Shares of Novo Nordisk rose significantly following the U.S. FDA's accelerated approval of Wegovy for treating metabolic dysfunction-associated steatohepatitis (MASH), a serious liver condition. This approval marks Wegovy as the first GLP-1 class therapy cleared for MASH, which affects approximately 5% of adults in the U.S. The stock saw a rise of up to 5% in Denmark and 3% in premarket trading in the U.S., providing a much-needed boost after a substantial decline in market value over recent weeks.

Despite the positive news, Novo Nordisk faces challenges from copycat drugs and increasing competition, particularly from Eli Lilly, which is also developing treatments for MASH. Analysts suggest that while the approval offers a temporary market exclusivity for Novo, the competitive landscape is expected to intensify as rivals launch their products. The company has also applied for similar approvals in Europe and Japan, indicating a strategic push to expand its market presence.