Novo shares jump on ‘encouraging’ Wegovy pill scripts data, analysts say

Weight-loss giant Novo Nordisk’s shares rose over five per cent on Friday to a high last touched in October, driven by “encouraging” early U.S. prescription data for its Wegovy pill. Photographer: Jean-Francois Monier/AFP/Getty Images

Weight-loss giant Novo Nordisk’s shares rose over five per cent on Friday to a high last touched in October, driven by “encouraging” early U.S. prescription data for its Wegovy pill, which the firm hopes will help it regain ground in the obesity drug race.

The Wegovy pill was made available to U.S. patients from Jan. 5, following approval by the U.S. Food and Drug Administration last month, and the market is closely watching early sales for signs of strength or weakness.

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“The share price reaction is driven by encouraging early scripts for Wegovy Pill in the U.S.,” said Sydbank analyst Soren Lontoft Hansen.

Nordnet analyst Per Hansen also said the share rise was “most likely” due to the U.S. scripts data.

Investors are closely watching the numbers to assess how Novo is using its first-to-market lead against rival Eli Lilly LLY.N in an intensely competitive market for weight-loss drugs.

Novo Nordisk, under a new CEO, who took over last year, is hoping to attract new consumers with the pill as it looks to revive its fortunes after profit warnings and sliding shares last year when sales growth of its injectable medication slowed.

(Reporting by Bhanvi Satija in London and Elviira Luoma in Gdansk; Editing by Joe Bavier)