Novo Nordisk Shares Jump as Oral Obesity Drug Matches Injection, Ozempic Shows Stronger Heart Protection Than Eli Lilly's

Novo Nordisk shares jumped after the company reported late-stage trial results showing its once-daily obesity pill delivered ‘significant’ weight reduction and tolerability comparable to its blockbuster Wegovy injection, marking a major milestone in the race to bring oral treatments to market.

Results from the phase 3 Oasis 4 trial showed the oral semaglutide pill led to an average weight reduction of 16.6% after 64 weeks in patients with obesity or overweight and at least one weight-related comorbidity, the Danish pharmaceutical giant said. Dubbed the “Wegovy pill,” the drug relies on the same semaglutide GLP-1 medication that underpins Novo’s existing obesity and diabetes treatments, Wegovy and Ozempic.

“Our job was to show that, with the tablet, we could get the same efficacy and the same safety and tolerability as we can with the injectable. That we have now done,” said Novo’s Chief Science Officer Martin Holst Lange. “That basically means that we can offer patients the choice between the tablet and the injectable, and that will make a difference for some patients.”

The oral version is currently under FDA review following a New Drug Application submitted in February, with a decision expected in the fourth quarter. If approved, Novo said production will take place entirely in the U.S., aligning with the Trump administration’s push to expand domestic drug manufacturing.

Competition in oral GLP-1s is intensifying. Eli Lilly’s obesity pill Orforglipron could be fast-tracked for approval within one to two months under a new FDA initiative. In its phase 3 ATTAIN-1 trial, Orforglipron delivered 12.4% average weight loss at the highest dose after 72 weeks. Lilly also noted that its pill outperformed Novo’s in lowering blood sugar in Type 2 diabetes patients in the first head-to-head study.

Beyond obesity, Novo is highlighting new cardiovascular benefits of its GLP-1 portfolio. On Thursday, the company said its diabetes treatment Ozempic reduced the risk of heart attack, stroke, and death by 23% compared with Eli Lilly’s rival drug dulaglutide (Trulicity). The study analyzed real-world data from 60,000 U.S. Medicare patients aged 66 and older with Type 2 diabetes and cardiovascular disease.

While Eli Lilly cautioned that real-world evidence has limitations compared to randomized controlled trials — citing issues such as non-adherence and lack of randomization — the findings reinforce Ozempic’s profile as a leader in diabetes and cardiovascular care.

The developments come as Novo pursues a strategic reset under new CEO Mike Doustdar, who recently announced 9,000 job cuts while pledging renewed focus on core areas of diabetes and obesity. Alongside the Wegovy pill and Ozempic results, Novo is also exploring next-generation treatments, including its Cagrilintide long-acting amylin analogue.