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Novo Nordisk Slashes Ozempic and Wegovy Prices by Up to 50%

Novo Nordisk dropped a bombshell on Tuesday, announcing it will slash the U.S. list prices of its blockbuster weight-loss and diabetes drugs — Wegovy, Ozempic, and Rybelsus — by up to 50% starting January 1, 2027. All three treatments will carry a new list price of $675 per month, down from approximately $1,350 for Wegovy and $1,027 for the diabetes drugs. The move is specifically designed to relieve the cost burden on insured patients with high-deductible health plans or coinsurance benefit structures. The announcement lands at perhaps the worst possible moment for the Danish pharmaceutical giant. Just one day earlier, shares cratered 16% after Novo's next-generation obesity drug CagriSema failed to demonstrate non-inferiority against Eli Lilly's Zepbound in the pivotal REDEFINE-4 phase III trial. The double blow has sent NVO shares tumbling to $38.58 — a new 52-week low — erasing more than half its market capitalization from last year's peak of $93.80. The stock is now down nearly 59% from its highs, and trading at its lowest P/E ratio in years at just 10.5x earnings. For investors, the twin developments crystallize a question that has been building for months: Is Novo Nordisk ceding the GLP-1 weight-loss throne to Eli Lilly, or is this a generational buying opportunity for one of pharma's most profitable franchises?

Novo NordiskOzempicWegovy

Novo Nordisk Crashes 15% as Next-Gen Obesity Drug Loses

The weight-loss drug wars reached a decisive inflection point on Monday as Novo Nordisk's shares plummeted nearly 16% — wiping roughly $27 billion off its market capitalization in a single session — after its much-anticipated next-generation obesity treatment CagriSema failed to prove it was at least as effective as Eli Lilly's tirzepatide in a pivotal 84-week clinical trial. The Danish drugmaker's stock fell to $40.07 per share, hitting its lowest level since June 2021 and marking a staggering decline of more than 57% from its 52-week high of $93.80. The REDEFINE 4 Phase III trial, which was designed to demonstrate non-inferiority to Lilly's blockbuster ingredient — the active compound behind both Mounjaro and Zepbound — instead showed CagriSema delivering 23% weight loss at 84 weeks compared to 25.5% for tirzepatide. For a company that once dominated the GLP-1 obesity market with Ozempic and Wegovy, the result represents a potentially existential competitive setback that reshapes the landscape of a market projected to exceed $100 billion by the end of the decade. Meanwhile, Eli Lilly surged 4.5% to $1,055.25, approaching its $995.5 billion market capitalization as it simultaneously launched a new multi-dose KwikPen form of Zepbound offering a full month of treatment in a single device at $299 per month — a calculated one-two punch of clinical superiority and patient convenience that further cements its dominant position.

Novo NordiskEli LillyCagriSema