Novo Nordisk Expands Oral Wegovy to UK and New Liver Indication, Implant Study on Horizon

Novo Nordisk is extending its oral Wegovy franchise across multiple fronts simultaneously, with a UK launch, a fresh liver fibrosis approval, and surging US prescription numbers all converging to reinforce the stock’s recent recovery. A hefty buyback programme and upward analyst revisions have added further ballast, though the shares still sit well below their peak.

The Danish drugmaker’s tablet version of semaglutide is now available to private patients in Britain, priced at £69 for a starter pack and £189 for a monthly supply at the highest dose. National Health Service coverage has not yet been granted, but clinical data underpinning the rollout showed weight loss of up to 17% over 52 weeks. At the same time, UK regulators cleared the same active ingredient for advanced liver fibrosis, giving physicians a second therapeutic avenue.

Across the Atlantic, the oral formulation has already generated more than 3 million prescriptions in just five months, the majority from first-time users of the therapy. Demand is poised to accelerate further when the US Medicare “Bridge” programme takes effect on Wednesday, capping monthly out-of-pocket costs for seniors at $50. Novo Nordisk had raised its 2026 revenue guidance earlier in anticipation of the expanded access.

Beyond the immediate pill push, the company is laying groundwork for a longer-term shift. A partnership with Vivani Medical is developing a continuous-release implant designed to eliminate daily dosing entirely. The first Phase 1 trial is scheduled to start in mid-2026.

Should investors sell immediately? Or is it worth buying Novo Nordisk?

The operational momentum has not gone unnoticed by the analyst community. HSBC lifted its target to DKK 300 while sticking with a Hold rating, and Danske Bank raised its target to DKK 365 with a Buy recommendation. On Wall Street, the average price objective stands at $46.72, within a wide band of $39.56 to $64.19. Meanwhile, Novo Nordisk’s buyback programme — authorising up to DKK 15 billion in repurchases through February 2027 — continues to provide structural support, with over DKK 6 billion already spent.

The B-shares have responded vigorously, climbing roughly 22% over the past month to trade near €44. They have reclaimed the 200-day moving average and sit comfortably above the 50-day line. Still, the relative strength index has edged close to 70, a level that often flags short-term overextension and may temper further near-term gains.

For all the recent progress, the stock remains approximately 29% below the all-time high struck in July 2025, a reminder of the persistent competitive threat from Eli Lilly. The next crucial test arrives with the half-year results, where investors will scrutinise margin trends. If profit figures beat expectations, the rally could still have room to run despite the overbought signals.