Novo Nordisk’s Oral Weight-Loss Drug Takes Center Stage at Key Investor Conference

All eyes are on Novo Nordisk as it presents at the J.P. Morgan Healthcare Conference. The focus for shareholders is squarely on the recently launched oral version of Wegovy and its potential to reignite the company's growth trajectory. Following a challenging period for the stock, the market is questioning whether this new tablet formulation can mark a turning point.

The investment community remains divided on the Danish pharmaceutical giant's prospects. In a note released Monday, analysts at Berenberg reaffirmed their "Buy" recommendation, setting a price target of 400 Danish Kroner. This stance directly contrasts with a more cautious view from First Principles Partners, which downgraded the stock to "Hold" on January 10. That analysis cited ongoing production challenges and upcoming patent expirations as key risk factors.

This split underscores the central debate: balancing the significant opportunity presented by the first oral GLP-1 drug for weight management against the operational risks of meeting unprecedented demand.

Strategic Pricing Aims to Capture Market Share

A critical element of the oral Wegovy launch in the United States on January 5, 2026, is its aggressive pricing strategy. The introductory dose is priced at approximately $149 per month for cash-paying patients. This deliberately competitive pricing is seen as a tactical move to secure market position against rival therapies from Eli Lilly, namely Zepbound and Mounjaro.

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

With an estimated 100 million obese Americans, the addressable market is substantial, but competition is intensifying. Novo Nordisk's approach prioritizes volume and patient access over premium margins in this segment. While this could accelerate near-term adoption, it raises longer-term questions about profitability, especially if pricing pressure extends to the company's broader product portfolio.

Key Questions for Management at the Conference

Investors are looking for clarity on several fronts during today's conference presentation. The primary concerns revolve around three core issues:

1. Manufacturing Capacity: Can production scale sufficiently to avoid the supply shortages that have plagued the injectable version?
2. Pipeline Development: What is the progress on key pipeline candidates, such as the combination therapy CagriSema?
3. Financial Outlook: Do the revenue forecasts for 2026 remain valid under the new pricing strategy for oral Wegovy?

The company's ability to provide convincing answers will likely influence the stock's direction. A strong presentation could establish a foundation for recovery, while any disappointments may exacerbate recent downward pressure.