Novo Nordisk shares listed in Frankfurt surged nearly 10% in early trading on Tuesday after the U.S. Food and Drug Administration approved the company’s new weight-loss pill.
The approval gives the Danish drugmaker a competitive boost in the race to bring an effective oral weight-loss treatment to market, helping it claw back momentum lost to rival Eli Lilly.
Despite Tuesday’s sharp rally, Novo Nordisk’s stock remains under pressure. Shares have fallen by more than 50% so far this year, reflecting intensifying competition in the rapidly expanding weight-loss drug market.
