Novo Nordisk is working to resolve supply issues that are affecting the launch of its weight-loss and diabetes medications, Wegovy and Ozempic, in India. The injectable forms of these drugs are not yet approved in the country, leading to high demand in unofficial markets.

Currently, Novo Nordisk markets the oral version of semaglutide, known as ‘Rybelsus,’ in India for type-2 diabetes. The company is still awaiting approval for the injectable semaglutide, which is sold internationally as ‘Wegovy’ and ‘Ozempic.’

On May 2, 2024, Novo Nordisk revised its 2024 forecast upward as it ramps up production of Wegovy. The move comes in response to increased competition from Eli Lilly, which has led to a price reduction for Wegovy. This adjustment has impacted Novo Nordisk’s stock performance.

The price cut reflects the competitive landscape, especially after Eli Lilly's introduction of the obesity drug Zepbound in the U.S. last December. Analysts predict that the market for obesity and diabetes treatments could reach up to $100 billion by the end of the decade.

Novo Nordisk’s Chief Financial Officer, Karsten Munk Knudsen, noted that prices for Wegovy and Ozempic have decreased in the first quarter due to higher production volumes and intensified competition.

A year ago, Novo Nordisk began restricting the number of U.S. patients who could begin treatment by cutting back on the availability of the lowest three doses of its appetite-suppressing weekly injection.

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