Novo Nordisk Has a Weight-Loss Pill But Can’t Make It Yet

Novo Nordisk A/S has a successor waiting in the wings for the generation of weight-loss shots it pioneered: a pill that helps people shed pounds without the drawbacks of an injection.

The medicine is the next frontier in the obesity fight, promising further billions in revenue, and Novo is leading once again. Trouble is, it can’t launch the drug widely without endangering its existing best-sellers.

The pill helps patients lose roughly as much weight as the blockbuster Wegovy. But the oral version requires far more of the same active ingredient, called semaglutide, and Novo already can’t make enough of it ...