Eli Lilly (LLY) shares fall 3.60% as Novo Nordisk launches oral Wegovy pill

Eli Lilly and Company (LLY) shares fell 3.596% in pre-market trading on January 6, 2026, as renewed competitive pressures in the obesity/GLP-1 market weighed on investor sentiment.

The decline followed Novo Nordisk’s launch of an oral version of its Wegovy weight-loss pill in the U.S., marking a strategic shift toward convenience in a sector dominated by injectable therapies. This move temporarily outpaced Eli Lilly’s progress, with Novo Nordisk’s stock rising ~5% on the same day. The oral formulation, priced at $149–$299 per month for cash-paying consumers, expands access to patients reluctant to use injectables, intensifying rivalry in a market already strained by pricing negotiations and regulatory scrutiny.

Analysts highlighted the significance of the launch, which could broaden the total addressable market for GLP-1 therapies. While Eli Lilly’s own oral candidate, orforglipron, remains in FDA review, the immediate market reaction underscored investors’ sensitivity to incremental milestones. Political pressures, including U.S. price-cut agreements under the TrumpRx initiative, further complicate long-term revenue projections for both firms.

These dynamics, combined with Novo Nordisk’s first-mover advantage in oral delivery, have amplified concerns about Eli Lilly’s competitive positioning in a rapidly evolving landscape.