Novo Nordisk leads early in oral obesity market, but analysts doubt lasting advantage

Novo Nordisk's oral formulation of Wegovy generated DKK 3.22 billion (about $496 million) in revenue in the second quarter of 2026, far outpacing Eli Lilly's newly approved oral weight‑loss pill Foundayo, which reported $98 million in the same period.

Analysts attribute Novo's early lead to its established Wegovy brand and the familiarity physicians and patients have with semaglutide. The company benefits from a structural first‑mover advantage and strong brand equity, allowing it to extend an existing injectable into a pill without building a new obesity brand from scratch.

Despite the strong start, experts caution that Novo's advantage may be short‑lived. Lilly holds a decisive lead in the injectable obesity market and now has three months of sales data for Foundayo. Analysts expect competition to intensify and do not foresee Novo maintaining its lead for long.