Image courtesy of 123rf.com

Novo Nordisk A/S (NVO) shares rallied sharply on Friday, January 23, 2026, climbing nearly 5% in premarket trading to $62.23 before settling at $63.50, up 2.04% from the previous close of $62.23. The Danish pharmaceutical giant’s stock surge came on the heels of impressive prescription data for its newly launched oral Wegovy weight-loss pill, which recorded over 18,000 prescriptions in its first week on the market.

This strong debut significantly outpaced competitor Eli Lilly’s Zepbound, which managed only 8,000 prescriptions in its second week of launch. The momentum was further bolstered by a fresh Buy rating from Goldman Sachs, citing near-term earnings upside potential for the obesity drug manufacturer.

Oral Wegovy’s Fast Start Signals Strong Early Demand

The oral formulation of Wegovy has launched with what analysts are calling “astronomical” numbers, recording 18,410 prescriptions in its debut week according to Symphony Health data. This performance dramatically outpaced Eli Lilly’s injectable Zepbound, which hit only 8,000 prescriptions in its second week of launch.

Evercore ISI analyst Umer Raffat noted that these figures don’t even include online prescriptions through Novo’s direct-to-consumer NovoCare Pharmacy platform, suggesting actual demand may be even higher.

What makes this launch particularly encouraging for investors is that the surge in oral Wegovy prescriptions doesn’t appear to be cannibalizing sales of the injectable version. According to the data, prescriptions for injectable Wegovy actually grew by 2,000 week-over-week, indicating the oral formulation is expanding the overall market rather than simply shifting existing patients from one delivery method to another.

Analysts had initially worried that oral Wegovy might follow the disappointing trajectory of Novo’s oral diabetes drug Rybelsus, but the 25-milligram dose and obesity-specific indication appear to be driving much stronger uptake.

Bank of America analysts estimate that approximately 2,000 weekly prescriptions are needed to meet 2026 sales targets, meaning the launch has already exceeded this threshold ninefold in its first week. Oral Wegovy is already approaching half the weekly prescription volume of Rybelsus, which typically generates around 50,000 prescriptions per week despite being on the market for several years.

The consumer-driven nature of the weight-loss market, combined with telehealth access and cash-pay options, appears to be creating particularly strong demand for oral obesity treatments.

Goldman Upgrade Adds Fuel as Investors Reprice the Outlook

Goldman Sachs issued a Buy rating on Novo Nordisk stock, citing near-term earnings gains driven by the successful Wegovy pill launch and strong positioning in the competitive GLP-1 drug market. As of 10:39 AM EST on January 23, 2026, NVO was trading at $63.50, up $1.27 or 2.04%, with an intraday range of $63.25 to $64.16.

The stock has shown impressive year-to-date performance, gaining 24.30%, though it remains down 18.80% over the past year, reflecting the volatility in obesity drug sector valuations.

Novo Nordisk’s market capitalization stands at $282.894 billion, with a trailing P/E ratio of 17.44 and forward P/E of 17.36. The company maintains a profit margin of 32.88% and a return on equity of 71.46%, demonstrating strong profitability metrics despite competitive pressures.

However, analyst sentiment remains mixed, with price targets ranging from a low of $42.08 to a high of $74.13, and an average target of $57.66, below the current trading price. The most recent analyst rating came from CICC on January 9, 2026, with an Outperform rating and $73.50 price target.

Despite the strong launch metrics, Novo faces headwinds from upcoming patent cliffs and generic competition. India’s Sun Pharmaceutical recently received approval to produce generic semaglutide, the key ingredient in Wegovy and Ozempic, with a launch planned once patents expire in March 2026.

The company’s next earnings report on February 4, 2026, will be closely watched for 2026 guidance and updates on the Wegovy pill rollout speed. Investors are particularly focused on whether prescription growth can be sustained beyond the initial launch excitement as access expands and competitors respond.

More By This Author:

Why Are Nvidia Shares Rising Premarket? China Nears Approval For H200 Chips
Why Is RKLB Sliding Today? Neutron Rocket Tank Rupture Raises Timeline Concerns
Procter & Gamble Beats EPS In Q2 2026, Revenue Falls Short