Novo Nordisk (NYSE: NVO) Shares Fell Approximately 5% Tuesday-Wednesday Following the August 4 H1 2026 Earnings Release as CEO Lars Fruergaard Jorgensen Defended Wegovy Pill Economics on the Earnings Call While Analysts Focus on the Compressed Margin Trajectory From the Most-Favored-Nation Pricing Deals With the Trump Administration (November 2025) and the Medicare GLP-1 Bridge Program (Launched July 1) That Both Reduce Net Realized Prices Per Unit Even as Prescription Volume Climbs; Wegovy Pill Has Reached More Than 5 Million Cumulative US Prescriptions Since Q1 2026 Launch
Novo Nordisk (NYSE: NVO) shares fell approximately 5% across Tuesday and Wednesday August 4-5, 2026 following the H1 2026 earnings release. CEO Lars Fruergaard Jorgensen defended Wegovy pill economics on the earnings call, addressing analyst concerns about the compressed margin trajectory from the Most-Favored-Nation pricing deals announced with the Trump administration in November 2025 (which paired lower drug prices with expanded Medicare access and a three-year tariff grace period) and the Medicare GLP-1 Bridge Program launched July 1, 2026 (providing Wegovy, Zepbound KwikPen, and Foundayo at a capped $50/month copay for eligible Medicare Part D beneficiaries through December 31, 2027). Both programs reduce net realized prices per unit even as prescription volume climbs. Wegovy pill (oral semaglutide 25/50 mg for obesity) has reached more than 5 million cumulative US prescriptions since the Q1 2026 launch, one of the fastest oral obesity-drug uptake curves on record. Novo Nordisk H1 2026 sales reached 78.49 billion Danish kroner ($12.09 billion, +3% constant currency); the company raised full-year 2026 guidance from prior expectations to down 6% to flat at constant exchange rates. Analyst attention now focuses on 2027 pricing environment and Novo's ability to defend franchise economics as Eli Lilly's tirzepatide and orforglipron continue to widen the competitive gap.