Novo Nordisk: Wegovy, Ozempic prices fell in the first quarter

LONDON, May 2 (Reuters) – Novo Nordisk has seen the price of its hugely popular weight-loss drug Wegovy and diabetes drug Ozempic fall in the United States as volumes and competition have increased, a senior executive said on Thursday.

Wegovy prices in the United States were "slightly down" in the first quarter and Novo expects further decreases through the rest of 2024, Chief Financial Officer Karsten Munk Knudsen said on a call with media.

On Ozempic, "we do see continued reduction in price" in the U.S. market, Knudsen later said on an investor call, also citing increased volumes and competition.

Ozempic contains the same active ingredient as Wegovy but is a type 2 diabetes treatment.

The comments came after the Danish drugmaker raised its full-year outlook due to explosive demand for the weekly injection.

U.S. employers and health insurance plans are attempting to slow spending on weight loss and diabetes drugs such as Wegovy and Ozempic. Health insurance companies have imposed requirements such as prior authorization or step therapy, which mandates that people first try less expensive drugs. In some cases, employers and insurers are denying coverage altogether.

North Carolina's health insurance program for state employees has discontinued coverage for the prescription weight-loss medications Wegovy and Saxenda beginning April 1.

Contributing: Ken Alltucker

This article originally appeared on USA TODAY: Novo Nordisk: Wegovy, Ozempic prices fell in the first quarter