Novo Nordisk's Oral GLP-1 Wegovy Sells Strongly Following U.S. Launch, Company Files IPO Prospectus

/ 01 /

Novo Nordisk Takes the Lead Again

In the definitive market of weight loss, Novo Nordisk's first-mover advantage is clearly visible.

Earlier this year, Eli Lilly captured the majority of the market share with its injectable weight-loss drug Zepbound, and in terms of prescription volume, Zepbound has now significantly surpassed Wegovy.

However, it cannot be ignored that Wegovy was approved for weight loss indication in 2021, while Zepbound received FDA approval in 2024. Novo Nordisk, leveraging its first-mover advantage, completed the early penetration of the GLP-1 market. It was not until early 2025 that Zepbound's prescription volume reached the top position, and it was only in the third quarter of 2025 that it achieved a quarterly sales surpass.

This time, Novo Nordisk has once again taken the lead in the oral GLP-1 field.

On December 23, 2025, Novo Nordisk announced that the oral tablet of Wegovy received FDA approval, becoming the first and only orally administered GLP-1 class drug approved for weight loss treatment in adults.

On January 5, the oral tablet of Wegovy was officially launched in the U.S. market and quickly achieved significant market penetration. Symphony data showed that its total prescriptions in the first week reached 4,290, with 1,017 for injectable Semaglutide and 1,911 for Zepbound.

According to the latest IQVIA prescription data, as of January 16, the number of prescriptions for Wegovy oral weight-loss medication reached 18,410 in its first full week on the U.S. market. This level of prescriptions clearly indicates the market's anticipation for oral weight-loss drugs.

The reason for such market performance lies in its expansion of the medication user population.

David Moore, Executive Vice President of Operations at Novo Nordisk, stated: "Oral medications can not only meet the needs of existing GLP-1 users but also reach previously untreated populations, including men, younger patients, and those who were previously hesitant about injectable therapies."

Moreover, the oral version of Wegovy 2.4mg shows equivalent weight-loss effects to the injectable version, with good compliance and safety, making it highly attractive shortly after its market launch.

Market channels and insurance coverage also add points for Novo Nordisk. The company stated that patients can access medications at over 70,000 pharmacies across China. In addition to traditional pharmacy prescriptions, its e-commerce channel (NovoCare) and partnered telemedicine platforms (such as Ro, Hims & Hers) are also providing services.

UBS predicts that by the first quarter of 2026, the quarterly prescription volume for Wegovy oral tablets could reach 400,000. This far exceeds market expectations.

/ 02 /

The Battle for Oral GLP-1 Is About to Begin

For weight-loss drugs, compliance is an unavoidable topic. Therefore, pharmaceutical companies of all sizes around the world are accelerating their development of oral GLP-1 medications, leading to increasingly fierce competition.

Following Novo Nordisk, Eli Lilly's oral GLP-1 drug orforglipron is expected to receive FDA approval in April. Beyond Novo Nordisk and Eli Lilly, several multinational pharmaceutical companies are entering the market through acquisitions or significant investments.

Roche has advanced the oral small molecule GLP-1 CT-996, acquired through the purchase of Carmot, to Phase 2 clinical trials; In November 2023, AstraZeneca reached a $2.01 billion collaboration with Chengyi Bio on the small molecule GLP-1 ECC5004, which is also currently in Phase IIb research; Merck added Hansoh Pharma's oral small molecule GLP-1 inhibitor HS-10535 to its portfolio for $2.012 billion in 2024; Pfizer, which had previously terminated three oral GLP-1 projects, re-entered this field in December 2025 by acquiring Fosun Pharma's YP05002 for a total amount of $2.085 billion.

Through these moves, it's not hard to see that domestically produced oral GLP-1 drugs have become a new battleground for overseas pharmaceutical companies. The current trend in oral drug development has also shifted from daily formulations to weekly formulations.

Obviously, a new round of fierce competition in the weight loss market is unfolding around the new form of "small molecules." Compared to peptides, small molecules have potential advantages in oral bioavailability, production costs, and scalable manufacturing. They also better meet the requirements for dosing convenience in long-term chronic disease management.

Previously, Novo Nordisk estimated that by 2030, oral medications would account for more than one-third of the GLP-1 market. However, based on the current prescription volume of oral Wegovy, the oral GLP-1 market is far from reaching its peak.

However, with existing products already approved and the competitive landscape gradually taking shape, all latecomers must answer one question: how to avoid becoming cannon fodder.

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