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This week, Bayer BAYRY announced its fourth-quarter and full-year 2024 results. AbbVie ABBV announced a licensing deal with Danish firm Gubra for an amylin-targeting obesity treatment, which marked the company’s entry into the obesity space. Novo Nordisk NVO announced that it is cutting the price of its popular obesity injection, Wegovy, for the uninsured following a similar move by rival Eli Lilly. J&J JNJ discontinued a phase III study on a candidate being evaluated as an adjunctive treatment for major depressive disorder (aMDD). The FDA accepted Roche’s RHHBY application seeking expanded use of its lymphoma drug, Gazyva/Gazyvaro, for the treatment of lupus nephritis.
Here's a recap of the week’s most important stories.
NVO Cuts Wegovy’s Price Following Similar Move by LLY
Novo Nordisk is launching a new direct-to-patient online pharmacy called NovoCare, which will offer Wegovy at a discounted price of $499 per month, less than half of its listed price. This offer is for patients who do not have insurance coverage and pay by cash as well as those with insurance but have no coverage for obesity medicines. The website provides an option for these patients to have their injections delivered to their homes.
Novo Nordisk’s announcement follows a similar move by rival Eli Lilly. Last week, Lilly also announced that it is reducing the prices of its 7.5 mg and 10 mg single-dose vials of obesity treatment Zepbound to $499 per month for customers paying through a new self-pay program called LillyDirect Self-Pay Pharmacy Solutions.
BAYRY Reports Q4 Earnings Decline, Issues Guidance for 2025
Bayer’s fourth-quarter core earnings of €1.05 per share declined 43.2% year over year. Sales of €11.7 billion rose 0.1% on a currency and portfolio-adjusted basis. Sales in the Crop Science segment decreased 2.3%. Pharmaceuticals segment sales increased 2.4%, while Consumer Health sales declined 0.9% on a currency and portfolio-adjusted basis.
In the Pharmaceuticals segment, sales of new products, cancer drug Nubeqa and kidney drug, Kerendia, remained strong, offsetting the loss of exclusivity impact on sales of oral anticoagulant Xarelto. The pace of growth in the Consumer Health business has slowed down. The Crop Science business was adversely impacted by lower prices in the crop protection business due to competitive pricing pressure.
Bayer issued a financial guidance for 2025. The company expects 2025 to be a “pivotal year” and the most difficult in terms of financial performance. Sales are expected to be in the range of €45-€47 billion in 2025. Core EPS is projected to be in the band of €4.50-€5.00. Bayer expects its performance to improve from 2026.