Novo Nordisk's oral semaglutide (Wegovy pill) has reached 3 million prescriptions, a notable adoption milestone for the beaten-down NVO stock. The question is whether this uptake, combined with an 81% gross margin profile, is being overlooked by a market fixated on GLP-1 competitive threats.
With 81% gross margins, $23+ diluted EPS, and 3 million oral prescriptions already written, the market may be undervaluing NVO's franchise durability — particularly if the oral format expands the GLP-1 user base beyond injection-averse patients.
Lilly's tirzepatide has demonstrated superior weight-loss efficacy in head-to-head data, and NVO's revenue growth has already decelerated to 6.4% YoY, raising the possibility that the competitive threat to injectable Wegovy is more structural than the bull thesis allows.