Novo Nordisk’s $50 billion in Ozempic & Wegovy Sales Comes at the Expense of Healthcare Solvency

August 7, 2024

Novo Nordisk's $50 billion in Ozempic & Wegovy Sales Comes at the Expense of Healthcare Solvency

WASHINGTON, DC - Novo Nordisk announced its latest earnings to investors today. Ozempic & Wegovy sales now total $49.74 billion since Ozempic's 2018 launch. Stock buybacks and dividends total $44.38 billion over the same period. Meanwhile, Novo Nordisk's self-reported research & development investments for the period across its entire portfolio total only $21.33 billion.

On Monday, Public Citizen wrote to U.S. Health and Human Services Secretary Xavier Becerra calling on the government to facilitate generic competition using its authority under existing law. Public Citizen Access to Medicines Director Peter Maybarduk issued the following statement:

"Novo rakes while healthcare breaks. Novo's outrageous prices force health programs to ration treatment, sacrifice services or both. Novo sells its semaglutide (GLP-1) drugs at more than 100 times the estimated production cost, and with nearly $50 billion in sales, made up its R&D costs in the last few months alone. In fact, Novo's self-enrichment through stock buybacks and dividends more than doubles the corporation's entire R&D investments since Ozempic's launch."

Separately, North Carolina State Treasurer Dale Folwell wrote to Sec. Becerra last week, urging the federal government to intervene in its unsuccessful efforts to lower GLP-1 drug prices, overcome Novo's patent monopoly and negotiate generic entry. The Treasurer said if the State Health Plan were to continue to cover weight loss drugs, it would have to double its premiums to families of public employees. It is past time for Novo to cut prices, but Novo has refused, even though state health programs working to serve families have asked time and time again.

Since Novo will not take responsibility, the federal government must, by unlocking generic competition with Novo's outrageously priced patented drugs.