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3w ago

Wegovy Prescriptions Surge as FDA Ban Cuts Into Copycats

Investor confidence hinges on whether the prescription upswing following the FDA ban pays off in August earnings.

Boxes of Wegovy made by Novo Nordisk are seen at a pharmacy in London, Britain March 8, 2024. REUTERS/Hollie Adams/File Photo

Overview

  • New Wegovy prescriptions rose 33 percent to 181,200 in the week ending July 18 after the FDA banned compounded copycats on May 22.
  • The gap with Eli Lilly’s Zepbound narrowed to about 133,000 prescriptions, down from nearly 175,000 in late May.
  • Analysts say Novo Nordisk is in a “show me” phase as investors await its August 6 quarterly report following a forecast cut and the surprise exit of CEO Lars Fruergaard Jorgensen.
  • IQVIA data exclude sales via NovoCare, the direct-to-consumer platform launched in March, suggesting actual volume may be higher.
  • Novo Nordisk has introduced a limited-time discount and secured better coverage from CVS Health to win back patients ahead of its earnings release.