Blockbuster weight loss drug Wegovy's sales just doubled — and could heat up even more with a price cut [Business Insider]
Eli Lilly and Company (LLY)
Last eli lilly and company earnings: 4/23 06:25 am
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Source: Business Insider
25,000 new patients are starting the drug weekly, compared to 5,000 in the beginning of the year, Knudsen said. Knudsen and CEO Lars Fruergaard Jorgensen said on the earnings call that they're prioritizing accessibility to Wegovy, instead of keeping prices high — despite significant demand at current costs. They did not specify how much Novo plans to cut Wegovy's prices. The Danish pharmaceutical maker, which also produces viral weight loss drug Ozempic, reported better-than-expected sales of 65 billion Danish crowns, or $9.4 billion, in the first quarter. The company also raised forecasts for 2024 and said it expects to sales to grow between 19% and 27%. The Wegovy price cuts come as Novo faces competition from US rival, Eli Lilly, which also posted earnings this week and reported a 26% increase in revenue in the first quarter. Eli Lilly said that revenue growth was driven by Ozempic and Wegovy competitors Mounjaro and Zepbound, which are used to treat Type 2 diabetes and obes
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LLY
Earnings
- 4/30/24 - Beat
LLY
Sec Filings
- 5/9/24 - Form 8-K
- 5/3/24 - Form SD
- 4/30/24 - Form 10-Q
- LLY's page on the SEC website