The Wegovy pill showed more pronounced weight loss and less cumbersome side effects than Eli Lilly‘s rival pill that was approved this week, Novo Nordisk said Thursday. 

Oral Wegovy demonstrated “significantly greater mean weight loss” than orforglipron, which Lilly will sell under the brand name Foundayo from next week, in an indirect study that compared the outcomes of other studies.

Novo’s findings evaluated previously published studies of the medicines and did not include any fresh data points. It will present further details of the study at the Obesity Medicine Association’s annual conference next week, the Danish drugmaker said.

A separate analysis suggested that 84% of patients favored a drug profile similar to that of semaglutide, the active ingredient in Wegovy and Ozempic, to that of Foundayo, Novo said. 

“These studies add to the growing body of evidence supporting the clinical strength of semaglutide and highlight attributes that patients value when choosing an obesity medicine that fits their lifestyle,” said newly-appointed Jamey Millar, executive vice president for U.S. operations. 

It comes as Novo and Lilly are both trying to shape the narrative of their respective pills, which is broadly considered to be the start of the next phase of the weight-loss drug era. The introduction of pills as an alternative to injections is expected to scale the market, as they are more easily distributed worldwide and favored by consumers. 

Eli Lilly CEO Dave Ricks told CNBC this week that Foundayo is more accessible and can more easily be fitted into daily routines. 

Novo said Thursday that the latest findings suggest that the Wegovy pill can offer differentiation, which has become an important consideration as the anti-obesity space looks set to become increasingly competitive over the next few years. Hopeful market entrants are narrowing in on obesity-related diseases, weight maintenance, and better side-effect profiles. 

Novo Nordisk rose as much as 4% after England’s drug price regulator recommended the use of its best-selling drug Wegovy to prevent heart attacks and strokes.

Wegovy is mainly a weight loss treatment but it is also approved for reducing the risk of major cardiovascular events in people living with overweight or obesity.

The new recommendation the National Institute for Health and Care Excellence (NICE), England’s drug price regulator, will significantly expand access to Wegovy on the country’s National Health Service (NHS).

The regulator, which assesses a medicine’s cost-effectiveness, recommended semaglutide, the active ingredient in Wegovy and diabetes treatment Ozempic, as an option for adults who have previously had a heart attack, a stroke, or a serious circulation problem in the legs and who have a body mass index (BMI) of at least 27.

Novo’s Copenhagen-listed shares were last seen up 2% in morning trading, paring some earlier gains. The pan-European blue-chip index Stoxx 600 was up 2.1%.

This is a breaking news story. Please refresh for updates.

AstraZeneca‘s stock jumped nearly 5% after Britain’s most valuable company said its experimental lung disease medicine met its target in two late-stage clinical trials.

The respiratory treatment tozorakimab, reduced flare-ups of chronic obstructive pulmonary disease (COPD) in both former smokers and in the overall population versus placebo, the company said.

“This marks a notable shift in sentiment, given limited conviction in the IL-33 mechanism following prior IL-33 failures from Sanofi and Roche,” said Jefferies analysts.

Tozorakimab and rival drugs belong to a class of treatments called monoclonal antibodies. They work ​by suppressing the action ⁠of the protein interleukin-33 (IL-33) and can reduce inflammation.

“Today’s tozorakimab results deliver the first two confirmatory Phase III trials for an IL-33 biologic, which is a major scientific advancement in COPD, the world’s third leading cause of death,” said Sharon Barr, executive vice president of biopharmaceuticals and R&D at AstraZeneca.

“Tozorakimab works in a fundamentally different way from other biologics, inhibiting the signalling of the reduced and oxidised forms of IL-33 to both decrease inflammation and disrupt the cycle of mucus dysfunction that are key disease drivers in COPD,” Barr said.

The full results will be disclosed at an upcoming medical meeting, AstraZeneca said.

In July, Swiss drugmaker Roche reported mixed results for its COPD drug astegolimab, which ultimately failed to reduce flare-ups in a phase 3 study. Similar to tozorakimab, it is designed to stop the binding of IL-33.

Two months earlier, France’s Sanofi had reported similarly mixed results for its drug itepekimab which it is developing jointly with Regeneron.

AstraZeneca’s London-listed shares were last seen up 4.7% in midday trading, contrasting with the UK’s FTSE 100 index which fell 0.4%. Astra’s Friday update also lifted shares of Roche and Sanofi by around 1% each.

Nearly 400 million people are diagnosed with COPD, and it’s one of the leading causes of death worldwide, according to the World Health Organization.

It’s a progressive respiratory condition that manifests through breathlessness, chronic cough, and excess mucus production. Symptoms can worsen over time and contribute to ongoing inflammation and bronchoconstriction, making it difficult to breathe and increasing the risk of COPD exacerbations.

AstraZeneca has forecast tozorakimab peak annual sales of between $3 billion and $5 billion, whereas estimates on average put peak sales at about $1 billion prior to Friday’s trial results, according to FactSet.

The trial results showed a benefit for both former and current smokers, across all lung‑function severities.

It also indicated a benefit for patients with a low amount of a type of white blood cell called eosinophil, which is a key unmet need for about 35% of patients, Citi analysts noted.

Tozorakimab is also being studied in a Phase 3 trial for severe viral lower respiratory tract disease and in a Phase 2 trial in asthma.

Astra is planning to launch more than 20 new drugs over the next five years and has targeted $80 ⁠billion in annual sales by 2030.

Novartis is planning to buy U.S.-based biotech Excellergy for up to $2 billion, betting on a next-generation allergy treatment that may prove to work faster and better than anything currently on the market, the Swiss pharmaceutical giant said Friday.

The acquisition will add Exl-111, an early-stage drug candidate, to Novartis’ existing allergy portfolio. It is the latest bolt-on deal in the company’s attempt to offset looming patent expirations.

It comes just a week after Novartis announced it is acquiring Synnovation subsidiary Pikavation Therapeutics for up to $3 billion to secure the rights to an experimental breast cancer drug. 

In February, the company completed the acquisition of Avidity Biosciences, adding three late-stage programs to its neuromuscular pipeline, with potential for several launches before 2030. 

Excellergy’s lead asset remains several years away from hitting the market. Novartis said it will pay the smaller biotech in both upfront and milestone payments, and the transaction is expected to close in the first half of 2026, subject to regulatory approvals.

Novartis stock traded sideways in morning trading in Zurich. Palo Alto-based Excellergy is privately held.

Many of the best-selling drugs in the world are facing a loss of exclusivity in key jurisdictions in what the sector calls “the patent cliff.” By the turn of the decade, companies risk losing hundreds of billions in revenue as branded drugs are exposed to generic competition.

Like the second half of 2025, early 2026 has seen a slew of M&A announcements from Big Pharma, including Merck announcing it has reached an agreement to buy Terns Pharmaceuticals for up to $6.7 billion earlier this week. Britain’s GSK and AstraZeneca are also among the companies that have announced several deals over the past months.

GSK’s global head of business development Chris Sheldon told CNBC late last year he is looking for acquisitions often in mid-stage development in the $1 billion to $2 billion range, where the biology is validated biology but the outcome of a drug candidate isn’t yet obvious. Like Novartis and AstraZeneca, GSK looks for so-called bolt-on deals that complement its portfolio and technology.

Novartis warned earlier this year that profits would decline in early 2026 as some of its best-selling drugs, including heart medicine Entresto face generic competition. Its second-best-selling medicine Cosentyx is expected to lose key exclusivities around 2029.

“For the first half of the year, we will have a tough prior year base with Entresto, Promacta and Tasigna generics having entered the U.S. market mid-2025,” said then-incoming CFO Mukul Mehta in a post-earnings call with analysts in February.

Novartis is seeing strong growth in other medicines such as cancer drug Kisqali and multiple sclerosis treatment Kesimpta, but still has to bulk up its pipeline to offset declines. 

CEO Vas Narasimhan has said that the company is in the middle of the biggest patent expiration wave in the company’s history.

“It’s $4 billion that we will absorb over the course of this year across the three medicines,” Narasimhan told CNCB in February.

Abivax is planning to raise money after releasing key trial data in June, its CEO told CNBC on Tuesday, signaling to potential buyers of the firm that it is in no rush to sell.

Intense takeover rumors have surrounded the French biotech company for months, impacting the volatile stock that rose nearly 1,700% in 2025. Analysts see it as a prime takeover target, and several pharma giants have been rumored as potential buyers. 

A second late-stage trial assessing the long-term, maintenance effect of Abivax’ lead, and only, asset obefazimod will read out late in the second quarter. Subject to positive data, it plans to apply for U.S. Food and Drug Administration approval in the fourth quarter, the company has said.

The drug is widely seen as a potentially best-in-class medicine for ulcerative colitis and is also being tested as a treatment for Crohn’s disease, opening it up to a multi-billion-dollar market for Irritable Bowel Syndrome (IBS).

“It’s more logical again, for outside of the U.S. to wait post maintenance, because, as you know, the terms are going to be better… since we’re confident that this study is going to read positively,” Abivax CEO Marc de Garidel said, when asked about future partnerships and deals.

“Why hurry,” when the company is three months away from the readout, he said.

Investors see the next trial results as a major inflection point for the company and one that potential buyers are watching closely.

It is “really likely” Abivax will raise funds through a potential combination of equity financing and debt after the maintenance data, de Garidel said. “We are currently assessing how much money we need to raise in, let’s say, late June… to take us to profitability.” Funds raised would be at least several million, he added.

The company has consistently emphasized that it has enough cash to carry it through late 2027, and on Monday reported a cash pile of 530 million euros ($613 million) as of the end of 2025. In July last year, it raised nearly $750 million shortly after another clinical trial sent shares up 510% in one day.

Abivax appears to be signaling to potential buyers that it is in no rush to secure an offer. It also announced late on Monday that former Takeda Vice President Michael Nesrallah will take on the role of chief commercial officer.

Its research and development expenses in 2025 increased by 31.2 million euros to 177.8 million euros. Overall expenses will ramp up by late 2026 and 2027, mostly due to commercial expenses, de Garidel told CNBC, also highlighting more key hires on the commercial side over the next six months.

Biotech companies nearing launch must always make preparations to go at it alone without the backing or the acquisition by a larger peer, said Van Lanschot Kempen analyst Sebastiaan van der Schoot.

“But the overall assumption is that they will be acquired prior to approval and prior to launch,” van der Schoot said, adding that a positive maintenance trial readout is already largely priced in to the company’s share price.

Stifel analyst Damien Choplain said earlier this month that given the strength of Abivax’ earlier data and the scarcity of comparable assets, he expects a deal could be made ahead of the maintenance data readout, even if a post‑readout could maximize value.

A global launch is too much for the still small company, which currently only has around 150 employees, said de Garidel.

“After the maintenance readout, outside of the U.S., we will look for a partner, or partners depending upon who is interested and the profile of those companies, to try to launch outside of the U.S,” he added.

However, U.S. President Donald Trump’s so-called Most Favored Nation drug pricing policy has become a complication as it eventually looks to launch obefazimod outside of the U.S. MFN refers to pegging drug prices in the U.S. to the lowest level paid in a comparable country.

When the company eventually finds a partner outside of the U.S., “we have to bear in mind that everything this partner does outside of the U.S. doesn’t jeopardize what happens in the U.S.,” de Garidel said.

The Food and Drug Administration on Thursday approved a higher-dose version of Novo Nordisk‘s blockbuster weight loss injection Wegovy, as the company pushes to win back market share from chief rival Eli Lilly.

Novo expects to launch the higher, 7.2-milligram dose of Wegovy in April. The Danish drugmaker is positioning that version to better compete with Lilly’s obesity drug Zepbound, which has proven to be more effective at promoting weight loss than the standard, 2.4-milligram dose of Wegovy.

That higher efficacy has helped Zepbound become the preferred obesity medication among prescribers and patients, even though it entered the U.S. market later than Wegovy, and has solidified Lilly’s position as the dominant player in the space.

The high-dose Wegovy helped patients with obesity lose an average 20.7% of their weight after 72 weeks in a phase three trial. The standard dose of Wegovy has shown around 15% weight loss on average in clinical trials.

“I think it really makes it more competitive, and it really reduces the delta there,” Dr. Jason Brett, principal U.S. medical head at Novo Nordisk, said in an interview Thursday ahead of the approval.

“But even more importantly, I think it just gives patients another option if they’re not reaching their targets, and achieving some of these higher weight losses for certain patients,” he added.

In a separate phase three trial on patients with obesity and Type 2 diabetes, high-dose Wegovy demonstrated an average weight loss of 14.1%. People with diabetes typically have a harder time losing weight than people without the condition.

It marks the first approval of a GLP-1 treatment under the FDA’s new national priority voucher plan that aims to cut drug review times to one to two months for companies the agency says are supporting U.S. national health priorities. The FDA launched the pilot plan in June.

Novo Nordisk has dropped its legal case against telehealth provider Hims & Hers over patent infringement, after the two companies agreed Hims would sell Novo’s branded medicines through its platform. 

“We have decided to drop the current court proceedings and, of course, we reserve to bring that back if need be, but I don’t foresee that happening,” Novo Nordisk CEO Mike Doustdar told CNBC’s Charlotte Reed on Monday.

Under the agreement, Hims will offer access to injectable and oral semaglutide, sold as Ozempic and Wegovy, at the same price as other telehealth platforms, and Hims will no longer advertise compounded GLP-1 drugs on its platform or in its marketing, the companies said in statements on Monday. 

Shares of Hims soared more than 40% in morning trading while Novo’s Copenhagen-listed stock climbed 2.1%. The pan-European blue-chip index Stoxx 600 was trading 1% lower, while the S&P 500 fell 0.6%.

In February, Novo said it would sue Hims for what it called “mass illegal compounding” after the latter announced it would sell a copycat version of the Wegovy pill for $49, roughly $100 less than Novo sells the branded pill for through its direct-to-consumer platform NovoCare. 

Hims quickly pulled the pill after backlash from both Novo and the U.S. Food and Drug Administration. The FDA pledged to take “decisive steps” to restrict practises by compounding pharmacies, and referring Hims to the Department of Justice for potential violations of federal law.

FDA Commissioner Marty Makary said he was glad to see that Hims will stop advertising unapproved compounded drugs and instead sell FDA-approved products through the deal with Novo.

“Importantly, they will keep them affordable (no increase in price) and limit compounded GLP-1s for rare (FDA compliant) cases,” Makary wrote in a post on X.

Hims has profited hugely from selling copycat versions of the blockbuster weight-loss drug through a loophole in U.S. regulations that allows companies other than the patent holder to sell a drug if it is in shortage.

While semaglutide was in shortage in the early days of the medicine, Novo has since resolved supply restraints as it ramped up manufacturing. Hims, however, continued selling copycat versions of the drugs, arguing that its copies are “personalized” and therefore legal.

Semaglutide’s patent is protected in the U.S. until 2032.

Last year, Novo and Hims partnered to offer discounted weight loss jabs to the telehealth company’s customers. Novo ended the collaboration just two months later and said Hims used “deceptive” marketing that put patient safety at risk.

“It’s a very different situation than the last time we did this,” Doustdar told CNBC.

“Hims & Hers have agreed that upon receiving our products, they will no longer advertise, promote, market compounded products to the masses,” he said, adding that Hims has now agreed to change its business model to reserve the compounding versions “only to those rare cases where they’re needed.”

Novo now has more than 600,000 Wegovy pill scripts, Doustdar said.

Doustdar acknowledged that at the time of launching the Wegovy pill in January, there were question marks, “a bit fuelled by our competitor,” that certain food restrictions may limit the uptake of the pill.  

“Well, I have news for you, this has been absolutely not the case,” he said. “People are really interested because it’s the most efficacious pill right now in the market.”

Hims’ existing patients on compounding semaglutide “will have the opportunity to transition to FDA-approved medicines when determined clinically appropriate by their providers,” Hims said in a statement.

Speaking to CNBC’s Brandon Gomez, Hims CEO Andrew Dudum highlighted the rapidly shifting landscape for anti-obesity drugs.

“The demand will continue to accelerate with the new assortment that’s coming out, and the assortment really does serve the needs across affordability, personalization, form factor that historically, even just six months ago and 12 months ago did not exist,” he said.

Hims is also in conversation with anybody who can bring new therapies to the platform, he added, “whether that’s existing biotech or existing large drug companies.”

Zepbound-maker Eli Lilly is expected to launch a rival weight loss pill called orforglipron in the second quarter, pending FDA approval.