Rx Supply Chain: May GLP-1 trends: pullback in employer coverage could support cash-pay growth

研报英文原文证据摘录

Rx Supply Chain: May GLP-1 trends: pullback in employer coverage could support cash-pay growth

Oral GLP-1 TRx trends and commentary

Oral Wegovy adoption remains strong/stable in 30% range

Oral Wegovy continues to scale meaningfully, reaching 33% of total Wegovy Rx for the

week ending June 5, 2026, underscoring sustained uptake following a strong launch

(Exhibit 1). Total new prescriptions for oral Wegovy represented 40% of total Wegovy

NRx for week ending 6/5/26, highlighting continued strength in new patient starts

(Exhibit 2). While adoption remains robust, the oral mix appears to be entering a period

of early normalization. The oral mix rose rapidly from low-single digits in January to the

low-30s% by late April/Early may with mix stabilizing in the 30-33% range over the last

eight weeks.

Novo Nordisk (NVO, covered by Sachin Jain) disclosed on June 7th that the Wegovy pill

has surpassed 3MM prescriptions since its January 5th launch. Notably, Wegovy pills

reached its first 1MM prescriptions within 12 weeks (1/5/26-3/23/26), with an additional

2MM prescriptions filled over the subsequent 10 weeks (3/23/26-6/1/26). Importantly,

Novo noted that >80% of new prescriptions filled for Wegovy pills are for patients new

to GLP-1 therapy, suggesting oral Wegovy is expanding the treatment population rather

than replacing existing therapies. From an access perspective, all 3 major PBMs added

Wegovy pill at parity with injections on their standard template formularies by the end

of 1Q. While early utilization has predominately been cash-pay, expanding formulary

coverage should drive a gradual shift towards reimbursed volumes over time.

Exhibit 1: Oral Wegovy saw rapid uptake following the January 5th launch, representing 33% of total Wegovy volumes (for week ending 6/5/26)