Lilly falls after report says Novo to cut US prices for Ozempic, Wegovy

Shares of drugmaker Eli Lilly LLY.N down 2.2% at $1035.60 premarket after report that Danish rival Novo Nordisk NOVOb.CO plans to slash prices of its weight-loss and diabetes drugs

Novo Nordisk plans to cut U.S. list prices for weight-loss drug Wegovy and diabetes drug Ozempic by up to half starting next year, the Wall Street Journal reports

Under the changes, both Ozempic and Wegovy will list for $675 a month, effective January 1, 2027, the report says

Eli Lilly's diabetes drug Mounjaro and weight-loss drug Zepbound are listed at more than $1000 a month

As of last close, stock down 1.5% YTD