Just before the US cash session, Novo Nordisk A/S announced it will slash prices on Wegovy and Ozempic in a direct challenge to Eli Lilly's obesity drug, aiming to regain market share. The announcement comes just weeks after President Trump finalized a deal with Novo and Lilly to reduce costs as part of the administration's affordability push ahead of next year's midterms.

Beginning immediately, introductory doses of Wegovy and Ozempic will cost just $199 per month for the first two months for cash-pay patients. After that, the price rises to $349 per month. This makes Novo's obesity drugs approximately 30% cheaper than Lilly's low-dose Zepbound and dramatically lower than the more than $1,000 per month many patients paid last year.

In the eyes of the consumer, $1,000 monthly payments for obesity drugs made little financial sense. However, now $349 per month could be viewed as "cheap" considering the average new car payment is $749 and the average used car payment is $529, according to the latest Experian data. 

Novo pointed out that the price cut aligns with a recent agreement with the Trump administration to expand access to medicines for patients living with obesity and other chronic conditions like diabetes, while lowering prices in the direct-to-patient, self-pay channel for 2026, adding "Novo Nordisk is bringing these prices to consumers months in advance of that commitment." 

Earlier this month, Novo and Eli Lilly struck deals with the Trump administration to lower the prices of their blockbuster obesity drugs.

"I call it the fat drug ... we're offering it at drastic discounts," Trump told reporters at the time. 

Novo shares in Copenhagen fell on the news, down about 2%. The stock is down roughly 51% for the year.

Goldman analysts recently mapped out the next wave of obesity-drug catalysts in a report to clients (read the report).