Danish drugmaker Novo Nordisk halved the price of its weight-loss drug Wegovy as it struggles to compete with rivals.
The early success of its obesity and diabetes treatments made Novo Europe’s biggest company by market capitalization, but recent results have proved disappointing. A trial of its next-generation drug failed to outperform Eli Lilly’s existing medication, and its shares slumped 16% this week, with the company already 80% down from its 2024 peak.
It is also under pressure from cheap copycat versions of its drugs. The global market for GLP-1 drugs is around $72 billion and likely to double by 2030, analysts estimated, but Novo’s lead has evaporated and it has been forced into a price war.
