Approximately one in eight Americans are taking medications like Ozempic or Wegovy for weight loss, diabetes, heart disease and more.
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The two struck a deal Monday for Hims to offer official versions of Novo Nordisk’s GLP-1 drugs Ozempic and Wegovy.
Just 20% of firms with 200 or more workers said they covered GLP-1 drugs for weight loss, according to the Peterson-KFF Health System Tracker.
Novo’s Copenhagen-listed shares rose 5.2% on Monday. New York-listed shares in Hims & Hers, meanwhile, shed an Ozempic-like 16% in volume.
The proliferation of cheaper generic drugs and more competition has already begun to bring down prices on weight-loss treatments.
The company also said earlier this week it will drop $6 billion on a new manufacturing facility in Huntsville, Alabama.
The trial proved so successful that Bayer plans to reach out to regulators in preparation for submitting the drug candidate for approval.
Metsera on Tuesday called Novo Nordisk’s new $10 billion offer “superior” to rival Pfizer’s bid of $8 billion.
Record performance of its GLP-1 drugs sent shares in Eli Lilly soaring almost 4% after its earnings call on Thursday.
The acquisition comes as new CEO Mike Doustdar tries to revive once meteoric growth that has come crashing down to earth this year.
Both companies have been desperate to innovate beyond their current injectable GLP-1 weight-loss drugs for a while now.
About 5 million people are affected by idiopathic pulmonary fibrosis globally, according to the National Institutes of Health.
Morgan Stanley analysts have estimated that Lilly’s GLP-1 pill could bring in as much as $40 billion in annual sales by 2033.
Novo said cash-paying Americans can now buy Ozempic for $499 per month through various channels including its official website.
Lilly’s second-quarter results reported Thursday were still more than fine: $15.5 billion in revenue beat Wall Street estimates.
Novo and Hims’ April team-up turned the two firms from competitors into collaborators at just the right moment.