Wegovy Quarterly Revenue & GLP-1 Manufacturer Financials Tracker
Published:
Next update: after Q2 2026 earnings (Novo Nordisk H1 2026 report: Aug 5, 2026)Wegovy quarterly revenue is one of the most-searched and most-misquoted lines in pharma finance — for two reasons. The drug now ships in three forms (injectable pen, high-dose pen, and oral pill). And Novo Nordisk's Q1 2026 reported sales were skewed by a one-time accounting reversal, so the headline number bouncing around the press isn't the one you want to cite.
Here's the clean answer for Q1 2026: Novo Nordisk reported adjusted Wegovy injectable sales of DKK 18,235 million and Wegovy pill sales of DKK 2,256 million. Across the four main GLP-1 brand families tracked here — Wegovy, Ozempic, Mounjaro, and Zepbound — Q1 2026 manufacturer sales were about $20.4 billion after converting Novo's adjusted DKK figures to USD; including Rybelsus brings the tracker total to roughly $21.1 billion.
Use Novo's adjusted figures for normal trend comparisons. Novo's Q1 2026 reported sales included a DKK 26.8 billion (USD 4.2 billion) reversal of a 340B Drug Pricing Program rebate provision — an accounting flip with no cash impact and no demand signal.
Mounjaro Q1 2026
$8.66B
+125% YoY
Zepbound Q1 2026
$4.16B
+80% YoY
Wegovy injectable (adj.)
DKK 18,235M
≈ $2.87B · +12% CER
Wegovy pill Q1 2026
DKK 2,256M
≈ $354M · New launch
Q1 2026 at a Glance: GLP-1 Manufacturer Revenue Snapshot
Source: Novo Nordisk Q1 2026 Form 6-K filed May 6, 2026 (adjusted brand table, p. 7). Eli Lilly Q1 2026 Form 10-Q filed April 30, 2026.
| Product | Manufacturer | Latest quarter | Adjusted revenue (source currency) | USD equivalent | YoY at CER |
|---|---|---|---|---|---|
| Wegovy injectable | Novo Nordisk | Q1 2026 | DKK 18,235M | ≈ $2.87B | +12% |
| Wegovy pill (oral) | Novo Nordisk | Q1 2026 | DKK 2,256M | ≈ $354M | New launch |
| Ozempic | Novo Nordisk | Q1 2026 | DKK 27,825M | ≈ $4.38B | -8% |
| Rybelsus | Novo Nordisk | Q1 2026 | DKK 4,572M | ≈ $719M | -15% |
| Mounjaro | Eli Lilly | Q1 2026 | $8,662M | $8.662B | +125% |
| Zepbound | Eli Lilly | Q1 2026 | $4,160M | $4.160B | +80% |
CER = constant exchange rates (company strips out FX swings to show real volume and price changes). Novo numbers are adjusted to exclude the Q1 2026 USD 4.2B reversal of a 340B Drug Pricing Program rebate provision; reported numbers (with the reversal) are larger and not comparable to prior quarters. USD equivalents use Novo's reported Q1 2026 average rate; source-currency values are authoritative.
What Was Wegovy Quarterly Revenue in Q1 2026?
Answer: In Q1 2026, Novo Nordisk reported adjusted Wegovy injectable sales of DKK 18,235 million (≈ $2.87 billion at Novo's reported Q1 2026 FX) and Wegovy pill sales of DKK 2,256 million (≈ $354 million). The pill launched in the US on January 5, 2026 and reached approximately 1.3 million prescriptions in its first quarter. Cite the two figures separately — Novo reports them as separate lines.
If you only have room for one Wegovy revenue number, you almost always want adjusted Wegovy injectable. That's the figure analysts will be quoting and the one that's directly comparable to Q1 2025. Wegovy pill is reported as its own line because it's a brand-new product with its own pricing and channel mix. Novo also disclosed that Q1 2026 Wegovy pill sales were impacted by pre-launch pipeline fill with wholesalers and telehealth partners — meaning some Q1 sales reflect inventory build, not just patient demand.
Wegovy Q1 2026, Line by Line
| Metric | Wegovy injectable | Wegovy pill |
|---|---|---|
| Adjusted sales (Q1 2026) | DKK 18,235M | DKK 2,256M |
| Adjusted sales growth at CER | +12% | New launch |
| Approximate US share | DKK ~9.5B (≈52%) | DKK 2,256M (100%) |
| Approximate international share | DKK ~8.7B (≈48%) | n/a |
| US weekly prescriptions (week ending Apr 17, 2026) | ~270,000 (of which ~100,000 self-pay) | >200,000 |
| US prescriptions Q1 2026 | not separately disclosed | ~1.3M |
| Cumulative since launch | n/a | >2M |
Which Wegovy Quarterly Revenue Number Should I Cite?
Answer: It depends on the angle of the story. If you're writing about quarterly demand or year-over-year trend, cite adjusted Wegovy injectable plus Wegovy pill, separately. If you're writing about Novo's headline reported revenue, cite the reported (IFRS) figure with the 340B reversal disclosure. Never mix the two sets without flagging it.
| If your story is about… | Cite this | Why |
|---|---|---|
| Quarterly Wegovy demand or trend | Adjusted Wegovy injectable + Wegovy pill, separately | Reported figures are distorted by the 340B reversal |
| The Wegovy pill launch | DKK 2,256M (Q1 2026), ~1.3M US prescriptions | The pill is its own product line, separate from the pen |
| Year-over-year Wegovy growth | Adjusted figures only | Reported numbers don’t compare to Q1 2025 like-for-like |
| US Wegovy injectable market position | The injectable’s ~270K weekly TRx (late in quarter) | Novo discloses TRx weekly in its earnings materials |
| Reported sales (legal/accounting context) | The reported (IFRS) figure from Novo’s Q1 2026 6-K, with the 340B reversal disclosure | Required for accurate accounting-context statements |
Why Some Wegovy Revenue Numbers Conflict in the Press
How Did Mounjaro and Zepbound Revenue Compare in Q1 2026?
Answer: Eli Lilly reported Mounjaro revenue of $8.662 billion (+125% YoY) and Zepbound revenue of $4.160 billion (+80% YoY) in Q1 2026. Mounjaro generated slightly more revenue outside the US than inside it — $4.430B OUS versus $4.232B US. Zepbound is still almost entirely a US product, with only $26 million of OUS revenue. Combined, the two tirzepatide brands generated $12.822B, or about 65% of Lilly's Q1 2026 worldwide revenue.
Lilly GLP-1 Revenue, Q1 2026
| Brand | US revenue | OUS revenue | Worldwide | YoY | Lilly note on price |
|---|---|---|---|---|---|
| Mounjaro (tirzepatide) | $4.232B | $4.430B | $8.662B | +125% | OUS revenue driven by increased volume and higher realized prices; lower OUS realized prices driven primarily by inclusion in China’s National Reimbursed Drug List |
| Zepbound (tirzepatide) | $4.134B | $26M | $4.160B | +80% | Volume up; partially offset by previously announced reductions in cash pay prices; partial offset by a favorable one-time adjustment to estimates for rebates and discounts |
Why analysts talk about “the tirzepatide franchise”
Mounjaro and Zepbound contain the same active ingredient but are approved for different indications. For modeling, the combined figure ($12.822B in Q1 2026) is the most relevant single number.
How much of Lilly's revenue is GLP-1?
In Q1 2026, Lilly's worldwide revenue was $19.8 billion. Mounjaro plus Zepbound came to $12.822B, or about 65% of total company revenue.
How Do Novo Nordisk and Eli Lilly GLP-1 Revenues Compare?
Answer: In Q1 2026, Novo's adjusted GLP-1 revenue was DKK 52,888 million (Wegovy injectable + Wegovy pill + Ozempic + Rybelsus). Lilly's GLP-1 revenue was $12,822 million (Mounjaro + Zepbound). Converted at Novo's reported Q1 2026 FX, Novo's GLP-1 portfolio came to roughly $8.3 billion versus Lilly's $12.8 billion — a gap that has widened each quarter since Q3 2024.
Source-Currency Comparison
| Manufacturer | GLP-1 brands included | Q1 2026 adj. revenue | Currency | Caveat |
|---|---|---|---|---|
| Novo Nordisk | Wegovy injectable, Wegovy pill, Ozempic, Rybelsus | DKK 52,888M | DKK | Excludes the 340B provision reversal |
| Eli Lilly | Mounjaro, Zepbound | $12,822M | USD | Tirzepatide-only; excludes other Lilly brands |
Obesity vs Diabetes Split (Q1 2026 Adjusted)
| Indication bucket | Novo | Lilly | Combined (approx.) |
|---|---|---|---|
| Obesity / weight management | Wegovy injectable + pill = DKK 20,491M (≈ $3.22B) | Zepbound = $4.16B | ≈ $7.4B |
| Diabetes / glycemic control | Ozempic + Rybelsus = DKK 32,397M (≈ $5.10B) | Mounjaro = $8.66B | ≈ $13.8B |
Key context: Lilly's Q1 2026 international Mounjaro revenue ($4.4B) is now larger than Lilly's Mounjaro US revenue ($4.2B). That's mostly the effect of Mounjaro being added to China's National Reimbursed Drug List in late 2024. Novo, meanwhile, had adjusted US sales decline 11% at CER in Q1 2026 even as global volumes grew — the price war on US GLP-1 is biting Novo harder than Lilly so far.
For global price comparisons across countries, see our GLP-1 International Pricing Tracker.
Wegovy Revenue by Quarter, Mounjaro Quarterly Revenue, and Zepbound by Quarter — Verified History
Wegovy Injectable — Verified Quarterly Net Sales (Novo Nordisk)
| Period | Adjusted sales (DKK M) | Source |
|---|---|---|
| 2023 (full year) | DKK 31,343M | Novo Nordisk 2023 Annual Report |
| 2024 (full year) | DKK 58,212M | Novo Nordisk 2024 Annual Report |
| Q1 2026 | DKK 18,235M (adjusted) | Novo Q1 2026 6-K |
Mounjaro — Verified Worldwide Quarterly Revenue (Eli Lilly, USD M)
| Period | Worldwide revenue ($M) | Source |
|---|---|---|
| 2023 (full year) | $5,163M | Lilly 2023 10-K |
| Q1 2024 | $1,807M | Lilly Q1 2024 10-Q |
| Q2 2024 | $3,090M | Lilly Q2 2024 10-Q |
| Q4 2024 | $3,529M | Lilly Q4 2024 release |
| 2024 (full year) | $11,540M | Lilly 2024 10-K |
| Q1 2025 | $3,840M | Lilly Q1 2025 10-Q |
| Q3 2025 | $6,500M | Lilly Q3 2025 10-Q |
| Q4 2025 | $7,409M | Lilly Q4 2025 release (Feb 4, 2026) |
| 2025 (full year) | $22,965M | Lilly Q4 2025 release |
| Q1 2026 | $8,662M | Lilly Q1 2026 10-Q |
Zepbound — Verified Quarterly Revenue (Eli Lilly, USD M)
Zepbound launched November 2023 and is overwhelmingly a US product (only $26M of OUS revenue in Q1 2026).
| Period | Worldwide revenue ($M) | Source |
|---|---|---|
| Q4 2023 | $176M | Lilly Q4 2023 release |
| Q1 2024 | $517M | Lilly Q1 2024 10-Q |
| Q2 2024 | $1,242M | Lilly Q2 2024 10-Q |
| Q4 2024 | $1,910M | Lilly Q4 2024 release |
| 2024 (full year) | $4,929M | Lilly 2024 10-K |
| Q1 2025 | $2,313M | Lilly Q1 2025 10-Q |
| Q3 2025 | $3,591M | Lilly Q3 2025 10-Q |
| Q4 2025 | $4,261M | Lilly Q4 2025 release (Feb 4, 2026) |
| 2025 (full year) | $13,542M | Lilly Q4 2025 release |
| Q1 2026 | $4,160M | Lilly Q1 2026 10-Q |
GLP-1 List Prices (WAC) Right Now — and the Announced 2027 Cut
Answer: As of May 2026, the wholesale acquisition cost (WAC) for the leading GLP-1 brands is: Wegovy $1,349.02 per package, Ozempic $1,027.51 per package, Mounjaro $1,112.16 per 28-day supply, and Zepbound $499–$1,086.37 per fill. On February 24, 2026, Novo Nordisk announced that effective January 1, 2027, the WAC for Wegovy, Ozempic, and Rybelsus will drop to $675 per month for specified doses — approximately a 50% reduction for Wegovy and 35% for Ozempic from current list prices.
Current List Price (WAC) by Brand
| Brand | Current WAC | Basis | Source |
|---|---|---|---|
| Wegovy injectable (all doses) | $1,349.02 | Per package | NovoCare (novocare.com) |
| Wegovy pill (all doses) | $1,349.02 | Per package | NovoCare |
| Wegovy HD pen (7.2 mg) | $1,349.02 | Per package | NovoCare |
| Ozempic | $1,027.51 | Per package (NovoPricing) | novopricing.com |
| Rybelsus | [OFFICIAL SOURCE CONFLICT — REVERIFY BEFORE CITING] NovoPricing displays $1,027.51; NovoCare displays $997.58 | Per package | novopricing.com / novocare.com |
| Mounjaro (all doses) | $1,112.16 | 28-day supply (4 pens) | pricinginfo.lilly.com |
| Zepbound | $499–$1,086.37 | Per fill (formulation-dependent) | pricinginfo.lilly.com |
What's About to Change — the January 1, 2027 Novo Cut
On February 24, 2026, Novo Nordisk announced that effective January 1, 2027, it will lower the WAC of:
- ✓Wegovy (semaglutide) injection 2.4 mg and tablets 25 mg → $675/month
- ✓Ozempic (semaglutide) injection 0.5 mg, 1 mg, and 2 mg → $675/month
- ✓Rybelsus (semaglutide) tablets 7 mg or 14 mg → $675/month
Novo described this as approximately a 50% reduction for Wegovy and 35% for Ozempic from current list. Lilly has not announced an equivalent WAC cut as of May 8, 2026.
Important note on the Rybelsus / Ozempic pill rebranding
In late 2025, the FDA accepted “Ozempic” as the proprietary name for the new oral semaglutide formulation in 1.5 mg, 4 mg, and 9 mg strengths for adults with type 2 diabetes. Ozempic tablets launched in the US on May 4, 2026. NovoCare self-pay pricing: $149/month for 1.5 mg, $199/month for 4 mg, and $299/month for 9 mg. The Feb 24, 2026 WAC announcement specifically named Rybelsus 7 mg and 14 mg — those existing oral semaglutide doses are what the $675 list price applies to. Do not describe Rybelsus 7 mg and 14 mg as “Ozempic pill” doses.
Comparing out-of-pocket cost? See our GLP-1 Cost Without Insurance: Every Verified Path (2026) or our Best Insurance for Wegovy guide.
What's the Difference Between WAC, Self-Pay Price, TrumpRx Price, and Medicare Price?
Answer: They are four different prices for the same drug, and confusing them is the most common error in GLP-1 pricing coverage. Always name the channel. “Zepbound costs $299” without naming the channel is misleading — the same patient buying Zepbound at retail without a program is paying full WAC of about $1,086. The channel is the price.
| Price type | What it is | Who sets it | Example for Wegovy |
|---|---|---|---|
| WAC / list price | The manufacturer’s published price to wholesalers, before rebates or discounts | The manufacturer | $1,349.02/package (current); $675/month effective Jan 1, 2027 |
| Self-pay / direct-pay price | Cash-pay rate offered through the manufacturer’s own DTC channel | The manufacturer’s DTC program (NovoCare, LillyDirect) | $199–$349/month for Wegovy pen via NovoCare; $149/month for Wegovy pill 1.5 mg |
| TrumpRx price | The price displayed on TrumpRx.gov, which routes patients to a participating manufacturer channel | Negotiated under the Nov 6, 2025 White House MFN agreements | TrumpRx.gov displays Wegovy Pill at $149/month, Wegovy Pen at $199/month |
| Medicare price | The price Medicare programs pay under specific federal initiatives | CMS, under negotiation with the manufacturer | Medicare GLP-1 Bridge: $50/month copay; IRA Maximum Fair Price for Wegovy/Ozempic/Rybelsus = $274/month effective Jan 1, 2027 |
TrumpRx, NovoCare, and LillyDirect — the GLP-1 Direct-Pay Price Tracker
Answer: As of May 8, 2026, TrumpRx.gov displays Wegovy Pill at $149/month, Wegovy Pen at $199/month, Ozempic at $199/month, and Zepbound at $299/month. Prices, eligibility, and program terms vary by channel and may change.
| Channel | Drug | Current price | Eligibility / terms | Last verified |
|---|---|---|---|---|
| NovoCare Pharmacy (self-pay) | Wegovy pen 0.25 mg, 0.5 mg | $199/month (first 2 fills, intro through Jun 30, 2026) | New eligible patients | May 8, 2026 |
| NovoCare Pharmacy | Wegovy pen 1 mg, 1.7 mg, 2.4 mg | $349/month | Self-pay channel | May 8, 2026 |
| NovoCare Pharmacy | Wegovy HD (7.2 mg) | $399/month | Self-pay channel | May 8, 2026 |
| NovoCare Pharmacy | Wegovy pill 1.5 mg | $149/month | Self-pay channel | May 8, 2026 |
| NovoCare Pharmacy | Wegovy pill 4 mg | $149/month through Aug 31, 2026, then $199/month | Limited intro | May 8, 2026 |
| NovoCare Pharmacy | Wegovy pill 8 mg, 17 mg, 25 mg | $299/month | Self-pay channel | May 8, 2026 |
| NovoCare Pharmacy | Ozempic pill 1.5 mg | $149/month | Self-pay (US launch May 4, 2026) | May 8, 2026 |
| NovoCare Pharmacy | Ozempic pill 4 mg | $199/month | Self-pay channel | May 8, 2026 |
| NovoCare Pharmacy | Ozempic pill 9 mg | $299/month | Self-pay channel | May 8, 2026 |
| NovoCare Pharmacy | Ozempic injection | $199–$499/month by dose | Self-pay channel | May 8, 2026 |
| LillyDirect (Self Pay Journey) | Zepbound vials 2.5 mg | $299/month | Self-pay; program conditions | May 8, 2026 |
| LillyDirect | Zepbound vials 5 mg | $399/month | Self-pay | May 8, 2026 |
| LillyDirect | Zepbound vials 7.5– 15 mg | $449/month | 45-day refill condition for purchase offer | May 8, 2026 |
| TrumpRx.gov | Wegovy pill | $149/month | Display price | May 8, 2026 |
| TrumpRx.gov | Wegovy pen | $199/month | Display price | May 8, 2026 |
| TrumpRx.gov | Ozempic | $199/month | Display price | May 8, 2026 |
| TrumpRx.gov | Zepbound | $299/month | Display price | May 8, 2026 |
| Telehealth subscription (Ro, WeightWatchers, LifeMD) | Wegovy + Wegovy pill | Varies — 3, 6, or 12-month plan | Available since Mar 31, 2026 | May 8, 2026 |
What TrumpRx.gov actually does (and doesn't)
TrumpRx.gov is not a pharmacy. When a patient selects a drug on TrumpRx, the site displays the negotiated price and routes the patient to a participating manufacturer channel (LillyDirect for Zepbound, NovoCare for Wegovy and Ozempic) or generates a pharmacy coupon for use at participating retail chains. Track displayed prices monthly; they have moved since launch and are expected to continue moving.
Medicare GLP-1 Bridge — What's Actually Covered, by Which Formulation, When
Answer: Beginning July 1, 2026, the Medicare GLP-1 Bridge will provide eligible Medicare Part D beneficiaries access to certain GLP-1 medications at a $50/month copay through December 31, 2027. The covered drugs are Foundayo (all formulations), Wegovy (injection and tablets, all formulations), and the KwikPen formulation of Zepbound only. Zepbound's single-dose vial and single-dose pen formulations are explicitly excluded.
This is the level of specificity journalists routinely get wrong. The Bridge covers Wegovy injection AND Wegovy tablets — that's both the pen and the pill. For Zepbound, it covers ONLY the KwikPen, not the vials and not the single-dose pens.
| Drug | Covered under Medicare GLP-1 Bridge? | Notes |
|---|---|---|
| Foundayo (orforglipron) | Yes — all formulations | Added to coverage list April 6, 2026 following FDA approval |
| Wegovy injection | Yes — all formulations | Includes Wegovy 2.4 mg pen and Wegovy HD 7.2 mg pen |
| Wegovy tablets (Wegovy pill) | Yes — all formulations | Includes all approved oral doses |
| Zepbound KwikPen | Yes | The KwikPen formulation only |
| Zepbound single-dose vial | No | Explicitly excluded by CMS |
| Zepbound single-dose pen | No | Explicitly excluded by CMS |
| Mounjaro | No | Not on Bridge list (diabetes-only labeling) |
| Ozempic | No | Not on Bridge list (diabetes-only labeling) |
| Rybelsus | No | Not on Bridge list |
Eligibility (CMS-stated criteria): BMI ≥ 35; or BMI ≥ 30 with HFpEF, uncontrolled hypertension, or CKD stage 3a or higher; or BMI ≥ 27 with prediabetes, prior myocardial infarction, prior stroke, or symptomatic peripheral artery disease. Prior authorization runs through a CMS central processor, not through individual Part D plans.
The Bridge is a bridge. It runs through December 31, 2027, after which the longer-term BALANCE Model is intended to take over (subject to Part D plan and state Medicaid agency participation).
For the step-therapy and prior-authorization implications, see How to Bypass Step Therapy With UnitedHealthcare for GLP-1s. For the BALANCE Model details, see CMS BALANCE Model GLP-1 Explained (2026–2027).
Revenue per Reported Prescription — a Transparency Proxy, Not Net Price
Answer: Where both numerator and denominator are publicly disclosed, RX Index calculates a revenue-per-reported-prescription proxy as US quarterly product sales divided by US quarterly reported prescription count. This figure is not manufacturer net price, not patient out-of-pocket cost, and not a rebate estimate. It is the closest publicly computable proxy for the average revenue per dispensed prescription, and we publish it because nobody else does.
Formula: Revenue per reported Rx = disclosed US product sales ÷ disclosed or company-referenced US prescription count
We compute this only when both inputs are disclosed in primary materials. Where TRx is not disclosed for a quarter, the cell is marked “not separately disclosed” — we do not impute.
Q1 2026 — the Worked Example
| Drug | Q1 2026 US revenue | Q1 2026 US Rxs (disclosed) | Revenue per reported Rx | Current WAC | Gap to WAC |
|---|---|---|---|---|---|
| Wegovy pill (Novo) | DKK 2,256M ≈ $354M | ~1.3M (Novo disclosed) | DKK ~1,735 ≈ $272/Rx | $1,349.02/package | ~80% below list |
| Wegovy injectable (Novo) | DKK 9,493M ≈ $1.49B | Not separately disclosed for Q1 | not calculated | $1,349.02/package | not calculated |
| Mounjaro (Lilly) | $4,232M | Not separately disclosed for Q1 | not calculated | $1,112.16/28-day | not calculated |
| Zepbound (Lilly) | $4,134M | Not separately disclosed for Q1 | not calculated | $1,086.37/fill | not calculated |
For Wegovy pill, the proxy is about 80% below the $1,349.02 list price. The gap should not be attributed solely to rebates or discounts. The calculation is affected by launch-quarter pipeline fill, prescription-count timing, starter-dose mix, channel mix, and the fact that prescriptions and manufacturer sales are not the same unit. Treat it as directional, not definitive.
The list price is what gets headlines. Realized economics is what shows up on the income statement. The gap between them is the entire policy argument. When Novo announces a 50% Wegovy WAC cut effective January 1, 2027, the cut isn't necessarily a 50% revenue hit — because Novo is already realizing far less than WAC today.
Reported vs Adjusted: the Novo Q1 2026 340B Reversal Explained
Answer: Use Novo's adjusted Q1 2026 figures for normal trend comparisons because reported sales included a DKK 26.8 billion (USD 4.2 billion) reversal of a 340B Drug Pricing Program rebate provision. The reversal has no cash impact. Adjusted sales of DKK 70,063 million are the apples-to-apples figure for trend analysis. Reported sales of DKK 96,823 million are the IFRS figure for accounting-context statements.
Reported vs Adjusted at the Company Level (Q1 2026)
| Measure | Reported (IFRS) | Adjusted (excl. 340B) | Difference | What the difference represents |
|---|---|---|---|---|
| Net sales (DKK M) | 96,823 | 70,063 | -26,760 | 340B provision reversal |
| Growth in DKK | +24% | -10% | n/a | The reversal flips the sign |
| Growth at CER | +32% | -4% | n/a | The reversal flips the sign |
| Operating profit (DKK M) | 59,618 | 32,858 | -26,760 | Same reversal, full impact |
| US Operations sales (DKK M) | 62,145 | 35,385 | -26,760 | All US, all 340B |
| International sales (DKK M) | 34,678 | 34,678 | 0 | 340B is US-only |
What 340B is, plain-English
The 340B Drug Pricing Program is a federal program that requires drug manufacturers participating in Medicaid to provide outpatient drugs to designated “covered entities” at significantly reduced prices. Manufacturers book a rebate provision (a liability) to reflect what they expect to owe under 340B. When the legal or operational outlook on those rebates changes, the manufacturer adjusts the provision. In Q1 2026, Novo reversed a portion of its 340B rebate provision. The reversal flowed through reported sales as a positive adjustment of DKK 26.8 billion. This is not new revenue from selling more drugs — it's an accounting adjustment to a previously recorded liability.
How to Label Novo Numbers in a Story
| Context | Label this number |
|---|---|
| Quarterly trend, year-over-year | “Adjusted sales” |
| Headline revenue figure for income-statement purposes | “Reported sales” with disclosure of the 340B reversal |
| Wegovy injectable, Wegovy pill, Ozempic, Rybelsus | “Adjusted [brand] sales” — these match Novo’s own brand-level table |
| Total company comparison vs Lilly | “Adjusted sales” — apples-to-apples |
GLP-1 Pricing & Program Change Log — Including TrumpRx Pricing Change Events
Answer: A timestamped log of every announcement that has materially changed GLP-1 pricing, coverage, or access in the past two years. Use it to anchor any “what changed” sentence in a story to a date and a primary source.
| Effective date | Event | Affected drugs | Source |
|---|---|---|---|
| Apr 15, 2025 | Executive Order 14273 — “Lowering Drug Prices by Once Again Putting Americans First” | Branded Rx broadly | Federal Register / White House |
| May 12, 2025 (signed); May 15, 2025 (Federal Register) | Executive Order 14297 — “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients” — directed HHS to facilitate direct-to-consumer purchasing programs | All branded Rx | Federal Register Vol. 90, No. 93 |
| Aug 2024 | First IRA Medicare drug-price negotiation results announced (Ozempic / Wegovy / Rybelsus selected for Initial Price Applicability Year 2027) | Ozempic, Wegovy, Rybelsus | CMS announcement |
| Nov 6, 2025 | White House announces MFN deals with Lilly and Novo for GLP-1s; Medicare to cover obesity GLP-1s with $50 copay through a Bridge program | Wegovy, Ozempic, Mounjaro, Zepbound, future GLP-1s | White House fact sheet |
| Dec 23, 2025 | CMS announces the BALANCE Model and the Medicare GLP-1 Bridge short-term demonstration | Wegovy, Zepbound, Foundayo (later) | CMS press release |
| Jan 5, 2026 | Wegovy pill launches in the US — first oral GLP-1 for chronic weight management | Wegovy pill | Novo Nordisk press release |
| Feb 6, 2026 | TrumpRx.gov goes live with displayed prices for selected medications including the four major GLP-1 brands | Wegovy, Ozempic, Mounjaro, Zepbound | trumprx.gov launch announcement |
| Feb 23, 2026 | LillyDirect Self Pay Journey purchase offer for Zepbound vials at $299–$449 by dose, with 45-day refill condition for higher-dose offer | Zepbound | LillyDirect / Eli Lilly |
| Feb 24, 2026 | Novo announces $675/month WAC effective Jan 1, 2027 for Wegovy injection 2.4 mg + tablets 25 mg, Ozempic injection 0.5/1/2 mg, and Rybelsus tablets 7/14 mg | Wegovy, Ozempic, Rybelsus | Novo Nordisk press release |
| Mar 19, 2026 | FDA approves Wegovy HD (semaglutide 7.2 mg injection) | Wegovy HD | FDA |
| Apr 1, 2026 | FDA approves Foundayo (orforglipron) — oral once-daily GLP-1 for chronic weight management; does not require an empty stomach | Foundayo (Lilly) | FDA press announcement |
| Apr 6, 2026 | CMS adds Foundayo to Medicare GLP-1 Bridge eligible drug list | Foundayo | CMS Bridge FAQ update |
| Apr 7, 2026 | Wegovy HD launches nationwide in the US | Wegovy HD | Novo Q1 2026 6-K |
| Apr 9, 2026 | EMA approves Wegovy temperature-flexibility (up to 30°C for 48 hours) | Wegovy injectable | European Medicines Agency |
| Apr 14, 2026 | Wegovy HD single-dose device approved in the UK | Wegovy HD | MHRA / Novo |
| May 4, 2026 | Ozempic pill (oral semaglutide 1.5/4/9 mg for type 2 diabetes) launches nationwide in the US | Ozempic pill | Novo Q1 2026 6-K |
Upcoming
| Date | Event | Drugs affected |
|---|---|---|
| Jun 30, 2026 | NovoCare Wegovy pen $199 intro price expires (new patients, starter doses) | Wegovy pen |
| Jul 1, 2026 | Medicare GLP-1 Bridge begins — Foundayo, Wegovy injection + tablets, Zepbound KwikPen at $50/month copay for eligible beneficiaries (through Dec 31, 2027) | Foundayo, Wegovy, Zepbound KwikPen |
| Aug 5, 2026 | Novo Nordisk H1 2026 financial report scheduled | All Novo |
| Aug 31, 2026 | Wegovy pill 4 mg $149/month intro offer expires (then $199) | Wegovy pill |
| H2 2026 | Wegovy pill expected international launches | Wegovy pill |
| Jan 1, 2027 | Novo WAC cut takes effect: $675/month for Wegovy 2.4 mg injection + 25 mg tablets, Ozempic 0.5/1/2 mg injection, and Rybelsus 7/14 mg tablets | Wegovy, Ozempic, Rybelsus |
| Jan 1, 2027 | IRA Maximum Fair Price for Wegovy/Ozempic/Rybelsus takes effect at $274/month | Wegovy, Ozempic, Rybelsus |
| Dec 31, 2027 | Medicare GLP-1 Bridge demonstration ends; transition to BALANCE Model (subject to plan participation) | Bridge-covered drugs |
How We Verify Every Published Number — Methodology and Sources
Answer: Every revenue figure on this tracker is either reproduced from the manufacturer's quarterly SEC filing (10-Q, 10-K, or 6-K) and cross-checked against the company's investor presentation issued the same day, or it isn't published. Every list-price (WAC) figure is verified against the manufacturer's official pricing portal. Every direct-pay price is verified against the live program page on the same day the page is updated.
Source Hierarchy (in Order of Authority)
- 1Product revenue, prescription volumes, financial reconciliations: SEC EDGAR (10-Q, 10-K, 6-K, 8-K) and the same-day investor release on the company’s IR site
- 2List price (WAC): Manufacturer pricing portals (pricinginfo.lilly.com, novocare.com, novopricing.com) and 46brooklyn for tracked WAC changes
- 3Direct-pay and savings programs: Live pages at novocare.com, lillydirect.com, zepbound.lilly.com, mounjaro.lilly.com, and trumprx.gov, with archive captures preserved when feasible
- 4Government / Medicare / Medicaid pricing: White House fact sheets, CMS press releases, CMS program FAQs, Federal Register entries
- 5Currency conversion: When converting DKK to USD, we use the average rate Novo Nordisk references in the same earnings release. Source-currency values are always authoritative.
- 6News articles: Used for context only, never as the primary citation for a number
What We Verified for This Edition
- Novo Q1 2026 adjusted sales by brand (Wegovy injectable DKK 18,235M; Wegovy pill DKK 2,256M; Ozempic DKK 27,825M; Rybelsus DKK 4,572M; Saxenda DKK 421M)
- Novo Q1 2026 reported total sales DKK 96,823M and adjusted total DKK 70,063M
- Novo Q1 2026 340B provision reversal: USD 4.2 billion / DKK 26.8 billion
- Lilly Q1 2026 worldwide revenue $19.8B, Mounjaro $8.662B, Zepbound $4.160B
- Lilly 2025 full-year Mounjaro $22,965M, Zepbound $13,542M; Q4 2025 Mounjaro $7,409M, Zepbound $4,261M
- Mounjaro US/OUS Q1 2026 split: $4.232B / $4.430B
- Zepbound US/OUS Q1 2026 split: $4.134B / $26M
- Wegovy pill US prescriptions Q1 2026: ~1.3M; cumulative since launch >2M
- Wegovy pill weekly TRx week ending April 17, 2026: >200,000
- Wegovy injectable weekly TRx week ending April 17, 2026: ~270,000 (of which ~100,000 self-pay)
- Novo Feb 24, 2026 press release: $675/month WAC for Wegovy injection 2.4 mg + tablets 25 mg, Ozempic injection 0.5/1/2 mg, Rybelsus tablets 7 mg or 14 mg, effective January 1, 2027
- Wegovy HD FDA approval: March 19, 2026; US launch: April 7, 2026
- Foundayo (orforglipron) FDA approval: April 1, 2026
- Ozempic pill US launch: May 4, 2026 (1.5 mg, 4 mg, 9 mg strengths)
- EO 14297 signed May 12, 2025; published Federal Register May 15, 2025
- Medicare GLP-1 Bridge: starts July 1, 2026; runs through December 31, 2027; covers Foundayo (all formulations), Wegovy (injection and tablets, all formulations), and Zepbound KwikPen only; excludes Zepbound single-dose vial and single-dose pen; $50/month copay; per CMS Bridge FAQ updated April 6, 2026
What We Did Not Directly Verify (Second Pass Needed)
- Product-level reported (IFRS) sales lines — we cite adjusted for cleanest comparability; reported-side reconciliation lives in Appendix 6 of the Novo 6-K
- Several pre-2025 quarterly cells that have not yet been cross-checked against the underlying 10-Qs/6-Ks (those rows are excluded from the public table until verified)
- Saxenda’s full quarterly history (currently included only at the Q1 2026 level)
- Historical launch-day WAC for Ozempic (~$892), Mounjaro ($974.33), and Zepbound ($1,059.87) — cited in secondary sources but not yet anchored to a primary pricing-portal artifact
For the full methodology behind RX Index data, see our Research Methodology page.
Frequently Asked Questions
- What was Wegovy quarterly revenue in Q1 2026?
- Novo Nordisk reported adjusted Wegovy injectable sales of DKK 18,235 million (≈ $2.87B) and Wegovy pill sales of DKK 2,256 million (≈ $354M) in Q1 2026. The pill launched in the US on January 5, 2026 and reached approximately 1.3 million US prescriptions in its first quarter. Novo disclosed that Q1 2026 Wegovy pill sales were impacted by pre-launch pipeline fill with wholesalers and telehealth partners. Source: Novo Q1 2026 6-K.
- What were Eli Lilly Mounjaro sales in Q1 2026?
- Lilly reported Mounjaro revenue of $8.662 billion in Q1 2026, up 125% year over year. The split was $4.232 billion in the US and $4.430 billion outside the US, with international revenue exceeding US revenue. Source: Lilly Q1 2026 10-Q.
- What were Zepbound sales in Q1 2026?
- Lilly reported Zepbound revenue of $4.160 billion in Q1 2026, up 80% year over year. The split was $4.134 billion in the US and only $26 million outside the US — Zepbound is still almost entirely a US product. Source: Lilly Q1 2026 10-Q.
- How much revenue do Novo Nordisk’s GLP-1s generate combined?
- In Q1 2026, Novo’s adjusted GLP-1 portfolio (Wegovy injectable + Wegovy pill + Ozempic + Rybelsus) generated DKK 52,888 million (≈ $8.3 billion). That excludes the one-time DKK 26.8 billion 340B provision reversal that inflated reported sales.
- Why is Novo’s Q1 2026 reported revenue so much higher than its adjusted revenue?
- Novo Nordisk’s Q1 2026 reported sales of DKK 96,823 million include a one-time DKK 26.8 billion (USD 4.2 billion) reversal of a 340B Drug Pricing Program rebate provision. It’s an accounting adjustment to a previously recorded liability, not new sales. Adjusted sales of DKK 70,063 million are the figure to cite for trend analysis.
- What is the list price (WAC) of Wegovy?
- Wegovy’s wholesale acquisition cost (WAC) is $1,349.02 per package for Wegovy pen, Wegovy HD pen, and Wegovy pill. Novo announced on February 24, 2026 that effective January 1, 2027, the WAC for Wegovy injection 2.4 mg and tablets 25 mg will drop to $675 per month — approximately a 50% reduction. Source: NovoCare and Novo Nordisk press release Feb 24, 2026.
- What is the list price (WAC) of Ozempic?
- Ozempic’s WAC is $1,027.51 per package as displayed on novopricing.com. The February 24, 2026 announcement will reduce the WAC to $675/month for specified semaglutide products effective January 1, 2027, including Ozempic injection 0.5 mg, 1 mg, and 2 mg, and Rybelsus tablets 7 mg and 14 mg. Do not describe Rybelsus 7 mg and 14 mg as “Ozempic pill” doses — Ozempic pill is the new oral semaglutide formulation in 1.5 mg, 4 mg, and 9 mg strengths that launched in the US on May 4, 2026.
- What is the list price (WAC) of Mounjaro?
- Mounjaro’s WAC is $1,112.16 per 28-day supply (four pens), per pricinginfo.lilly.com. Mounjaro carries the same WAC across all dose strengths.
- What is the Zepbound list price?
- Zepbound’s official Lilly pricing page displays a list-price range of $499–$1,086.37 per fill depending on form. Through LillyDirect Self Pay Journey, eligible self-pay patients can access Zepbound vials at $299/month for 2.5 mg, $399/month for 5 mg, and $449/month for 7.5 mg through 15 mg when program conditions are met. Treat those as channel-specific self-pay prices, not WAC.
- How much does Wegovy cost on TrumpRx?
- As of May 8, 2026, TrumpRx.gov displays Wegovy pill at $149/month and Wegovy pen at $199/month, against original list prices of $1,349. The November 6, 2025 White House fact sheet describes broader average TrumpRx pricing for Wegovy and Ozempic at $350/month; displayed prices reflect dose-specific tiers and current early-window rates.
- How much does Zepbound cost on TrumpRx?
- TrumpRx.gov displays Zepbound at $299/month as of May 2026. Self-pay through LillyDirect’s Self Pay Journey offers Zepbound vials at $299/month for the 2.5 mg starter dose, $399/month for 5 mg, and $449/month for 7.5 mg through 15 mg under program conditions.
- When did the Wegovy pill launch?
- Wegovy pill (oral semaglutide for chronic weight management) launched in the US on January 5, 2026. It’s available at over 70,000 pharmacies, including NovoCare Pharmacy, and through nine telehealth organizations. Q1 2026 sales were DKK 2,256 million on approximately 1.3 million US prescriptions — Novo describes it as the strongest GLP-1 volume launch in US history.
- What is “revenue per reported prescription” and how should I cite it?
- It is RX Index’s transparency proxy, computed as US quarterly product sales ÷ US quarterly reported prescriptions when both are disclosed. For Wegovy pill in Q1 2026, the proxy works out to roughly $272 per reported prescription against a list price of $1,349. It is not manufacturer net price, not patient out-of-pocket cost, and not a rebate estimate. Cite it as “RX Index revenue-per-reported-prescription proxy, Q1 2026, computed from Novo Q1 2026 6-K.”
- Did Novo Nordisk really cut Wegovy’s price by 50%?
- The list-price (WAC) reduction takes effect January 1, 2027 — not today. The February 24, 2026 announcement lowers Wegovy’s WAC to $675/month for the specified doses (Wegovy injection 2.4 mg and tablets 25 mg). Self-pay patients buying through NovoCare, TrumpRx, or telehealth subscriptions are already paying $149–$349/month today; the WAC cut primarily affects insurance contracts, 340B pricing, and rebate calculations.
- What does the Medicare GLP-1 Bridge actually cover?
- Beginning July 1, 2026, the Medicare GLP-1 Bridge will provide eligible Medicare Part D beneficiaries access to certain GLP-1 medications at a $50/month copay through December 31, 2027. The covered drugs are Foundayo (all formulations), Wegovy (injection and tablets, all formulations), and the Zepbound KwikPen formulation only. Zepbound’s single-dose vial and single-dose pen formulations are explicitly excluded. Eligibility is based on BMI and clinical criteria; prior authorization runs through a CMS central processor. Source: CMS Medicare GLP-1 Bridge FAQ.
- Who reports first each quarter, Novo or Lilly?
- Eli Lilly typically reports earnings first, generally in the last week of April (Q1), the last week of July (Q2), the last week of October (Q3), and early February (Q4). Novo Nordisk usually follows about a week later. For Q1 2026: Lilly reported April 30, 2026; Novo reported May 6, 2026.
Cite This Tracker
This tracker can be cited freely. We ask that journalists and analysts attribute RX Index in addition to citing the underlying primary source for each number.
Plain text
The RX Index. (2026). GLP-1 Manufacturer Revenue & List Price Tracker. RX Index. Retrieved May 8, 2026, from https://therxindex.com/research/glp1-manufacturer-financials/
APA 7th
The RX Index. (2026). GLP-1 manufacturer revenue & list price tracker. https://therxindex.com/research/glp1-manufacturer-financials/
Chicago (Notes-Bibliography)
“GLP-1 Manufacturer Revenue & List Price Tracker,” The RX Index, last updated May 8, 2026, https://therxindex.com/research/glp1-manufacturer-financials/.
Sample Sentences Journalists Can Use
“According to the RX Index GLP-1 Manufacturer Financials Tracker, Novo Nordisk reported adjusted Wegovy injectable sales of DKK 18,235 million in Q1 2026 — up 12% at constant exchange rates — based on Novo’s Q1 2026 Form 6-K filed with the SEC on May 6, 2026.”
“Eli Lilly’s Mounjaro revenue reached $8.662 billion in Q1 2026, up 125% year over year, while Zepbound brought in $4.160 billion, up 80%, according to Lilly’s Q1 2026 10-Q. The two brands together accounted for roughly 65% of Lilly’s worldwide quarterly revenue.”
“Novo Nordisk’s Wegovy pill, launched in the US on January 5, 2026, generated DKK 2,256 million on approximately 1.3 million prescriptions in its first quarter — what Novo describes as the strongest GLP-1 volume launch in US history. Novo disclosed that Q1 2026 Wegovy pill sales were impacted by pre-launch pipeline fill with wholesalers and telehealth partners.”
Corrections
See an outdated number, a source conflict, or a cell that doesn't match Appendix 6 of the underlying filing? Send the brand, the metric, the cited number, the source link, and your correction note to corrections [at] therxindex.com. Verified corrections are published with a visible changelog entry.
About This Tracker
The GLP-1 Manufacturer Revenue & List Price Tracker is maintained by the RX Index Editorial Team. It exists because writing about GLP-1 manufacturer financials shouldn't require five tabs and a currency converter on deadline.
How we built this edition: We pulled product-level revenue figures from Novo Nordisk's Q1 2026 Form 6-K (filed with the SEC on May 6, 2026) and Eli Lilly's Q1 2026 Form 10-Q (filed April 30, 2026). We verified list prices against pricinginfo.lilly.com, novocare.com, and novopricing.com. Direct-pay prices were captured from TrumpRx.gov, LillyDirect, and NovoCare Pharmacy on May 8, 2026. Program changes were sourced to primary White House, CMS, and FDA documents.
Update cadence: Quarterly for revenue (after each Lilly and Novo earnings release); monthly for list prices, direct-pay prices, and program changes.