Novo Nordisk (NVO) Stock Gets a Boost as Wegovy Pill Clears EU Review

TLDR

• The European Medicines Agency (EMA) has recommended approval for Novo Nordisk’s oral Wegovy weight-loss pill
• This makes it the first oral weight-loss drug to receive an EMA recommendation in Europe
• The pill showed an average 16.6% body weight loss in late-stage trials vs 2.7% for placebo
• The European Commission must still grant final marketing authorization
• Novo launched the Wegovy pill in the US earlier this year; Eli Lilly’s Foundayo pill followed in April

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The EMA’s expert committee has recommended marketing authorization for Novo Nordisk’s oral Wegovy, putting it on track to become the first oral weight-loss drug approved in Europe.

Novo Nordisk A/S, NVO

The recommendation came from the EMA’s Committee for Medicinal Products for Human Use (CHMP) on Friday, May 22. It marks an extension to Wegovy’s existing European authorization, which currently covers only the weekly injectable version.

The European Commission will now review the CHMP’s recommendation before issuing a final decision on marketing authorization.

NVO stock was trading at around $65 in New York at the time of the announcement, though it has faced pressure this year from broader market conditions and competition concerns.

The pill contains semaglutide — the same active ingredient in Novo’s injectable Wegovy and Ozempic. The company already sells an oral semaglutide product for type 2 diabetes under the Rybelsus brand.

The EMA’s green light is based on data from a late-stage clinical study. Patients taking the 25mg oral Wegovy lost an average of 16.6% of body weight over 64 weeks. The placebo group lost just 2.7%.

The EMA said the tablet “offers an oral alternative to weekly subcutaneous injections that may be more convenient for some patients.” It can be used alongside diet and physical activity in obese or overweight adults with at least one weight-related condition.

Novo vs Lilly: The Oral Race

Novo got to market first in the US. The company launched its Wegovy pill stateside after winning FDA approval in December 2024, before Eli Lilly’s once-daily weight-loss pill Foundayo launched in the US in April 2026.

In Europe, Novo now holds the early mover advantage again. Lilly’s oral weight-loss option has not yet received an EMA recommendation.

Early US prescription data for both pills has been strong, supporting the idea that oral options expand the overall market rather than just pulling users away from injectables.

The obesity drug market is expected to hit $150 billion annually within the next decade, according to analyst estimates. Both Novo and Lilly are racing to secure their positions in that market through oral treatment options.

What Comes Next

The CHMP recommendation now goes to the European Commission, which will issue the formal marketing authorization decision. That process is expected to conclude this summer, according to EMA head Emer Cooke, who spoke to Reuters last month.

Once approved by the Commission, the oral Wegovy tablet will be available for prescription across EU member states. Novo already has commercial infrastructure in place through its existing injectable Wegovy rollout in Europe.

The oral Wegovy pill is taken once daily. The EMA’s endorsement applies to the 25mg dose used in the pivotal trial.