For all the enthusiasm around GLP-1s, also known as weight-loss drugs, Novo Nordisk (NVO 1.76%) tumbled nearly 42% in 2025. The once hot stock was confounded by headwinds, including rivals making progress in the weight-loss arena and the emergence of cheaper generics.
Fast-forward to 2026, and the stock is already shedding last year's bear market conditions. Shares of the maker of Wegovy are up 25% year to date. That's a new bull market and then some.
This weight-loss leader is already rebounding and could extend that bullishness this yea. Image source: Getty Images
A 25% rally in three weeks prompts investors to wonder if they've missed the "easy money," but there are reasons to believe Novo Nordisk's gains could be built upon as 2026 moves forward.
Wegovy has pill power
The earliest GLP-1 formulations were administered by injection. That's not a big deal for many patients, but there are still plenty of us who have unpleasant memories of childhood visits to the doctor's office involving needles. Sounds folksy, but it underscores why the FDA approval of a Wegovy pill earlier this month is significant for Novo Nordisk shares.
Bank of America estimates Novo Nordisk needs to move 2,000 prescriptions per week to achieve 2026 sales targets. Recent data from Symphony Health indicate prescriptions for the oral version of Wegovy surged to 20,392 last week, more than quadruple the prior week's rate.
While it's clear the Wegovy pill is popular with patients, it's not cannibalizing the injectable version, with data indicating prescriptions for that form of the GLP-1 are holding steady.
NYSE: NVO
Key Data Points
The pill can also expand the avenues through which Novo Nordisk can shop this offering. More telehealth providers, including Amazon Pharmacy and LifeMD, are offering the pill, making it easier for patients to access it without going to a doctor's office.
Currently, the U.S. is the only country where the Wegovy pill is available. If more countries join the club, that could spark a rally in Novo Nordisk stock. The potential for those approvals is there. For example, Great Britain's pharmaceuticals regulator is examining the Wegovy pill. Other regions where the injectable version is legal could also make for logical adopters of the oral version.
