Novo Nordisk Q1 2026: Wegovy Pill Beat Changes the NVO Thesis

Novo Nordisk just reported Q1 2026 earnings, and the setup changed.Heading into the quarter, NVO was flying through rough weather: pricing pressure, Ozempic slowing, Lilly competition, and questions about whether the GLP-1 growth story was weakening.But Q1 gave the thesis its first real lift in several quarters.In this Captain’s Log, we review the Wegovy pill launch, adjusted sales pressure, the 340B reversal, Ozempic trends, Lilly and Foundayo competition, Novo’s raised guidance, valuation after earnings, and the price zones where NVO may become more attractive.My conclusion: the thesis is improving, valuation looks attractive, but the right posture is still discipline — not chasing aggressively.For educational purposes only. Not investment advice.