Novo Nordisk’s GLP-1 list price cut. What to watch next 

On February 24, 2026, Novo Nordisk announced a lower list price of $675 per month for its obesity and diabetes products Wegovy®, Ozempic® and Rybelsus®, effective January 1, 2027. The company said the change aims to reduce access barriers, especially for patients whose out-of-pocket costs are tied to the list price. The announcement builds on Novo Nordisk’s broader access efforts, including savings offers, self-pay options through NovoCare® Pharmacy, select telehealth partnerships and other initiatives. Novo Nordisk also said the list price changes will not affect direct-to-consumer self-pay prices.

Timing and market context

The effective date is notable because it aligns with several market and regulatory developments including the January 1, 2027 implementation of the Medicare maximum fair price for these drugs. It also lines up with the expected entry of additional weight loss products in 2027, including new options from Novo Nordisk and other manufacturers.

Announcing the change in early 2026 gives employers time to incorporate it into 2027 pharmacy strategy. Employers considering ways to add or adjust weight management support, with or without GLP-1s, can reflect the lower list price in budget and design decisions. Employers negotiating PBM contracts for 2027 will also have time to assess how the change affects pricing and underwriting under certain contract arrangements.

Implications for employer benefits strategies

Novo Nordisk is expected to offset the lower list price by reducing rebates. This approach will likely result in no meaningful change in net costs after rebates and limited impact to aggregate net budgets. However, members who pay coinsurance rather than a flat copay may see lower costs at the pharmacy counter, while employers may pay a slightly larger share of total costs for Wegovy®, Ozempic® and Rybelsus®. This is another step in the ongoing narrowing of the gap between list prices and net prices after rebates.

A lower list price could also give employers more flexibility in how they manage coverage. Some strategies, such as requiring participation in lifestyle management programs, limiting coverage to higher-risk populations or applying BMI-based criteria, can reduce rebate value. With a lower list price, the rebate tradeoffs tied to those strategies may be smaller, which may change the cost-benefit balance for some plan sponsors and open the door to additional strategies.

Employers that do not currently cover weight loss medications may also consider coverage for newer obesity-related indications, such as metabolic dysfunction-associated steatohepatitis or cardiovascular risk reduction. Historically, covering only these indications would limit the availability of rebates, which discouraged some employers from offering coverage for newer indications unless they also covered the broader obesity indication. While rebates may still be unavailable in 2027 for employers that cover GLP-1s only for obesity-related conditions but not for the broader weight loss indication, the potential impact may be smaller with a lower list price. That may create the opportunity for more employers to offer coverage to the members that are experiencing obesity related complications.

While the new list price is still higher than some direct-to-consumer offerings, it may shift how the market views direct-to-consumer pricing. The new Wegovy® price point may influence other emerging channels, including direct-to-employer models. Some employers may determine that plan coverage at the lower list price offers similar cost-effectiveness and simpler administration than separate direct-to-employer access and payment approaches.

Possible member delays

As January 1, 2027 approaches, members may experience temporary delays at the pharmacy counter if some retail pharmacies scale back inventory ahead of the price change. Past experience shows that even when manufacturers offer programs to help manage acquisition cost changes, pharmacies often reduce inventory to avoid holding higher-cost stock.

Future outlook

With a lower list price established in the market, newer products may face pressure to launch at a comparable or lower price to compete. A new oral product is expected to launch as soon as April 2026. Looking ahead to 2027, three additional injectable weight loss products could become available, including one from a new manufacturer entrant. As competition increases, pricing pressure may intensify, which could drive further list price reductions or push manufacturers to differentiate through clinical outcomes and patient support programs.

Novo Nordisk’s move reflects how quickly the GLP-1 market is changing. For employers, it creates a timely opportunity to reassess coverage and management approaches to ensure they support overall benefit goals.