Matt Weston

Matt Weston inquired about Novo Nordisk's U.S. pricing outlook, specifically whether they anticipate mid-teens price declines similar to Eli Lilly's guidance. He asked if Novo's portfolio dynamics, such as a shift to cash business or increased insurer rebates for Wegovy, lead to a different price trajectory.

Answer

CFO Karsten Munk Knudsen stated that Novo Nordisk does not comment on competitor guidance but confirmed declining prices for GLP-1s in diabetes (Ozempic) and obesity. He cited rate enhancements in insured channels, a shift towards cash business, and MFN impact as factors leading to a substantial price reduction for injectable Wegovy. CEO Mike Doustdar added that price is a critical element for volume, noting the Oral Wegovy launch's success at $149 demonstrates its value despite short-term price pain.

Matt Weston inquired about U.S. market price pressure, asking if Novo Nordisk agrees with Lilly's anticipated mid-teens price declines and if Novo Nordisk's portfolio dynamics, such as a shift to cash business or incremental insurer rebates for Wegovy, lead to a different price outlook.

Answer

CFO Karsten Munk Knudsen stated that he could not comment on Lilly's guidance but confirmed declining prices for GLP-1s in diabetes (Ozempic) and substantial price reductions for injectable Wegovy due to rate enhancements in insured channels, a shift towards cash business, and MFN impact. He clarified that the oral Wegovy, having only a starter price, does not have a comparator for decline, and the overall U.S. business decline in the teens is price-driven.