Novo Nordisk strikes back: oral Wegovy could reopen the obesity drug race

For a long time, the obesity drug market looked like a story of shifting leadership. Novo Nordisk appeared to lose momentum after two softer years, while Eli Lilly executed aggressively, translating manufacturing scale and strong execution into rapid growth and rising market share. That dynamic created a perception that the most profitable part of the market was already spoken for.

Early signals from the US launch of oral Wegovy suggest the story may not be finished. The appeal goes beyond convenience. A pill format lowers barriers for new patient groups and has the potential to expand the addressable market rather than merely reshuffle existing demand. The key question now is speed: how quickly this next wave materializes and whether it is large enough to change both competitive positioning and valuation assumptions.

Top points of analysis

• Weg's pill crossed 26,000 prescriptions in the US in its second full week of launch, which the market sees as a surprisingly strong start.

• The oral…