Demand for weight loss drugs surprises Novo CEO

Novo Nordisk CEO Lars Fruergaard Jørgense, expressed his surprise at European consumers’ willingness to pay out of pocket for weight loss medications. This unexpected behavior, initially thought to be exclusive to the American market, was also observed in Denmark and Norway. Currently, Novo has two weight loss drugs on the market: Wegovy and the older Saxenda. Wegovy sales exceeded 31 billion Danish kroner in 2023, contributing significantly to the company’s total revenue of 232 billion kroner. Novo has had to limit the number of starting doses in the USA due to a spike in demand for Wegovy. However, supply is improving as the company began to increase Wegovy’s availability in the USA as of January 2023. Wegovy treatment costs roughly 2,400 Danish kroner per month in Denmark, without subsidy options, as the medicine is considered too expensive. Nonetheless, Jørgensen predicts that prices will decrease in the future, making the treatment more accessible.