Novo Nordisk shares jump after Wegovy price cuts announced
Novo Nordisk announced launching a direct-to-patient online pharmacy NovoCare, offering a more than half-price cut for its weight-loss treatment Wegovy.
Europe’s largest pharmaceutical firm, Novo Nordisk, has announced that it will offer its most popular weight-loss drug, Wegovy, for less than half of its listed price. This follows a similar move by its biggest US rival, Eli Lilly, last week, intensifying the competition in the obesity drug market.
Novo Nordisk’s shares rose by 3.8% in US markets following the announcement, while Eli Lilly’s stock gained 2% after an initial drop of 0.7% on Wednesday. However, the Danish pharmaceutical firm’s shares have continued to underperform, rising only 4.2% this year in contrast to a 19% rally for Eli Lilly.
Under US Food and Drug Administration (FDA) policy, compounding pharmacies are permitted to sell copies of drugs when those medications are in short supply. This has allowed smaller telehealth rivals, such as Hims & Hers Health, to offer cheaper versions of obesity medication through compounding pharmacies.
However, the FDA recently declared that shortages of Eli Lilly’s Zepbound and Novo Nordisk’s Wegovy had ended. As a result, the availability of lower-cost, compounded weight-loss drugs at these pharmacies will soon diminish, forcing patients to purchase the medications elsewhere. Both Eli Lilly’s Zepbound and Novo Nordisk’s Wegovy cost over $1,300 per month before insurance and other rebates at retail prices. Many consumers have complained that these expensive GLP-1 drugs are unaffordable, particularly as at least half of large employers in the US do not provide insurance coverage for them. Regulators have also urged major pharmaceutical firms to lower their prices.
In response, Eli Lilly reduced the monthly price of lower-dosage vials of Zepbound by $50 for cash-paying consumers through its LillyDirect online store. Patients can now purchase a monthly supply of 2.5 mg vials for $348 and 5 mg vials for $499. Novo Nordisk followed suit, offering cash-paying customers a reduced price of $499 per month through its direct-to-patient online pharmacy, NovoCare.
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Weight loss market: Smaller rivals muscle in on Eli Lilly and Novo Nordisk
Novo Nordisk stated: “While 90% of patients taking Wegovy have a co-pay of $0 to $25 per month, this offer was designed to support cash-paying patients without insurance coverage. Amidst the dangers of fake or illegitimate compounded semaglutide, NovoCare Pharmacy offers reliable access to authentic, FDA-approved Wegovy in our once-weekly, single-dose pen.”
The federal government has authorised a transition period for compounded versions of Eli Lilly’s Zepbound and Mounjaro. Compounded semaglutide, sold under Novo Nordisk’s Wegovy and Ozempic, has a slightly longer transition period before sales cease on 22 April.
Dave Moore, executive vice president of US operations and global business development, commented: “Novo Nordisk continues to advance solutions for patients that improve affordability and access to our medicines, whether they have insurance or not. Today, over 55 million people in the US have coverage specifically for weight management medicines, and 90% of Wegovy patients with coverage pay $0 to $25 a month for Wegovy.”
Novo Nordisk expects slower growth in 2025Novo Nordisk exceeded analysts’ expectations in its fourth-quarter earnings but provided a cautious outlook for 2025, as the pharmaceutical giant faces growing competition from its largest rival, Eli Lilly. Novo Nordisk has heavily invested in research and development, as the patent for its blockbuster drug Wegovy is set to expire in the early 2030s.
A recent trial of its next-generation obesity treatment, amycretin, showed positive results, temporarily lifting its share price in January. However, investors will continue scrutinising the company’s profit margins, which declined in the fourth quarter amid price cuts and rising expenditure.
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