Novo Nordisk and Eli Lilly shares both fall after Novo's price-cut plan for Ozempic and Wegovy

By Steve GoldsteinJaimy Lee

The Danish drugmaker plans to significantly lower the list price of three GLP-1 drugs

Novo Nordisk is cutting the price of Ozempic, Rybelsus and Wegovy.

Shares of Novo Nordisk and rival Eli Lilly fell on Tuesday after the Danish drugmaker said it would be cutting the price of its popular GLP-1 drugs like Ozempic, Rybelsus and Wegovy.

The Wall Street Journal first reported the price cuts.

Novo said the list prices for all three drugs will be $675 a month, starting in 2027. That's a 50% reduction for Wegovy, a shot and pill used for weight management, and a 34% reduction for Ozempic, which is an injection for people with Type 2 diabetes. Rybelsus is a GLP-1 pill used to treat diabetes.

"The lower list price is intended to connect more people with our innovative medicines, specifically those whose out-of-pocket costs are linked to list price, such as individuals with high-deductible health plans or co-insurance benefit designs," Jamey Millar, Novo's EVP of U.S. operations, said in a news release.

The list prices will still be considerably higher than those available through Medicare, which will be $274.

Novo Nordisk shares (NVO) (DK:NOVO.B) fell 3% in premarket trade, while Eli Lilly's (LLY) stock fell 2%.

Novo is in the midst of a turnaround filled with ups and downs. Under a new CEO, it is laying off thousands of workers and ending some work on early-stage new therapies. On Monday, Novo's shares fell to a four-year low after the company said its next-generation weight-loss drug CagriSema didn't work as well as Eli Lilly's Zepbound.

At the same time, the Wegovy pill - the first GLP-1 pill for weight loss - has been called the "fastest launch ever" since arriving in pharmacies last month.

Analysts at Deutsche Bank and JPMorgan were among those to downgrade their ratings of Novo Nordisk.

Novo's stock has tumbled 25% so far this year, while Lilly's shares are down 2%.

-Steve Goldstein -Jaimy Lee

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02-24-26 0826ET