential avenue for treating polycystic metabolic ovarian syndrome. Novo Nordisk welcomed the finding but has no immediate plans to pursue a formal indication.
The stock has absorbed these cross-currents with difficulty. Novo Nordisk shares recently changed hands at €38.15, roughly 46 per cent below the 52?week peak of €70.13 and down some 40 per cent year?on?year. The company is running a 15 billion Danish krone buyback programme initiated in February 2026, having accumulated about 35 million B?shares in treasury, representing 0.8 per cent of total equity. So far, that has done little to arrest the slide.
The coming weeks could shift the narrative. Europe is poised to follow: the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a positive opinion on May 21, 2026 supporting oral Wegovy in four dosage strengths (1.5 mg, 4 mg, 9 mg and 25 mg), with a formal European Commission decision still pending. Meanwhile, Novo Nordisk is set to present 40 abstracts at the ADA Scientific Sessions from June 5–8 in New Orleans, including Phase 3 data for the combination drug CagriSema and Phase 2 results for Zenagamtide. Those readouts may offer a near?term catalyst — or confirm that the competitive pressure is only beginning.
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