KeyBanc sees West, Stevanato ramping despite oral Wegovy approval

KeyBanc believes the risk to oral weight loss drugs remains limited to 2030 from the approval of Wegovy’s oral version. Oral GLP-1 market penetration will remain capped in the near and long term despite new market approvals, the analyst tells investors in a research note. KeyBanc believes the oral version of Wegovy will only contribute 200 basis points to overall GLP-1 market share by 2030. The firm thinks GLP-1 suppliers are likely conservative with their market assumptions. West Pharmaceutical (WST) and Stevanato Group (STVN) have both commented on their market assumption that orals will have 30% market share of the overall GLP-1 market, it notes. KeyBanc expects both suppliers to continue to ramp as the market launches next-generation GLP-1s in injectable format.