On January 5, 2026, Novo Nordisk launched its oral weight loss medication, Wegovy, marking a significant milestone in the pharmaceutical industry. According to IQVIA data, the pill recorded 3,071 retail prescriptions within its first four days on the market. This launch positions Wegovy as the first oral option for weight management available to consumers.
The release prompted a 6.5% increase in Novo Nordisk”s stock, bringing it to its highest point since September 2025. The company is attempting to regain its footing in the market following previous profit warnings and a slowdown in growth that negatively impacted its share price.
In contrast, Eli Lilly currently leads the weight loss injection market with its product, Zepbound, which has surpassed Wegovy in quarterly sales after demonstrating superior effectiveness in head-to-head clinical trials. Analysts anticipate a decision from the FDA on Lilly”s own oral weight loss medication by April 2026, potentially ending Novo”s temporary monopoly in the oral segment.
Market analysts from Barclays view the initial prescription data for Wegovy as promising but caution that Novo”s sales may encounter challenges due to potential price cuts and varying insurance coverage across the United States. Meanwhile, analysts at UBS suggest that if Wegovy pill prescriptions hit 400,000 in the first quarter, it would match the launch performance of Lilly”s Zepbound.
Novo Nordisk is strategically targeting cash-paying consumers who may not be covered by traditional insurance plans. The company is distributing Wegovy through various channels, including CVS and Costco pharmacies, as well as telehealth providers such as Ro and WeightWatchers. Early reports indicate that Wegovy is attracting both new patients and existing users of other GLP-1 medications.
Analysts estimate that Wegovy could generate $1 billion in sales during 2026, contingent on Novo maximizing its first-mover advantage before Lilly”s oral medication enters the market. In comparison, Eli Lilly boasts a market capitalization of $982 billion, significantly larger than Novo Nordisk”s $210 billion. Lilly”s diverse portfolio includes blockbuster drugs like Verzenio and Taltz, each generating over $1 billion annually.
As the competition intensifies, both companies are advancing their respective weight loss therapies, with Eli Lilly developing orforglipron, another oral weight loss option. Novo Nordisk has also received FDA approval for the oral formulation of Wegovy and is actively pursuing additional weight loss treatments.
