Novo Nordisk Cuts Wegovy Price in Sweden While Ozempic Data Bests Mounjaro

Novo Nordisk cut Wegovy's price 20% in Sweden and presented study data showing fewer cardiovascular events with Ozempic than Lilly's Mounjaro.

Novo Nordisk is pressing on two fronts at once — trimming the cost of its obesity drug in one European market while rolling out fresh clinical evidence in its widening rivalry with Eli Lilly.

As of Thursday, the Danish drugmaker has lowered the price of Wegovy in Sweden by 20%. The reduction applies to the higher 1.7 mg and 2.4 mg doses, and the company estimates patients can save roughly 500 Swedish kronor or more per month. Because Swedish pharmacies set their own retail prices, Novo is urging retailers to pass the full discount through to consumers.

The move addresses a market where no state reimbursement exists. Patients in Sweden currently foot the entire bill for treatment, after the responsible authority, TLV, turned down an earlier application to join the reimbursement system. Novo withdrew its subsequent appeal and filed a new request instead. The company is now in talks with TLV and regional health authorities to secure coverage for at least a narrowly defined high-risk group — those with severe obesity and serious comorbidities.

Investors took the news in stride. In European trading the stock slipped 0.9% to EUR 33.20, extending a year-to-date decline of roughly 25%.

Comparative Data Lands on Ozempic's Side

Separately, Novo unveiled research that hands it a valuable talking point against Lilly. A study presented Tuesday at the annual meeting of the European Association for the Study of Diabetes (EASD) in Milan found that adults with type 2 diabetes who increased their dose of Ozempic suffered fewer major cardiovascular events than patients who switched to Lilly's Mounjaro.

The findings come from COMPETE SWITCH CV, a retrospective observational study analyzing U.S. claims data from 636,525 diabetes patients. When the dose was raised to 2 mg of semaglutide, the risk of cardiovascular events such as heart attacks and strokes was 6% lower than with a switch to tirzepatide. As an analysis of real-world practice data, the study does not establish causality, and safety aspects were not examined.

Novo is also working to broaden access to its existing therapies. At the Milan conference, Larsen outlined plans to introduce an oral semaglutide formulation in Italy, aiming to reach patients who are reluctant to take regular injections.

A Confidence Gap to Close

The competitive intensity and investor caution are visible in the share price. Novo acknowledged that parts of its shareholder base have lost confidence and that this trust must now be rebuilt. The stock closed Tuesday at EUR 33.52, down 24% since the start of the year.

Global medical demand, meanwhile, remains enormous. Beyond its core European markets, management has its eye on regions such as India, where the company is preparing steps to launch oral treatments.

The price concessions in Sweden also reflect a sharpening global battle, above all with U.S. rival Eli Lilly. Industry analysts peg the worldwide obesity drug market at around USD 100 billion annually by the end of the decade. Novo CEO Mike Doustdar expects oral delivery forms to account for as much as 50% of that global market.

To defend its leading position over the long haul, Novo is investing heavily in its pipeline. According to research chief Martin Holst Lange, the company is targeting a market debut between 2029 and 2031 for a future once-weekly weight-loss pill. Until then, Novo must prove it can hold its market share profitably in an increasingly price-sensitive environment — and whether the latest comparative data gives the stock fresh support depends largely on how successfully it fends off its growing competition.