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PLAINSBORO, N.J. – Novo Nordisk Inc., a pharmaceutical giant with an impressive "GREAT" financial health rating according to InvestingPro, has launched a series of initiatives to combat the production and distribution of counterfeit "semaglutide" drugs, coinciding with the end of the FDA’s grace period for mass compounding of the substance. The company’s strong market position is reflected in its substantial annual revenue of $43.9 billion and industry-leading gross profit margin of 84.65%. The pharmaceutical company is also offering a one-time promotional price for FDA-approved Wegovy® to self-paying patients, with the campaign "Choose the Real Thing" aiming to educate about the risks of knockoff drugs.
Starting today, the mass production or sale of non-approved "semaglutide" drugs is considered illegal under US compounding laws. Novo Nordisk is responding with a special offer for Wegovy®, priced at $199 for the first month for new self-paying patients, valid through June 30, 2025. After the initial month, the price will be $499 per month. This pricing strategy comes as the company maintains strong financial momentum, with impressive revenue growth of 24.11% and EBITDA of $22.5 billion in the last twelve months. This offer is part of Novo Nordisk’s effort to transition patients from unapproved "semaglutide" drugs to the authentic, FDA-approved Wegovy®.
Dave Moore, Executive Vice President, U.S. Operations at Novo Nordisk, emphasized the company’s commitment to patient safety and the need for stakeholders to enforce quality standards of care. The company’s legal actions are intensifying against entities that produce or sell counterfeit "semaglutide" and use illicit foreign ingredients, with nearly 120 lawsuits filed across 34 states.
The FDA has not authorized the manufacturing processes of foreign suppliers of "semaglutide" used in compounding, with Novo Nordisk’s testing indicating significant safety risks. Analysis by Novo Nordisk revealed that more than half of the Chinese suppliers exporting "semaglutide" to the US are not permitted to manufacture the substance for drug use in China.
Wegovy® (semaglutide) injection 2.4 mg is an FDA-approved prescription medicine used in conjunction with a reduced-calorie diet and increased physical activity for weight management in adults with obesity or overweight with weight-related medical problems. It is not recommended for use with other semaglutide-containing products or GLP-1 receptor agonist medicines.
The "Choose the Real Thing" campaign is set to launch digitally at the end of May, following the "Check Before You Inject" advertisement, to inform the public about the importance of using FDA-approved treatments.
The information for this article is based on a press release statement by Novo Nordisk. For comprehensive financial analysis and additional insights about Novo Nordisk’s performance, including exclusive ProTips and detailed metrics, visit InvestingPro.
In other recent news, Novo Nordisk has announced an expansion of its Wegovy® savings program, offering a reduced cost of $499 per month for cash-paying patients. This initiative is aimed at making the obesity treatment more accessible, extending beyond the NovoCare® Pharmacy to retail pharmacies. The pharmaceutical company aims to support uninsured patients and those without coverage for obesity medicines, ensuring they receive genuine, FDA-approved Wegovy®. The updated savings offer is not available to patients enrolled in government-funded healthcare programs. NovoCare® Pharmacy, facilitated by CenterWell Pharmacy, provides additional services like home delivery, benefit verification, and refill reminders. This service is designed to address concerns about counterfeit semaglutide products. Dave Moore, Executive Vice President of U.S. Operations and Global Business Development at Novo Nordisk, emphasized the company’s commitment to affordability and accessibility. The FDA has confirmed the resolution of a previous Wegovy® shortage, ensuring sufficient supply to meet demand in the U.S. Novo Nordisk continues to encourage the responsible use of semaglutide-containing medicines, strictly according to approved indications.
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