Ozempic, Wegovy and other diabetes/weight loss drugs were prescribed more than nine million times in the US during the fourth quarter of 2022, according to a new report.
A Trilliant Health analysis of insurance claims from about 300 million Americans found that prescriptions for the drugs quadrupled from early 2020 to the end of 2022.
That number is likely an undercount. Insurance companies don’t always cover weight loss treatments, meaning some patients have needed to pay for the drugs out of pocket. Ozempic currently costs $935 per month, while Novo Nordisk (NYSE:NVO)’s weight loss drug Wegovy goes for $1,300.
Ozempic, the weekly diabetes injection treatment made by Novo Nordisk (NYSE:NVO), made up 65% of total prescriptions at the end of 2022. It is largely prescribed off-label as a weight loss treatment.
The category of drugs is known as GLP-1s, which work by mimicking a hormone that suppresses appetite.
Eli Lilly and Co (NYSE:LLY) is looking to gain ground in the space with its drug Mounjaro, which some analysts believe has the potential to surpass Novo Nordisk’s offerings.
Going forward, the question is whether Novo Nordisk, Eli Lilly and others can deal with supply shortages that are impacting many of their treatments in the US, the report said.
Shares of Novo Nordisk and Eli Lilly each slid 0.9% Wednesday afternoon. The S&P 500 was down 0.4% by comparison.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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