Novo Nordisk (NVO 1.79%) has a couple of promising drugs in its portfolio that have made it a red-hot stock to own. Ozempic and Wegovy are two drugs that consumers have grown familiar with in the past year as excitement has been on the rise for their ability to help people lose weight -- even though diabetes drug Ozempic isn't approved for that use.

The company has been focusing on making the drugs more readily available to consumers; Novo Nordisk has even been using contract manufacturers to help meet demand for Wegovy. And this month, the weight-loss drug entered a new market: the United Kingdom. Let's see what this could all mean for the stock from here.

Shortages are holding back its launches

Novo Nordisk would likely be eager to launch Wegovy in more markets given the hype surrounding the weight-loss drug, but it's struggling to keep up with demand in the U.S., and that has forced it to hold back on expanding too quickly.

The company launched Wegovy in the United Kingdom this month but says it is "through a controlled and limited launch." This comes after the company also launched Wegovy in Germany back in July. In addition to those European markets, the drug is also available in Norway and Novo Nordisk's home market of Denmark. 

The challenge for Novo Nordisk is that simply entering new markets may not lead to significant revenue growth right away as it still needs to improve availability. Supplies remain limited in Germany and a controlled launch in the U.K. also suggests that business won't be booming there from the start. 

A third contract manufacturer this year?

Novo Nordisk has been using contract manufacturers to help meet the soaring demand of Wegovy. It has, unfortunately, run into issues with Catalent, which is its primary partner. But it has also recently been working with Thermo Fisher Scientific to help with production of Wegovy. And, if necessary, the company may consider using a third contract manufacturer before the end of the year.

Either way, this is likely to remain an ongoing problem for Novo Nordisk simply because of the huge market opportunity. CEO Lars Fruergaard Jørgensen says that there could be close to 1 billion obesity patients who may benefit from the company's weight-loss treatments. And for at least the near future, supply likely won't be able to keep up with the surging demand.

Is Novo Nordisk's stock too expensive?

One thing that has also been in hot demand is Novo Nordisk's stock. In the past 12 months, shares of Novo Nordisk have risen by 87%. At around 45 times its trailing earnings, this is a much higher premium than what investors have been paying for Novo Nordisk in the past.

NVO PE Ratio Chart

NVO PE Ratio data by YCharts

But given the growth potential for Wegovy and for how much Novo Nordisk's profits may rise in the future, today's valuation may still look cheap in the future. Weight management and obesity-related illnesses are a big problem in the world and that is Novo Nordisk's key area of focus. Through the first half of the year, the company reported sales of 107.7 billion Danish krone ($15 billion), which was up 29% year over year. And 92% of that revenue came from diabetes and obesity care products.

Although weight management could be a hotly contested market given how lucrative the potential may be, the drug shortages suggest that there's enough room for multiple companies to do well. 

Not too late to invest in Novo Nordisk

Novo Nordisk is entering new markets, which is a good sign that it may be feeling more optimistic about its supply of Wegovy. That could mean more revenue growth in future quarters, leading to even more bullishness around the healthcare stock.

Although its price-to-earnings multiple appears high, that should come down over time. And with two popular drugs such as Wegovy and Ozempic in its portfolio -- and still in their early stages -- investors are likely to continue paying for a premium for the stock anyway.

For long-term investors, Novo Nordisk can be an excellent stock to buy now.