NVO vs. GPCR: Which Obesity Stock is the Better Buy Right Now?

Novo Nordisk NVO and Structure Therapeutics GPCR have emerged as noteworthy companies in the obesity space.

A market leader in the GLP-1 space, Novo Nordisk markets its semaglutide drugs under brand names Ozempic (pre-filled pen) and Rybelsus (oral tablet) for type II diabetes (T2D), and Wegovy (injection and oral tablet) for chronic weight management.

On the other hand, Structure Therapeutics is a clinical-stage biotech firm evaluating several obesity drugs in clinical and preclinical studies.

While Novo Nordisk and Structure Therapeutics differ significantly in scale and commercial maturity, the comparison is becoming increasingly relevant amid intensifying market competition. Both operate in the rapidly growing obesity and metabolic disease space, focusing on GLP-1-based therapies. As Novo Nordisk works to defend its dominant market position, Structure Therapeutics represents a potential disruptor aiming to capture future share with innovative treatments, making this an intriguing matchup between an established giant and an emerging contender.

The Case for NVO Stock

Novo Nordisk has achieved tremendous success in the cardiometabolic treatment space, driven primarily by its semaglutide medicines, Ozempic, Rybelsus and Wegovy. As of December 2025-end, Novo Nordisk remained the market leader with a total GLP-1 volume market share of 54.6% globally across diabetes and obesity care.

NVO has been investing heavily to expand its manufacturing capacity as part of its strategic move to strengthen its leadership in the diabetes and obesity care market for its GLP-1 products.

Novo Nordisk is pursuing new indications for its semaglutide drugs, including CV and other indications. In 2025, Rybelsus became the first oral therapy approved in the United States to lower the risk of major adverse CV events in high-risk T2D patients, regardless of prior CV history. Wegovy’s label includes CV, HFpEF and osteoarthritis indications, while Ozempic remains the only GLP-1 approved to slow kidney disease and reduce CV death in patients with diabetes. Higher-dose Wegovy injections have been approved in the United States and the EU, expanding its portfolio and enabling the company to tailor treatment options better to meet the diverse needs and preferences of obesity patients. NVO is also seeking to expand Ozempic’s label to include peripheral artery disease.

In late December, the FDA also approved NVO’s 25 mg oral semaglutide (Wegovy pill) for obesity and CV disease, marking the first GLP-1 pill approved in the United States, which was subsequently launched in early January.

Novo Nordisk is advancing its next-generation obesity pipeline. It has submitted a regulatory filing seeking the approval of CagriSema injection, a follow-up drug to Wegovy, for obesity. Meanwhile, its mid-stage asset, amycretin, recently showed strong weight-loss efficacy in a phase II study and is slated to enter phase III soon. The company has bolstered its pipeline through several major collaborations and acquisition deals.

Beyond GLP-1s, NVO is building its Rare Disease franchise, advancing Mim8 in hemophilia A, and securing both EU and U.S. approvals for Alhemo to treat hemophilia A and B, with or without inhibitors. Meanwhile, the FDA has granted accelerated approval for Wegovy in treating MASH with fibrosis. Novo Nordisk and rival Eli Lilly LLY have also introduced multiple price cuts in response to pressure from the U.S. government during 2025 and 2026 to improve patient access to GLP-1 medicines.

Despite the recent wins, Novo Nordisk is far from being out of the woods yet. The company stumbled through 2025 despite finally resolving U.S. supply constraints for Ozempic and Wegovy, due to intensifying GLP-1 competition from Eli Lilly, foreign exchange headwinds, and widespread compounded semaglutide use in the United States. Eli Lilly markets its tirzepatide (GLP-1) medicines as Mounjaro for T2D and Zepbound for obesity. Despite being on the market for just over three years, these drugs have become LLY’s key top-line drivers.

Though Novo Nordisk has been able to bring the compounded alternatives problem under control with help from the FDA, it still faces mounting structural challenges, as is evident from its 2026 outlook, highlighting weak core momentum. Adjusted guidance points to declining sales and operating profit, as pricing pressure, rising competition and slowing U.S. demand weigh on performance. While international growth and the launch of oral Wegovy offer some support, increased costs and lack of one-off benefits limit upside, leaving investors doubtful about NVO’s ability to sustain its leadership in the evolving obesity market.

The Case for GPCR Stock

Structure Therapeutics is one of the few biotech stocks that is evaluating more than one obesity drug in clinical development. The most advanced candidate in its pipeline is aleniglipron, an investigational GLP-1 receptor agonist, which is being developed across two mid-stage studies — ACCESS and ACCESS II — for the treatment of obesity. The company has reported positive top-line data from both studies.

In the phase IIb ACCESS study, aleniglipron achieved a clinically meaningful and statistically significant placebo-adjusted mean weight loss of 11.3% (27.3 lbs) at the 120 mg dose at 36 weeks. In the phase II ACCESS II study, aleniglipron achieved clinically meaningful and statistically significant placebo-adjusted mean weight loss of 16.3% (39 lbs) at the 180 mg dose and 16% (37 lbs) at the 240 mg dose at 44 weeks. Based on the solid phase II results, Structure Therapeutics expects to initiate the late-stage program of aleniglipron in obesity in the second half of 2026.

GPCR’s phase II ACCESS program also comprises a body composition study, assessing the effect of aleniglipron on body fat loss over a 40-week evaluation period, and an open-label extension study that is evaluating eligible patients from the ACCESS study for an additional 36 weeks. Top-line data from both these studies are expected in the second half of 2026.

Structure Therapeutics also initiated a phase I obesity study on its dual amylin and calcitonin receptor agonist, ACCG-2671, last year. The company has also declared a second development candidate, ACCG-3535, under its amylin oral small molecule program. GPCR anticipates reporting initial early-stage data for ACCG-2671 and initiating a phase I study for ACCG-3535 in the second half of 2026.

Beyond these candidates, Structure Therapeutics is advancing several obesity drug candidates based on different mechanisms of action at the preclinical stage, including glucose-dependent insulinotropic polypeptide receptor and glucagon receptor agonists. The company’s pipeline also includes a promising candidate for idiopathic pulmonary fibrosis.

Yet, Structure Therapeutics’ biggest challenge lies in its lack of an approved product in its portfolio and the intense competition from pharma giants that already dominate the obesity landscape.

How Do Estimates Compare for NVO & GPCR?

The Zacks Consensus Estimate for NVO’s 2026 sales indicates a decline of more than 6% year over year, while the same for EPS suggests a drop of nearly 15%. EPS estimates for both 2026 and 2027 have declined over the past 60 days.

NVO Estimate Movement

Image Source: Zacks Investment Research

Devoid of a marketed product, the consensus estimate for GPCR’s 2026 bottom line suggests loss per share to narrow by more than 4% year over year. Loss estimates for 2026 and 2027 have widened over the past 60 days.

GPCR Estimate Movement

Image Source: Zacks Investment Research

Price Performance and Valuation of NVO & GPCR

In the past six months, shares of NVO have plummeted 37.8%, while those of GPCR have rallied 89.6%. In comparison, the industry has risen 12.8% during the same period, as seen in the chart below.

Image Source: Zacks Investment Research

From a valuation standpoint, Novo Nordisk seems to be more expensive than Structure Therapeutics, going by the price/book (P/B) ratio. NVO’s shares currently trade at 5.55 times trailing book value, higher than 1.94 for GPCR.

Image Source: Zacks Investment Research

NVO or GPCR: Which is a Better Pick?

Novo Nordisk and Structure Therapeutics carry a Zacks Rank #3 (Hold) each at present, which makes choosing one stock over the other difficult. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Despite near-term headwinds, Novo Nordisk remains better positioned for long-term growth compared to Structure Therapeutics, primarily due to its established commercial base, proven execution and deep pipeline. NVO already commands a dominant share in the global GLP-1 market, supported by blockbuster drugs like Ozempic, Wegovy and Rybelsus, while continuing to expand into new indications and next-generation therapies, such as CagriSema and amycretin. This combination of persistent cash flows, ongoing label expansions and pipeline innovation provides long-term visibility that GPCR, as a clinical-stage company, cannot yet match.

That said, NVO’s near-term outlook remains uncertain, with slowing U.S. demand, pricing pressure, and intensifying competition — particularly from Eli Lilly — likely to weigh on growth and margins in the next couple of years. In contrast, GPCR offers higher upside potential but comes with significant execution and regulatory risks given its lack of approved products. For long-term investors, NVO stands out as the more reliable compounder once current pressures stabilize, while GPCR remains a higher-risk, early-stage bet better suited for those with a stronger tolerance for volatility.

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This article originally published on Zacks Investment Research (zacks.com).

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