Novo Nordisk announced a partnership with digital‑health platform Waltz Health that will allow the company’s GLP‑1 weight‑loss medicines, Wegovy and Ozempic, to be sold directly to employers. The new channel bypasses traditional pharmacy benefit managers and insurance intermediaries, giving employers a streamlined, cash‑pay option for their employees.
Waltz Health, founded in 2021, operates an AI‑driven marketplace that matches patients with the lowest‑priced specialty drugs and eliminates the spread and rebate costs that typically inflate prices. The partnership will launch on January 1 2026, with the first cohort of employers expected to begin receiving prescriptions in the first quarter of 2026.
The move comes as Novo Nordisk faces intensifying competition from Eli Lilly’s tirzepatide franchise, which includes Mounjaro and Zepbound. Analysts project the obesity‑drug market could reach $150 billion annually by the early 2030s, and the direct‑to‑employer model is designed to capture a larger share of the employer‑sponsored wellness segment that has traditionally been underserved by PBMs.
In its most recent earnings report, Novo Nordisk posted 15 % sales growth for the first nine months of 2025 and a 10 % rise in operating profit. Management narrowed its full‑year 2025 guidance to 8‑11 % sales growth and 4‑7 % operating‑profit growth at constant exchange rates, citing lower growth expectations for its GLP‑1 portfolio in both diabetes and obesity. The guidance cut reflects a shift in demand dynamics and the company’s focus on maintaining margin discipline amid rising manufacturing costs.
Novo Nordisk spokesperson Ed Cinca said the partnership “provides a frictionless, FDA‑approved experience for employees who need weight‑management treatment.” CEO Lars F. B. Jensen added that the initiative “strengthens our commitment to patient access while reinforcing our competitive position in a rapidly expanding market.”
The announcement has been met with a cautious market reaction. Investors are weighing the potential upside of a new distribution channel against the backdrop of guidance revisions, ongoing supply‑chain constraints, and a global restructuring program that aims to save DKK 8 billion annually by the end of 2026. The company’s margin compression in 2024, driven by higher amortization and depreciation costs, underscores the importance of the new channel in sustaining profitability.
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