NOVO NORDISK A S Current Report (Foreign Issuer)
Novo Nordisk announced an agreement with the U.S. Administration to lower prices for semaglutide medicines, including Wegovy and Ozempic, and expand access in the U.S. starting in 2026.
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Rhea-AI Filing Summary
Novo Nordisk announced an agreement with the U.S. Administration to lower prices for semaglutide medicines, including Wegovy and Ozempic, and expand access in the U.S. starting in 2026. Coverage for anti-obesity medicines will be enabled in Medicare Part D through a pilot program designed to cover a majority of Part D beneficiaries. Prices will also be lowered in Medicaid and in the direct-to-patient cash channel, and the company is expected to receive a three-year tariff exemption.
Novo Nordisk currently expects an estimated direct, negative low single-digit impact on global sales growth in 2026. The company plans to provide its 2026 financial outlook alongside full-year 2025 results on 4 February 2026. Following this announcement, Novo Nordisk and the U.S. Administration will finalize the agreement’s details.
Insights
Price cuts trade near-term growth for broader U.S. access in 2026.
The agreement pairs lower U.S. prices for semaglutide with expanded coverage, including a Medicare Part D pilot intended to reach a majority of beneficiaries. Medicaid and cash-channel pricing will also be reduced, while a three-year tariff exemption is expected.
Management guides to a direct, negative low single-digit impact on global sales growth in 2026, indicating modest near-term pressure. The access expansion may shift the U.S. payer mix and volumes, but the magnitude will depend on program details and uptake once implemented.
Key milestones include the implementation beginning in 2026 and the company’s 2026 outlook to be provided with full-year 2025 results on February 4, 2026. Final terms will be set as Novo Nordisk and the U.S. Administration complete the agreement.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 6-K
________________
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
November 6, 2025
________________
NOVO NORDISK A/S
(Exact name of Registrant as specified in its charter)
Novo Allé 1
DK- 2880, Bagsvaerd
Denmark
(Address of principal executive offices)
________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F
| Form 20-F ☒ | Form 40-F ☐ |
Novo Nordisk announces agreement with the U.S. Administration to bring GLP-1s to more Americans at a lower cost
• Obesity medicines coverage in U.S. Medicare Part D via a pilot programme, starting during 2026
• Introduction of lower prices for Novo Nordisk’s semaglutide medicines in U.S. Medicare Part D and Medicaid and in direct-to-patients cash channel
• Novo Nordisk currently expects an estimated negative low single-digit impact on global sales growth in 2026
Bagsværd, Denmark, 6 November 2025 – Today it was announced that Novo Nordisk has agreed with the U.S. Administration to lower drug prices beginning in 2026 and expand patient access and affordability for semaglutide medicines, including Wegovy® and Ozempic®, in U.S. Medicare Part D and Medicaid and in direct-to-patient cash channel. Medicare Part D coverage for anti-obesity medicines will be enabled through a pilot program designed to cover a majority of Part D beneficiaries. In addition, Novo Nordisk is expected to receive a three-year tariff exemption.
“Novo Nordisk has always worked to secure affordable access to our innovative medicines, and today’s announcement will bring semaglutide medicines to more American patients at a lower cost” said Mike Doustdar, president and CEO of Novo Nordisk. “Importantly, this also expands obesity medication access in Medicare, which will allow people living with obesity to access authentic Wegovy®”.
Novo Nordisk currently expects an estimated direct, negative low single-digit impact on global sales growth in 2026. Implementation is expected to begin in 2026.
The forward-looking statements section on page 28 in the financial report for the first nine months of 2025 (Company Announcement No 31/2025) also apply to this company announcement. Novo Nordisk is expected to provide the financial outlook for 2026 in connection with the announcement of the full-year 2025 results on 4 February 2026.
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Following today’s announcement, Novo Nordisk and the U.S. Administration will finalise the details of the agreement.
Publication of inside information pursuant to Market Abuse Regulation, Article 17.
About Novo Nordisk
Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 78,500 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube.
Contacts for further information
| Media: | ||
| Ambre James-Brown | Liz Skrbkova (US) | |
| +45 3079 9289 | +1 609 917 0632 | |
| globalmedia@novonordisk.com | lzsk@novonordisk.com | |
| Investors: | ||
| Jacob Martin Wiborg Rode | Sina Meyer | |
| +45 3075 5956 | +45 3079 6656 | |
| jrde@novonordisk.com | azey@novonordisk.com | |
| Max Ung | Christoffer Sho Togo Tullin | |
| +45 3077 6414 | +45 3079 1471 | |
| mxun@novonordisk.com | cftu@novonordisk.com | |
| Alex Bruce | Frederik Taylor Pitter | |
| +45 3444 2613 | +1 609 613 0568 | |
| axeu@novonordisk.com | fptr@novonordisk.com |
Novo Nordisk A/S Investor Relations | Novo Allé 1 2880 Bagsværd Denmark | Telephone: +45 4444 8888 | www.novonordisk.com |
| Company announcement No 32 / 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.
| Date: November 6, 2025 |
NOVO NORDISK A/S
Maziar Mike Doustdar Chief Executive Officer |