By Mauro Orru
Shares of Novo Nordisk surged after the Danish drugmaker struck an agreement with CVS Health that will let its pharmacy-benefit manager, CVS Caremark, favor the company's weight-loss medication Wegovy among the drugs it covers for clients.
The healthcare giant said Thursday that the partnership would allow CVS Caremark clients to access Wegovy at more affordable prices as of July 1. CVS will also sell Wegovy at a discounted cash price through its network of pharmacies.
Novo Nordisk shares in Copenhagen jumped nearly 5%. However, the stock is down more than 50% over the past 12 months as the company faced a number of setbacks with its developmental weight-loss drug, CagriSema.
Novo Nordisk in March released trial results for CagriSema that disappointed investors. Weight-loss data from a CagriSema trial wiped nearly $100 billion off the company's market value in December.
The company agreed to pay up to $2 billion for the rights to UBT251, a developmental weight-loss and obesity drug from Chinese pharmaceutical company United Bio-Technology (Hengqin), as it looks to boost its pipeline of next-generation drugs.
Novo Nordisk in March lost its crown as Europe's most valuable company to German business-software group SAP.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
May 01, 2025 08:28 ET (12:28 GMT)
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