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Companies Novo Nordisk A/S FollowCOPENHAGEN, Aug 10 (Reuters) - Novo Nordisk's (NOVOb.CO) limits on U.S. supplies of starter doses of its hugely popular Wegovy weight-loss drug will last into next year even as the Danish drugmaker spends billions boosting output, its CEO told Reuters on Thursday. Earlier on Thursday, the company said it would continue to restrict U.S. supplies of starter doses of Wegovy as the company struggles to keep up with soaring demand. Novo has denied this, but when asked about this on Thursday Jorgensen said there may be shortages. The company expects to apply for regulatory approval for an expanded label indication in the U.S. and European Union later this year. "It'll take some time before we get it on label," Jorgensen said.

Persons: Lars Fruergaard Jorgensen, Thursday Jorgensen, Jim Vondruska, Jorgensen, " Jorgensen, Martin Lange, Nikolaj Skydsgaard, Jacob Gronholt, Josephine Mason, Jason Neely, Mark Potter Organizations: Novo Nordisk, COPENHAGEN, Reuters, REUTERS, Wegovy, Union, American Heart Association, Pedersen, Thomson Locations: Danish, Chicago , Illinois, U.S, Philadelphia, Copenhagen, London

☆ Novo Nordisk extends U.S. supply curbs on weight-loss drug Wegovy
▼ + stars: | 2023-08-10 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +3 min

The news came as the Danish drugmaker raised its full-year profit and sales forecasts for a second time. Wegovy is a weekly injection that can help patients to shed 15% of their weight alongside diet and exercise changes. Reuters has reported that larger doses are also in short supply, which Novo has denied. Many analysts had expected Novo to raise earnings guidance, given the huge U.S. demand for the weekly injection. The company also warned that it expected "continued periodic" supply constraints and drug shortages across a number of products and geographies.

Persons: Jacob Gronholt, Pedersen, Ozempic, Lars Fruergaard Jorgensen, Novo, " Jorgensen, Henrik Hallengreen Laustsen, Laustsen, Nikolaj Skydsgaard, Josephine Mason, Mark Potter Organizations: Novo Nordisk, REUTERS, Reuters, World Health Organization, Jyske Bank, Thomson Locations: Novo, Copenhagen, Denmark, U.S, COPENHAGEN, Danish

A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. The study called SELECT involved 17,500 patients aged 45 years or older with no prior history of diabetes and started almost five years ago testing if the weekly injection has medical benefits. The landmark trial data shows Wegovy has "the potential to change how obesity is regarded and treated," said Martin Holst Lange, executive vice president for development at Novo Nordisk, in a statement. Novo Nordisk said it expects to file for regulatory approvals of a label indication expansion for the weekly injection in the United States and European Union this year. The detailed results from the trial will be presented at a scientific conference later in 2023.

Persons: Jim Vondruska, Wegovy, Danish drugmaker, That's, Martin Holst Lange, Soren Lontoft Hansen, Novo, Maggie Fick, Nikolaj Skydsgaard, Josephine Mason, Sharon Singleton, Kirsten Donovan Organizations: REUTERS, COPENHAGEN, Novo Nordisk, Nordisk, European Union, World Health Organization, Barclays, Thomson Locations: Chicago , Illinois, U.S, LONDON, Danish, Europe's, United States, Europe, European, Norway, Denmark, Germany, Norwegian

A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. The increasingly popular Wegovy has transformed the weight-loss market since its U.S. launch in June 2021, capturing the attention of patients, investors and celebrities worldwide. Novo's news lifted shares in Europe's second-most valuable listed company after LVMH (LVMH.PA) by more than 17% to record highs. Novo said the eagerly-awaited study results, which have not been peer reviewed, showed that patients on Wegovy had a 20% lower incidence of heart attack, stroke or death from heart disease compared to those on a placebo. Lilly's shares rose nearly 15% in early U.S. trading, boosted by its upbeat quarterly results and Novo's trial data.

Persons: Jim Vondruska, Novo, Wegovy, Jeff Levin, Willis, Willis Towers Watson, Martin Holst Lange, Novo's, Eli Lilly, Mounjaro, Soren Lontoft Hansen, Maggie Fick, Nikolaj Skydsgaard, Jacob Gronholt, Ludwig Burger, Patrick Wingrove, Terje Solsvik, Josephine Mason, Sharon Singleton, Kirsten Donovan, Jan Harvey, Alexander Smith Organizations: REUTERS, COPENHAGEN, Novo Nordisk, Willis Towers, U.S, Union, Pfizer Inc, Amgen Inc, World Health Organization, Barclays, Reuters, Pedersen, Thomson Locations: Chicago , Illinois, U.S, LONDON, Europe's, Europe, United States, Novo, Wegovy, Germany, Denmark, Norway, Copenhagen, Frankfurt, New York, Oslo

At least ten copies of the Koran have been burned in Denmark over the past week. WHAT IS AT THE HEART OF THE ISSUE IN SWEDEN AND DENMARK? WHAT ARE SWEDEN AND DENMARK DOING NOW? Nevertheless, both Sweden and Denmark say they are examining ways to legally limit burnings to de-escalate tensions with Muslim nations. WHAT NEXT FOR THE LAW IN DENMARK AND SWEDEN?

Persons: Salwan Momika, Rasmus Paludan, Desecrating, Prophet Mohammad, Angel Gabriel, Tom Little, Susie Jessen, Tayyip Erdogan, Johan Ahlander, Johannes Birkebaek, Ahmed Rasheed, Gwladys Fouche, Andrew Heavens Organizations: WHO, Danish Patriots, NATO, REUTERS, Denmark Democrats, Reuters, Sweden's, Thomson Locations: COPENHAGEN, Denmark, Sweden, Iraq, Swedish, SWEDEN, DENMARK, Christiansborg Palace, Copenhagen, Tom Little Denmark, Baghdad, East, Stockholm

COPENHAGEN/STOCKHOLM, July 31 (Reuters) - Danish Foreign Minister Lars Lokke Rasmussen said on Monday he hoped the government's proposal to limit Koran burnings in the country would help de-escalate a growing international conflict with several Muslim countries. Denmark and Sweden have seen several protests in recent weeks where copies of the Koran have been burned, or otherwise damaged, prompting outrage in Muslim countries, which have demanded the Nordic governments put a stop to the burnings. The Nordic countries have deplored the burnings of the Koran but cannot prevent it under constitutional laws protecting freedom of speech. However, both governments have now said they are considering legal changes that would allow authorities to prevent further burnings in special situations. Reporting by Nikolaj Skydsgaard in Copenhagen and Johan Ahlander in Stockholm; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Lars Lokke Rasmussen, Rasmussen, Tobias Billstrom, islamophobic, Nikolaj Skydsgaard, Johan Ahlander, David Evans Organizations: Danish, Nordic, of Islamic Cooperation, Thomson Locations: COPENHAGEN, STOCKHOLM, Denmark, Sweden, Swedish, Copenhagen, Stockholm

Even so, Koran burnings took place in both countries on Monday. In Denmark, anti-Muslim protesters burned the Koran outside the Saudi Arabian embassy in Copenhagen, with several more planned for later in the day. The Nordic countries have deplored the burnings of the Koran but cannot prevent it under constitutional laws protecting freedom of speech. OIC foreign ministers convened in an extraordinary session on Monday to discuss the recent developments where it strongly condemned the Koran burnings. The foreign ministries of Denmark and Sweden were not immediately available for comment after the OIC meeting had ended.

Persons: Rasmussen, Tobias Billstrom, Islamophobic, Nikolaj Skydsgaard, Johan Ahlander, Moaz Abd, Alaziz, Adam Makary, Marie Mannes, David Evans, Bill Berkrot Organizations: Nordic, Saudi, of Islamic Cooperation, OIC, Thomson Locations: COPENHAGEN, STOCKHOLM, Sweden, Denmark, Stockholm, Iraqi, Saudi Arabian, Copenhagen, Swedish

☆ Danske Bank hikes guidance, resumes dividends
▼ + stars: | 2023-07-21 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

COPENHAGEN, July 21 (Reuters) - Danske Bank (DANSKE.CO) on Friday raised its full-year profit guidance and said it would resume paying dividends to its shareholders after posting forecast-beating earnings in the second quarter. Denmark's largest lender now expects net profit for 2023 to land in the range of 18.5 billion to 20.5 billion Danish crowns ($2.77 billion-$3.06 billion), up from an earlier estimate of between 16.5 billion and 18.5 billion crowns. Danske's net profit for the April-June quarter rose to 5 billion Danish crowns from 1.7 billion a year earlier, above analysts' expectations in a company-compiled poll of around 4.6 billion crowns. The better-than-expected results mirror those of rival Nordic banks Nordea (NDAFI.HE), SEB, DNB (DNB.OL) and Swedbank (SWEDa.ST), which beat analysts expectations when they published second-quarter results earlier this week. "The losses are lower than expected, and 1.5 billion crowns in loan loss provisions for the whole year acts as a built-in buffer for a further positive guidance change," Nordnet analyst Per Hansen said in a note.

Persons: Carsten Egeriis, Egeriis, SEB, Per Hansen, Nikolaj Skydsgaard, Tom Hogue Organizations: Danske Bank, Thomson Locations: COPENHAGEN, U.S, Denmark

☆ Danish mall shooter sentenced to indefinite psychiatric treatment
▼ + stars: | 2023-07-05 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +2 min

COPENHAGEN, July 5 (Reuters) - A Danish court sentenced a 23-year-old man on Wednesday to indefinite psychiatric treatment at a secure facility for the killing of three people during a shooting spree in a Copenhagen shopping mall a year ago. The man killed two 17-year-olds and a 46-year-old man on July 3 last year when he opened fire at the Field's mall in the capital's southern outskirts. He has admitted to the shootings but said he was mentally ill at the time. "It was a day that affected many people, many of whom are sadly still struggling with physical and psychological scars," prosecutor Soren Harbo said outside the Copenhagen court. But it declared that he was mentally ill at the time of the shootings, which meant he was sentenced to undergo psychiatric treatment at a secure facility for an indefinite amount of time rather than a regular prison sentence.

Persons: Soren Harbo, Luise Hoj, Nikolaj Skydsgaard, Helen Popper Our Organizations: DR, Reuters, Thomson Locations: COPENHAGEN, Copenhagen

☆ European wind developers play down Siemens Gamesa turbine troubles
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +4 min

UBS analysts said that in a worst-case scenario charges for Siemens Energy could exceed 5 billion euros. Denmark's Orsted said it operates one onshore wind farm with Siemens Energy turbines and that Orsted's portfolio of turbines has "high availability rates, reflecting that wind power has very little down-time." Siemens Gamesa has already told Iberdrola that it would proceed with a retrofit design, the source said, adding no technical issues for the remaining fleet of Siemens Gamesa turbines had been observed. Siemens Energy shares were up 5.7% at 1428 GMT, recovering some losses after analysts said Friday's sell-off was overblown. Siemens Gamesa first disclosed problems around its 5X model in July 2021, flagging higher than expected ramp-up costs.

Persons: Siemens Gamesa, Germany's, Denmark's Orsted, Eolus Vind, Iberdrola, Friday's, Andres Gonzalez, Forrest Crellin, Christoph Steitz, Marek Strzelecki, Nikolaj Skydsgaard, Nora Buli, Pietro Lombardi, Nina Chestney, Mark Potter, Alexander Smith Organizations: Siemens, Siemens Energy, UBS, EDF, Copenhagen Infrastructure Partners, Siemens Gamesa, Poland's PGE, Thomson Locations: Spanish, Copenhagen, Baltica, Baltic, London, Paris, Frankfurt, Warsaw, Oslo, Madrid

☆ Novo Nordisk shares slip on EMA drug safety signal
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

reported that the European Medicines Agency (EMA) had raised the safety signal, which is a way to monitor potential adverse events from the use of approved drugs. "Novo Nordisk is aware of the signal and the request by EMA and will deliver a thorough assessment of all relevant data to elucidate this topic," Lars Otto Andersen-Lange, media relations director at Novo Nordisk, told Reuters. report referred to a May 8 statement from EMA, which raised a thyroid cancer safety signal for several drugs in the GLP-1 class, including semaglutide. But a "causal association" between semaglutide and thyroid cancer had not been demonstrated in large-scale clinical trials and post-marketing surveillance, he said. EMA's safety signal had also included GLP-1 drugs from competitors Eli Lilly (LLY.N), Astrazeneca (AZN.L) and Sanofi (SASY.PA).

Persons: Lars Otto Andersen, Lange, Andersen, " Andersen, Eli Lilly, Soren Lontoft Hansen, Nikolaj Skydsgaard, Maggie Fick, Alexander Smith Organizations: Novo Nordisk, European Medicines Agency, EMA, Nordisk, Reuters, Astrazeneca, Sanofi, Thomson Locations: COPENHAGEN, Novo, Denmark's Novo, Copenhagen

☆ Novo Nordisk says EMA raised safety signal on drugs, shares fall
▼ + stars: | 2023-06-22 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +3 min

The European Medicines Agency (EMA) raised the safety signal, which is a way to monitor potential adverse events from the use of approved drugs. "Novo Nordisk is aware of the signal and the request by EMA and will deliver a thorough assessment of all relevant data to elucidate this topic," Lars Otto Andersen-Lange, media relations director at Novo Nordisk, told Reuters. reported the EMA safety signal. report referred to a May 8 statement from EMA, which raised a thyroid cancer safety signal for several drugs in the GLP-1 class, including semaglutide. EMA's safety signal also included GLP-1 drugs from competitors Eli Lilly (LLY.N), Astrazeneca (AZN.L) and Sanofi (SASY.PA).

Persons: Eli Lilly, Ozempic, Lars Otto Andersen, Lange, Andersen, " Andersen, Soren Lontoft Hansen, semaglutide, Nikolaj Skydsgaard, Maggie Fick, Alexander Smith Organizations: Sanofi, Novo Nordisk, European Medicines Agency, EMA, Nordisk, Reuters, Astrazeneca, FDA, Thomson Locations: Astrazeneca, COPENHAGEN, Denmark's Novo, Copenhagen

A weekly injection of Wegovy leads to an average weight loss of around 15%, alongside changes to diet and exercise. That has effectively delayed the launch in most of Europe, following the recent launch of Wegovy in Denmark and Norway. Novo Nordisk has also had to overcome problems at a contract manufacturer. Novo Nordisk also said the number of people with obesity is forecast to rise to 1.5 billion by 2035. Research and development chief Martin Lange said that the company plans to investigate how to maintain the weight loss after stopping the drug.

Persons: Lars Fruergaard Jorgensen, Camilla Sylvest, Jorgensen, Wegovy, Martin Lange, Maggie Fick, Nikolaj Skydsgaard, Jennifer Rigby, Louise Heavens, Emma Rumney Organizations: pharma, Novo Nordisk, World Health Organisation, WHO, World Obesity Federation, Reuters, Research, Thomson Locations: COPENHAGEN, Europe, United States, U.S, Danish, Wegovy, Denmark, Norway, London, Copenhagen

June 20 (Reuters) - Wegovy maker Novo Nordisk (NOVOb.CO) on Tuesday said it had sued some medical spas and wellness clinics in the United States for selling products claiming to contain semaglutide, the key ingredient in its popular weight-loss and diabetes drugs. The Danish drugmaker said it had filed federal court lawsuits in states including New York, Florida, Tennessee and Texas, accusing the spas of selling unapproved variations of its drugs. Novo Nordisk asked the courts for orders blocking the sales of the unauthorized drugs and an unspecified amount of money damages. Four of the companies named in the lawsuits in Florida, Texas and Tennessee did not immediately respond to requests for comment. Reporting by Nikolaj Skydsgaard and Blake Brittain; Editing by Ed Osmond and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Eli Lilly, Danish drugmaker, Nikolaj Skydsgaard, Blake Brittain, Ed Osmond, Alexander Smith Organizations: Novo Nordisk, U.S . Food, Drug Administration, FDA, Barclays, Nordisk, Thomson Locations: United States, U.S, Danish, New York , Florida , Tennessee, Texas, Florida , Texas, Tennessee

☆ Denmark looks to curb collection of data on children by Big Tech
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021. REUTERS/Andrew KellyCOPENHAGEN, June 12 (Reuters) - Denmark aims to raise the age limit for the collection of personal data from children by tech giants such as Google, Snapchat and Meta, in a bid to curb the massive accumulation of data on young people, the government said on Monday. It wants to raise to between 15 and 16 years the age at which children can consent to share personal data with tech companies, from 13 now. The companies will also require parental consent to use data from children younger than that. "The tech giants must take greater responsibility," business minister Morten Bodskov said as the government unveiled initiatives to rein in the influence of global tech companies.

Persons: Andrew Kelly COPENHAGEN, Morten Bodskov, Johannes Birkebaek, Nikolaj Skydsgaard, Supantha Mukherjee, Clarence Fernandez Organizations: Google LLC, Google, Chelsea, REUTERS, Meta, Thomson Locations: Manhattan , New York City, U.S, Denmark, Germany, Hungary, Lithuania, Netherlands, United States

☆ Danske Bank raises profit goal, puts Norway retail unit up for sale
▼ + stars: | 2023-06-07 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +3 min

"Danske Bank has during recent years made fundamental changes to refocus the bank, reduce our risk exposure, develop our organisation and accelerate our commercial momentum," said CEO Carsten Egeriis. Rival Nordic banks Nordea (NDAFI.HE) and DNB (DNB.OL) both have long-term ROE targets of more than 13%, while Swedbank (SWEDa.ST) has a goal of at least 15%. Danske Bank is Norway's third-biggest bank after DNB and Nordea with a market share of close to 5%, regulatory data shows. Danske also said it would double investments into the strategic development of the bank, including digital platforms, expert advisory services and sustainability. It plans to maintain its dividend payout ratio of between 40-60% of net profit.

Persons: Carsten Egeriis, Danske, JP Morgan, Nikolaj Skydsgaard, Terje Solsvik, Jason Neely Organizations: Bank, Danske Bank, Danske, Nordic, Thomson Locations: COPENHAGEN, United States, Denmark

☆ Novo Nordisk cuts some US supply of obesity drug Wegovy to cope with demand
▼ + stars: | 2023-05-04 | by ( Nikolaj Skydsgaard | ) www.reuters.com time to read: +3 min

SummarySummary Companies Novo halves supply of Wegovy starter doses in U.S. "To safeguard continuity of care, the supply of the lower Wegovy dose strengths in the US will be reduced temporarily," Novo said in a statement. Novo has faced supply constraints for its hugely popular Wegovy drug as a result of overwhelming demand, and has invested massively in increasing supply. Supply of starter doses in the U.S. would be cut by around 50% for "some months," Jorgensen added. Credit Suisse analysts said they were not surprised by the move, given the level of demand for the drug.

☆ Weight-loss drug maker Novo Nordisk beats earnings forecast
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Companies Novo Nordisk A/S FollowCOPENHAGEN, May 4 (Reuters) - Danish drug developer Novo Nordisk (NOVOb.CO) on Thursday reported first-quarter operating profit above analyst forecasts, helped by sales in the United States of its hugely popular Wegovy weight-loss drug. Novo reported earnings before interest and taxes (EBIT) of 25 billion Danish crowns ($3.72 billion), above an average analyst forecast of 22.4 billion, according to a Refinitiv poll. Earlier this month, Novo, the second-most valuable company in Europe by market capitalisation, significantly raised its full-year operating profit and sales expectations on the back of strong demand for Wegovy. Novo on Thursday maintained the full-year growth guidance in local currencies. It specified that sales and operating profit growth reported in Danish crowns are now expected to be 6 and 9 percentage points lower than at local currencies, respectively.

☆ Denmark's central bank raises key rate, following ECB hike
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, May 4 (Reuters) - Denmark's central bank raised its key interest rate by 0.25 percentage points to 2.85% on Thursday, following a rate hike earlier in the day by the European Central Bank. "The interest rate increase is a consequence of the increase by the European Central Bank of its main monetary policy rate, the deposit facility rate, by 0.25 percentage point," the central bank said in a statement. The move was Denmark's seventh rate hike since July last year, closely tracking the ECB and other central banks across the globe that are tightening monetary policy to combat inflation. Denmark's benchmark current account interest rate and the certificate of deposit rate were each raised by 0.25 percentage points to 2.85% from 2.6%, while the so-called lending rate was raised by 0.25 percentage points to 3% from 2.75%. Reporting by Nikolaj Skydsgaard and Jacob Gronholt-Pedersen, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Carlsberg agrees to pay 50 million euro fine in German price-fixing case
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

COPENHAGEN, May 3 (Reuters) - Danish brewer Carlsberg (CARLb.CO) has reached a settlement with German authorities and agreed to pay a 50 million-euro ($55 million) fine over the alleged formation of a cartel more than a decade ago. It said it refuted the allegations but had settled in order to focus on its core business of brewing beer. "We confirm that Carlsberg Deutschland Holding GmbH has reached a settlement in this case, which has been ongoing for 11 years and required an enormous amount of time and financial resources," Carlsberg's head of communications, Tanja Frederiksen, said in a statement. "We still strongly disagree with the charges and maintain our innocence, but we have taken this decision in order to be able to fully focus again on the future of Carlsberg Deutschland Holding GmbH," Frederiksen said. The case was concluded on Tuesday at the Düsseldorf Higher Regional Court, Carlsberg said.

☆ Investors see big Novo Nordisk stock boost if obesity drug shows heart benefit
▼ + stars: | 2023-05-03 | by ( Maggie Fick | ) www.reuters.com time to read: +5 min

Demand for the Danish company's weight-loss treatment Wegovy is soaring in the United States, leading it to significantly raise its full-year profit and sales expectations last month. "But most insurance companies (...) may need to see that data, to definitively see the correlation between weight loss and improved outcomes." Less than 15% could put downward pressure on the stock while around 10% would be a major disappointment, some of the investors and analysts said. Booming demand and production issues have caused shortages of Wegovy though, forcing Novo to delay launching the weekly injection in most of Europe. Even with the medical benefit, investors say the company faces a challenge convincing Europe's cost-conscious health authorities to pay for the drug.

☆ Denmark, Netherlands to donate 14 Leopard 2 tanks to Ukraine
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, April 20 (Reuters) - Denmark and the Netherlands will jointly donate 14 Leopard 2 tanks to Ukraine, the two countries said on Thursday. The Leopard 2A4 tanks, which will be bought from a third party and refurbished, are expected to be delivered in the first quarter of 2024, they said in a joint statement. "It is absolutely crucial for the hope of a peaceful and secure Europe that we do not let the Ukrainians fight the battle alone," Denmark's acting Defence Minister Troels Lund Poulsen said. In February, Denmark, Germany and the Netherlands also announced they will pool resources to restore at least 100 old Leopard 1 tanks from industry stocks and supply them to Ukraine this year and next. Reporting by Nikolaj Skydsgaard, Louise Rasmussen, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ EU backs use of Novo Nordisk's weight loss drug in adolescents
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - The European Medicines Agency said on Friday its committee has recommended expanding the use of Danish drugmaker Novo Nordisk's (NOVOb.CO) weight loss drug in adolescents aged 12 years and older. Novo's Wegovy, a semaglutide-based drug, activates GLP-1, a hormone that triggers the feeling of fullness in the body after eating. It has been approved in the U.S. and European Union for treatment of obesity in adults. The company did not indicate a timeline for its plans to launch the drug, already available in Denmark and Norway, in other EU countries. Earlier this year, the American Academy of Pediatrics also recommended use of weight-loss drugs in children aged 12 years or older.

Although insulin list prices are high in the U.S., drugmakers typically pay substantial rebates to private insurers and government programs, resulting in lower prices for most Americans with insurance. U.S.-listed Novo Nordisk shares rose as much as 1.7% to $142.95, while Denmark-listed shares closed marginally higher on Tuesday. Eli Lilly shares were down slightly. "I think it is a relatively natural consequence of what we have seen their competitor Eli Lilly do. Eli Lilly, Sanofi and Novo Nordisk make up 90% of the U.S. market for insulin.

☆ Novo Nordisk joins Lilly in plans to slash U.S. insulin prices
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Novo Nordisk (NOVOb.CO) said on Tuesday it would cut U.S. list prices for several insulin drugs by up to 75% next year, joining rival Eli Lilly as drugmakers come under pressure for high prices of the life-sustaining treatment. The moves follow President Joe Biden's Inflation Reduction Act last year that capped insulin prices for Medicare recipients at $35 per month, but that does not extend to patients without insurance. Novo will reduce the list price of its NovoLog insulin by 75%, and for Novolin and Levemir by 65%. The company also said it would reduce the list price of unbranded insulin products to match lowered price of respective branded insulin products. Eli Lilly and Co (LLY.N) said earlier this month that it would cut the list prices for its most commonly prescribed insulin products by 70% from the fourth quarter of this year.

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