Novo_header_image

Can Novo close the gap with Lilly? The roadmap from injections to orals

Ruben Dalfovo
Ruben Dalfovo

Investment Strategist

Key takeaways

  • Pills are the pivot. If oral semaglutide wins approval and performs well against Lilly’s orforglipron, the market could broaden and treatment time could lengthen.

  • Supply is the swing factor. Catalent site integration and steady pharmacy stock are the quickest routes from demand to revenue.

  • Next-gen injectables are the safety valve. CagriSema can defend share at the high-efficacy end even if pills take the mainstream.


Novo Nordisk sits at the heart of a fast-growing market: medicines that help with weight and diabetes. The simple investor question is whether Novo can narrow the lead that many expect for Eli Lilly over the next few years.

Three things matter most now: getting a pill to market, turning new plants into product on shelves, and keeping a high-efficacy option in reserve for patients who need more.

The score today

Novo sells a weekly injection of semaglutide for obesity called Wegovy. A cardiovascular benefit on the label means doctors can treat medical risk, not just weight alone. That heart benefit makes it easier for insurers and health systems to pay for it, although coverage still differs by country.

Getting enough product to shelves was the main bottleneck. Novo has added more “fill-finish” capacity, which is the final factory step where medicine is filled into injection pens, sealed, checked, and packed. More fill-finish means more pens in pharmacies. When pharmacies have stock, more prescriptions get filled, and sales show up in the numbers, yet validation, inspections, or quality snags can delay ramps and keep some pharmacies short.

Lilly’s rival injection, Zepbound, is also a once-weekly weight-loss drug and has shown very strong results on weight loss. Lilly is expanding production quickly and is expected by many investors to sell more over time if supply stays strong and broader labels follow.

In short, Novo’s edge is the heart benefit on the label and a larger installed base, Lilly’s edge is faster growth expectations and rapid capacity ramp. The race will be decided by three things that patients feel every day: which drug is on the shelf, how well it works for them, and what their insurer agrees to cover.


Zepbound_vs_wegovy

Pills change the game

Needles built the category. Pills can take it mainstream because they are easier to start and stick with. Novo has submitted a 25 mg oral semaglutide to the U.S. Food and Drug Administration (FDA). It is also running the OASIS programme at 50 mg for obesity. Approval is not guaranteed though, and labels can limit use if side-effects such as nausea remain common or if food-timing rules are awkward.

Lilly’s small-molecule pill, orforglipron, has reported strong late-stage data and aims for filings that could bring a first approval in the United States in 2026. 
If efficacy and tolerability hold, pills can make treatment simpler, keep people on therapy longer, and move use from specialist clinics into primary care. That is where scale lives.

Two watchpoints matter here. First, nausea and other gastrointestinal effects. Lower side-effects support adherence. Second, dosing and titration. Simple schedules reduce drop-offs. Read the labels. The wording on dosing, food effects, and contraindications often decides real-world uptake.

Oroforglirpon_vs_novo

Scale decides who wins

For two years, the bottleneck was not demand. It was the ability to fill and finish enough pens. Novo’s parent bought Catalent and Novo took control of three sites that should lift output for Wegovy and related products. 

The logic is simple. More capacity should mean fewer stock-outs, faster country launches, and higher service levels for pharmacies. This does not fix everything. Plant integration can slip and regulators must sign off each step. Integration risk is real: sterile plants face strict audits, yields can disappoint, and any warning letters or recalls would slow momentum and raise costs. But every quarter with fewer shortages tightens the link between demand and revenue and reduces the risk that patients churn for lack of supply.

Signals to track: company updates on validated lines, inspection milestones, and measured increases in weekly prescription fills. Outside the United States, watch national tenders and launch timing. Earlier launches turn into earlier learning curves.

The safety valve: next-gen injectables

Novo is not betting on pills alone. CagriSema, a combination of semaglutide with an amylin analogue (cagrilintide), is in Phase 3 for diabetes and obesity. The aim is simple: more weight loss and better metabolic control than either part alone. If late-stage data hold up, CagriSema offers a high-efficacy option for people who need a stronger push, or who do not respond well to pills. If results soften or safety flags appear, adoption will skew to narrower groups.

Lilly answers with Retatrutide, a triple-agonist still in late-stage testing. Both could lift the top end of efficacy. Both could carry tighter monitoring and careful patient selection. In practice, that means doctors will match the right drug to the right person rather than chasing a single winner.

Cagrisema_vs_retratude

Valuation, expectations, and what must go right

Bloomberg consensus still expects Lilly to outsell Novo in obesity over time, helped by strong injections today and a first-in-class pill tomorrow. That gap in expectations helps explain the higher multiple for Lilly and the relative lag for Novo.

For Novo to close the gap, three things must happen. First, oral semaglutide needs timely approvals with competitive efficacy and tolerability. Second, supply must stay reliable as sites ramp. Third, CagriSema needs late-stage data that confirm a clear role at the high-efficacy end.

Risks are clear. Payers can tighten coverage as budgets feel the strain from long-term use. Safety headlines can change behaviour overnight. Competition is heating up, with new classes and combinations on the way. Pricing remains political, especially in publicly funded systems.

Early warning signs include lower persistence rates, slower pharmacy refills, negative reimbursement updates, and any widening in side-effect-related discontinuations.

PE_NOVO_VS_LILY

Investor playbook

  • Track oral timelines. Watch U.S. Food and Drug Administration steps for Novo’s oral semaglutide 25 mg and the 50 mg OASIS read-outs, plus Lilly’s orforglipron submissions.
  • Watch supply and service levels. Follow Catalent site integration, fill-finish ramps, and pharmacy stock rates.
  • Monitor coverage and pricing. Check payer and national health-system decisions post cardiovascular label.
  • Compare real-world performance. Track efficacy, tolerability, and adherence across next-gen injectables and pills.

Conclusion

The question in the headline is practical, not rhetorical. Novo can narrow the lead only if it wins on two fronts at once: a credible pill and a dependable supply chain. Oral semaglutide gives Novo a clear route into the mainstream if approvals are timely and side-effects behave. Catalent sites offer the physical scale to meet demand and protect share. CagriSema adds a high-efficacy option if patients need more than a pill can deliver.

None of this requires perfection. It requires fewer shortages, clean labels, and steady coverage. If filings, factories, and formularies line up, Novo’s path from injections to orals looks workable, and the perceived gap with Lilly can shrink from a forecast into a fair fight.


This material is marketing content and should not be regarded as investment advice. Trading financial instruments carries risks and historic performance is not a guarantee of future results.
The instrument(s) referenced in this content may be issued by a partner, from whom Saxo receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Quarterly Outlook

01 /

  • Q4 Outlook for Investors: Diversify like it’s 2025 – don’t fall for déjà vu

    Quarterly Outlook

    Q4 Outlook for Investors: Diversify like it’s 2025 – don’t fall for déjà vu

    Jacob Falkencrone

    Global Head of Investment Strategy

  • Q4 Outlook for Traders: The Fed is back in easing mode. Is this time different?

    Quarterly Outlook

    Q4 Outlook for Traders: The Fed is back in easing mode. Is this time different?

    John J. Hardy

    Global Head of Macro Strategy

    The Fed launched a new easing cycle in late Q3. Will this cycle now play out like 2000 or 2007?
  • Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally

    Quarterly Outlook

    Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally

    Jacob Falkencrone

    Global Head of Investment Strategy

  • Q3 Macro Outlook: Less chaos, and hopefully a bit more clarity

    Quarterly Outlook

    Q3 Macro Outlook: Less chaos, and hopefully a bit more clarity

    John J. Hardy

    Global Head of Macro Strategy

    After the chaos of Q2, the quarter ahead should get a bit more clarity on how Trump 2.0 is impacting...
  • Upending the global order at blinding speed

    Quarterly Outlook

    Upending the global order at blinding speed

    John J. Hardy

    Global Head of Macro Strategy

    We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ...
  • Equity outlook: The high cost of global fragmentation for US portfolios

    Quarterly Outlook

    Equity outlook: The high cost of global fragmentation for US portfolios

    Charu Chanana

    Chief Investment Strategist

  • Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Quarterly Outlook

    Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Jacob Falkencrone

    Global Head of Investment Strategy

  • Commodity Outlook: Commodities rally despite global uncertainty

    Quarterly Outlook

    Commodity Outlook: Commodities rally despite global uncertainty

    Ole Hansen

    Head of Commodity Strategy

  • Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    Quarterly Outlook

    Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    John J. Hardy

    Global Head of Macro Strategy

  • Equity Outlook: The ride just got rougher

    Quarterly Outlook

    Equity Outlook: The ride just got rougher

    Charu Chanana

    Chief Investment Strategist

The information on or via the website is provided to you by Saxo Bank (Switzerland) Ltd. (“Saxo Bank”) for educational and information purposes only. The information should not be construed as an offer or recommendation to enter into any transaction or any particular service, nor should the contents be construed as advice of any other kind, for example of a tax or legal nature.

All trading carries risk. Loses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money.

Saxo Bank does not guarantee the accuracy, completeness, or usefulness of any information provided and shall not be responsible for any errors or omissions or for any losses or damages resulting from the use of such information.

The content of this website represents marketing material and is not the result of financial analysis or research. It has therefore not been prepared in accordance with directives designed to promote the independence of financial/investment research and is not subject to any prohibition on dealing ahead of the dissemination of financial/investment research.

Saxo Bank (Schweiz) AG
The Circle 38
CH-8058
Zürich-Flughafen
Switzerland

Contact Saxo

Select region

Switzerland
Switzerland

All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.