Novo Nordisk’s Buyback Blitz and Oral Wegovy Surge Counter a Bruising Year

Novo Nordisk is playing offence on two fronts: churning through a DKK 15 billion share-repurchase programme while racing to cement its oral Wegovy pill as the next blockbuster. The Danish drugmaker’s dual push comes as the stock tries to shake off a punishing 35% decline over the past twelve months, with the shares changing hands at EUR 38.17 on Monday, down 1% on the day but up nearly 11% over the past month.

Since launching the buyback in February, Novo has scooped up almost 16 million B-shares worth DKK 4.17 billion. The latest tranche — 1,239,849 shares bought at an average price of DKK 300.66 apiece — added roughly DKK 370 million to the tally. Those repurchases have swelled the company’s own holdings to 33.2 million shares, equal to 0.7% of total equity. The programme is set to run for twelve months, with a maximum size of DKK 15 billion.

On the commercial front, the oral version of Wegovy has taken the US market by storm. Since its January 2026 launch, prescribers have written more than 2 million prescriptions, and by mid-April the weekly run-rate had topped 200,000. That dwarfs rival Eli Lilly’s Foundayo, which managed just 62,000 scripts in the same period. Novo points to a tolerability edge: discontinuation rates linked to gastrointestinal side effects are 14 times lower with its pill. The catch — the drug must be taken on an empty stomach — hasn’t dented demand so far.

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To keep pace, Novo is spending $500 million on a new production site in Ireland. The plant is intended to support the international rollout, which hinges on European Medicines Agency approval. Analysts expect the UK, Germany and Denmark to be the first markets targeted.

Meanwhile, the injectable Wegovy franchise is getting a boost from higher-dose data. At the European Obesity Congress in Istanbul, Novo presented subanalyses from the STEP-UP study on a weekly 7.2 mg dose — triple the current 2.4 mg maintenance dose. Early responders, defined as those who shed at least 15% of body weight within the first 24 weeks, lost an average of 27.7% after 72 weeks on the high dose, versus 24.8% on the standard regimen. Across the entire high-dose arm, the mean weight loss was 20.7%, with 84% of the reduction coming from fat mass while muscle was largely preserved.

Financially, the picture is mixed. Adjusted first-quarter revenue fell 4% on a currency-adjusted basis, yet management raised its 2026 guidance. The company now expects a full-year revenue decline of between 4% and 12% at constant exchange rates, narrowed from a prior range of minus 5% to minus 13%. The international expansion of the obesity business and the 7.2 mg dose’s recent approvals in the US and UK are cited as key growth drivers.

Technically, the shares have clawed back above their 50-day moving average of EUR 34.34 but remain below the 200-day line of EUR 42.35. The near-term catalyst list is clear: sustained buyback activity and concrete evidence that the high-dose injectable and oral pill are translating into measurable revenue. Without a meaningful sales uptick, the buyback alone will be seen as little more than a show of financial muscle.

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