On July 1, Novo Nordisk rose 3.18% in regular trading, trading at $49.325/share with turnover of $160 million. The rally was driven by U.S. Medicare officially launching coverage of GLP-1 weight-loss drugs starting July 1, marking the first time the federal insurance program has included obesity medications in its regular reimbursement system.

Novo Nordisk simultaneously announced that eligible Medicare beneficiaries can now obtain Wegovy for a $50 monthly co-pay. The coverage applies to patients diagnosed with obesity, defined as a BMI of 30 or above, opening access to tens of millions of Medicare enrollees. Notably, Novo Nordisk outperformed the broader pharma sector, which traded lower — Eli Lilly fell 1.45%, AstraZeneca declined 2.91%, and Merck dropped 1.86%. Jefferies and Goldman Sachs have also recently raised their target prices for Novo Nordisk to 285 and 310 Danish kroner respectively, reflecting continued optimism on its GLP-1 commercialization outlook.

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