Sept. 13, 2023
On August 8, Lilly reported that its second-quarter income jumped 85% from the same period a year ago, driven in large part by Mounjaro, which generated $979.7 million in sales for the quarter, compared to $16 million in the year-ago period and $569 million in the first quarter of this year. In December, analysts at SVB Securities projected that Mounjaro sales could reach $26.4 billion by 2030.
Novo Nordisk reported that in the first six months of this year, sales of Wegovy soared 344% in the U.S. alone to nearly $1.7 billion, while sales of Ozempic jumped 50% to more than $3.7 billion. According to financial analyst firm FactSet, sales of Wegovy and Novo’s other weight-loss injectable, Saxenda, could reach $6.1 billion before the year is out and $15 billion annually by 2030.
New prescriptions for Wegovy and Ozempic have risen by 297% percent and 140%, respectively, since a little more than a year ago, according to analysts at Cowen.
Mounjaro is currently only approved by the FDA to treat diabetes, but the company has filed for FDA approval of Mounjaro specifically to treat obesity, which could come later this year or in early 2024.
Pfizer, Amgen and other pharmaceutical companies are rushing to develop weight-loss drugs, though they may not be available for another year or more.
Results like these may well spur government and private insurers to reimburse more patients for the high price tag of weight-loss prescriptions. By law, Medicare hasn’t covered them since 2006, though some select Medigap and Medicare Advantage plans for retirees do.
A bipartisan group of U.S. senators and representatives on July 20 reintroduced the Treat and Reduce Obesity Act, which would reverse the federal ban on Medicare coverage of obesity drugs. “With obesity rates on the rise in our country, we must do more to combat this epidemic head on,” said Democratic Senator Tom Carper of Delaware. “Too many of those in need are being denied care because of the high cost of medications or inaccessible treatment options.”
Learn More About The Weight Loss Market:
How are soaring sales of obesity drugs affecting other, non-medical weight loss programs? (commercial diet firms such as Weight Watchers and Medifast have seen revenues fall and Jenny Craig almost go out of business.)
What are some things that could derail obesity drug growth? (side effects, long-term usage problems, high cost, etc.)
These issues are covered in Marketdata’s latest report: “The U.S. Weight Loss & Diet Control Market.”, March 2023. This 427-page analysis is the most comprehensive analysis available, covering all 10 market segments. Published since 1989. Contains 160 tables & charts and 34 competitor profiles. Report is Now on Sale: $1,395 for a limited time ($600 off regular price).
The market is a lot more than obesity drugs…Covered… dollar value & growth rates of all major weight loss market segments (early 1980s to 2022 and 2023 & 2027 forecasts), latest market trends and developments, status reports for: diet soft drinks, artificial sweeteners, health clubs, commercial diet center chains, multi-level marketing diet plans, retail meal replacements & weight loss supplements, medical programs (weight loss surgery, MDs, hospitals/clinic programs, Rx diet drugs, bariatricians, VLCD programs), low-cal frozen entrees, and the diet books & exercise DVDs market.
See the report description and Table of Contents at: marketdataenterprises.com (parent company of DietBusinessWatch.com). Or call: 813-971-8080.