Novo Nordisk Invests $500M in Irish Factory and Preps Oral Wegovy for Europe as Profit Pressures Persist

Novo Nordisk is pouring half a billion dollars into a new Irish manufacturing plant, a clear signal that the Danish drugmaker expects the oral version of Wegovy to be a blockbuster far beyond the US. The investment comes as the company lays the groundwork for a coordinated European rollout, even while a challenging profit outlook and rising generic competition weigh on its shares.

The stock has struggled to regain momentum. After trading near EUR 38 in recent sessions, the shares remain roughly 36% lower than a year ago, reflecting the market’s cautious stance on near-term earnings.

US Launch Sets the Pace

The oral Wegovy pill has already made a splash in America. In the first quarter alone, it generated DKK 2.26 billion in revenue, with over 1.3 million prescriptions written. Since its January debut, cumulative prescriptions have exceeded 2 million, and weekly volumes now top 200,000. Novo Nordisk CEO Mike Doustdar has described it as the strongest GLP-1 volume launch the company has ever seen in the US.

Nordea analysts, citing Google Trends data and prescription trajectories, see Wegovy on track to become the leading weight-loss brand in consumer perception. Yet the rivalry with Eli Lilly remains intense. Lilly’s oral GLP-1 candidate, Foundayo, offers the convenience of no food restrictions, but clinical data shows it triggers significantly more gastrointestinal side effects. Novo Nordisk points to a 14-fold higher discontinuation rate with Foundayo, giving Wegovy an edge in tolerability.

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Europe in the Crosshairs

Emil Kongshøj Larsen, Novo Nordisk’s vice president for international operations, has made the company’s European ambitions plain. “When we start, we go all in,” he said, referring to the oral Wegovy rollout outside the US. The European Medicines Agency is currently reviewing the drug – a decision that could come later this year. Early target markets are expected to include the United Kingdom, Germany, and Denmark, with Sydbank analyst Soren Hansen reasoning that these large, developed markets are natural first steps.

The company is also leaning on telemedicine as a distribution lever. In Germany, digital health platforms have already helped patients initiate therapy, and Larsen sees this as a model for controlled, scalable access. Notably, the business model for obesity GLP-1s is shifting toward self-pay. Even in Denmark – Novo’s home market – 99% of patients pay out of pocket.

Capacity and Capital

The Irish factory, absorbing USD 500 million, will help ensure supply keeps pace with demand as new markets open. The investment underscores the scale of Novo’s bet: the company is not dipping a toe in the water but preparing for a full-throttle global push.

Meanwhile, Novo is also shoring up shareholder returns. A share buyback programme of up to DKK 15 billion over twelve months is under way. By 13 May, the group had repurchased nearly 16 million B-shares for roughly DKK 4.17 billion since early February.

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Patching the Profit Picture

Despite the upbeat pill story, 2026 remains a tough year. US list-price pressure and the arrival of generics in markets such as India and Brazil are taking a toll. The company expects revenue and adjusted operating profit to fall by 4% to 12% on a currency-adjusted basis – a slight improvement from the prior forecast of a 5% to 13% decline, but still an outright contraction.

The real test will come in the second half of 2026, when Novo hopes to secure EMA approval and begin the European rollout. If the company can execute a smooth launch with adequate supply in key markets like Germany and the UK, the Wegovy tablet could become a durable growth driver – one that finally lifts the stock out of its year-long slump.

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