Price Cuts at Novo Nordisk

You may have seen headlines lately that pharmaceutical giant Novo Nordisk ($NVO) will enact significant price cuts for its blockbuster weight loss drugs Ozempic, Wegovy, and Rybelsus starting in 2027.

Novo Nordisk is cutting prices because it’s facing stiff competition from Eli Lilly &Co. ($LLY) and pressure from government regulators to make the popular drugs more affordable. The cuts will lower the price for a one-month supply to $675, which translates into reductions of from 35 to 50 percent depending on the exact drug. 

For financial analysts, an important question emerges: Just how much money does Novo Nordisk make from these drugs, anyway?

As always, Calcbench can help.

Novo Nordisk is based in Denmark, and as a foreign issuer its annual report is known as a Form 20-F. In that report, however, the company does report the sales of individual drugs just like U.S. pharmaceutical companies do. (We have a pharmaceutical sales template available for Calcbench premium subscribers. Email us at us@calcbench.com for more details.) 

We called up Novo Nordisk’s 2025 annual report in our Disclosures & Footnotes Query page, searched for “Ozempic” and immediately found a neat table listing revenue for that drug and many more, all organized by major geographic segments. From there, we exported the table into Excel (another standard Calcbench power) and arrived at Figure 1, below.

(Novo Nordisk reports its sales numbers in Danish krone; we converted them to U.S. dollars at the current exchange rate of 1 krone = $0.158.)

Then we reconfigured the numbers to total up sales from all three drugs in the United States and the rest of the world to see how dependent those three blockbusters are on the U.S. market. See Figure 2, below.

So even as U.S. sales are still rising, the pace of sales growth is decelerating; while sales in the rest of the world is picking up. U.S. sales only grew 43.3 percent in the last three years; rest of the world sales grew by 89 percent in the same period.

What we don’t know is whether the price cuts entice more U.S. insurance plans to cover the three drugs and therefore lead to higher sales thanks to a low price/high volume strategy. But analysts following Novo Nordisk can build your own models to get better insight into that question. The data is there, and you can pull it out with a few easy keystrokes through Calcbench.