COPENHAGEN, July 3, 2026, 11:04 CEST
- Novo Nordisk shares were at DKK 327.50, off 1.36% at 10:43 CEST. The OMX Copenhagen 25 index lost 0.26%.
- Medicare launched its GLP-1 Bridge program July 1. Eligible patients pay $50 a month. Drugmakers get a $245 net monthly price.
- The Bridge program would see about $11.2 billion in value with 3.8 million full-year users, before factoring in competing products, adherence drop-off, or prior authorization, according to Barron’s.
Novo Nordisk A/S CPH:NOVO-B slipped in late morning Friday in Copenhagen, trailing the local blue-chip index. Traders weighed the first U.S. Medicare obesity coverage route for Wegovy, testing the price.
Nasdaq says regular equity trading on the Main Market Copenhagen runs from 9am to 5pm local time, so this quote landed in the main cash session.
| Copenhagen snapshot | Latest | Move | Read-through |
|---|---|---|---|
| Novo Nordisk A/S CPH:NOVO-B | DKK 327.50 at 10:43 CEST | -1.36% | Still trading about 29.5% under its 52-week high at DKK 464.60 |
| OMX Copenhagen 25 | 1,891.07 | -0.26% | The main index fell, but Novo underperformed by 1.1 points |
The lower share price doesn’t mean there’s no demand. It just means the new demand comes in at a cheaper U.S. price. The Centers for Medicare & Medicaid Services said the Bridge program will run from July 1, 2026, through Dec. 31, 2027, and sits outside the usual Part D payment system. CMS set patient copays at $50 a month and a manufacturer net price at $245 monthly.
With USD/DKK at 6.5264 and Novo’s market cap at DKK 1.10 trillion, Bridge’s math gets big, though not sharply so for Novo. It’s just a pool. It’s not Novo guidance.
| Bridge uptake case | Annualized net sales at $245/month | DKK value | Approx. share of Novo market value |
|---|---|---|---|
| 1 million using for full year | $2.94 billion | DKK 19.2 billion | 1.7% |
| 3.8 million using for full year | $11.17 billion | DKK 72.9 billion | 6.6% |
The table lists all sales tied to the covered drug pool, assuming full-year use. Not all sales go to Novo. Reuters said Novo’s Wegovy injection and pill are covered, along with Eli Lilly NYSE:LLY’s Zepbound KwikPen and Foundayo, through 2027. Prior auth is also needed.
The split is key as Novo’s U.S. challenge now is price, not demand. In May, Novo reported that adjusted U.S. sales dropped 11% in the first quarter at constant exchange rates, mostly due to lower realized prices. Higher GLP-1 volumes helped offset the fall. Adjusted obesity-care sales climbed 22%.
Wegovy pill prescriptions hit 3 million since the January debut, Novo said July 1. In May, Novo had reported crossing the 2 million mark for total Wegovy pill scripts, with more than 200,000 weekly prescriptions in the week to April 17.
Karen Andersen, who leads healthcare equity research at Morningstar, told Barron’s the market “already incorporated that lower price” and said she wasn’t modeling “a massive bump in revenue” from Bridge. Barron’s
Jamey Millar, head of U.S. commercial at Novo, pushed back. He said the program is “a new, affordable path to an FDA-approved treatment” for Medicare patients who qualify. PR Newswire
Novo CEO Mike Doustdar said in May, “Wegovy is driving a strong start to 2026.” Novo also raised its adjusted 2026 sales and operating-profit outlook to show a decline of 4% to 12% at constant exchange rates. Novo Nordisk
Novo will release its first-half numbers on Aug. 5 at 0730 CEST.
