Ozempic Maker Novo Nordisk's Investors Are Nervously Looking Into the Future

Novo Nordisk’s oral weight-loss tablet, launched in January, has been a hit—more than 1.5 million people, mostly in the U.S., have started the daily pill. But investors remain uneasy about what comes next. A key U.S. patent on semaglutide, the active ingredient in Wegovy, is set to expire in the early next decade, pressuring the company’s long-term outlook. Novo’s shares are about 70% below their mid-2024 peak, after profit warnings, price cuts, and slower prescription growth, while rivalry with Eli Lilly and cheaper compounding options intensify the challenge.