In other news, Novo Nordisk announced the results from its phase 3b STEP UP semaglutide trial today. Specifically, the company said semaglutide 7.2 milligram (mg) injections over a 72-week period resulted in an average weight loss of 20.7%, better than the 17.5% weight loss achieved in a prior trial of semaglutide 2.4 mg injections.

GLP-1 weight loss drugs, Ozempic and Wegovy, will be targeted in the next round of Medicare price negotiations in 2027, along with 13 other medications. Seana Smith and Brad Smith break down the details on Morning Brief.

Turning to 2025 guidance, Lilly noted that new medicines and new uses of existing medicines, expansion of production, and global expansion of sales of its diabetes and weight loss drugs should all add up to strong, 32% sales growth in the new year. The company forecasts 2025 sales of $58 billion to $61 billion.

Novo sells semaglutide as Ozempic and Rybelsus for diabetes and as Wegovy for obesity. In price talks, CMS will treat the different forms as a single product.

Stock prices for Novo Nordisk fell by about 3% at market open after the Biden administration selected its revolutionary drugs for mandatory price negotiations.

Weight loss medications Ozempic and Wegovy, in particular, have been scrutinized for their high out-of-pocket costs

The negotiated prices of 15 Medicare Part D drugs, which include several blockbusters, will go into effect in 2027.