Posición estratégica de Novo Nordisk en el mercado de pérdida de peso en EE. UU.

The approval of Novo Nordisk's Wegovy® pill by the U.S. Food and Drug Administration (FDA) on December 22, 2025, marks a pivotal moment in the obesity drug market. As the first oral glucagon-like peptide-1 (GLP-1) receptor agonist for weight management, the once-daily 25 mg semaglutide pill offers a significant convenience advantage over injectable alternatives, positioning Novo Nordisk to capitalize on a rapidly expanding industry. With the U.S. obesity market projected to grow from $8.17 billion in 2025 to $39.53 billion by 2030-a compound annual growth rate (CAGR) of 23.1%)-the company's strategic initiatives and regulatory momentum suggest a strong long-term market capture potential.

Post-Approval Momentum and Market Dynamics

The Wegovy pill's approval builds on the success of its injectable counterpart, which has already demonstrated robust efficacy. In the OASIS 4 trial, the oral formulation achieved a mean weight loss of 16.6%, comparable to the injectable version. This clinical validation, combined with the pill's ease of use, is likely to drive adoption among patients and healthcare providers.

Novo Nordisk plans to launch the pill in early January 2026, giving it a critical first-mover advantage over competitors such as Eli Lilly, whose oral GLP-1 drug is expected to seek approval by early 2026.

The broader GLP-1 market is also experiencing unprecedented growth. By 2030, the U.S. obesity segment alone is forecasted to reach $44 billion, driven by expanded treatment eligibility, increased reimbursement coverage, and the introduction of oral therapies. Novo's existing dominance in the injectable GLP-1 space-Wegovy sales hit 20.35 billion Danish kroner in Q3 2025-provides a strong foundation for cross-selling the pill to current users.

Strategic Initiatives and Competitive Positioning

Novo Nordisk's strategic moves post-approval further solidify its market leadership. The company has submitted applications for the Wegovy pill to the European Medicines Agency and other regulators, aiming to replicate its U.S. success globally. Additionally, partnerships like the one with WeightWatchers highlight Novo's focus on broadening accessibility through lifestyle integration.

However, challenges remain. The company faced leadership changes in August 2025, raising questions about continuity in its obesity-focused strategy. Moreover, while the Wegovy pill's approval is a milestone, Eli Lilly's Zepbound (injectable) and potential oral entrants could intensify competition. Yet, Novo's first-mover status with an oral GLP-1 drug-combined with its established brand equity and clinical data-creates a formidable barrier to entry.

Long-Term Market Capture Potential

The U.S. weight-loss market's trajectory is inextricably linked to GLP-1 agonists, with J.P. Morgan Research estimating the category could exceed $100 billion by 2030. Novo Nordisk's dual presence in diabetes and obesity treatments-Wegovy's cardiovascular risk reduction benefits further broaden its appeal-positions it to dominate both therapeutic areas. The pill's potential to lower costs (oral formulations are typically cheaper to produce than injectables) could also accelerate adoption in a cost-conscious healthcare environment.

Investors should monitor Novo's quarterly results and pipeline progress, particularly as it scales production for the Wegovy pill. While short-term volatility is possible due to competitive pressures and regulatory uncertainties, the company's long-term outlook remains bullish. The obesity market's structural growth, coupled with Novo's innovation in delivery formats, suggests a sustained leadership role in a sector poised for decades of expansion.