1、ab30 June 2025Global ResearchFirst ReadNovo NordiskNew-to-brand GLP-1 prescription trends Weekly GLP-1 NBRx In Figures 1 and 2,we set out IQVIA new to brand(NBRx)trends for the starter doses of obesity GLP-1s in the US market for the week ending 20 June.This data does not include compounded drugs.It

2、 does include Lilly Direct,but not NovoCare direct sales at this time.IQVIA has notified that Zepbound and Wegovy volumes are not fully accounted for and is actively working to identify a solution.Further guidance will be disclosed once more information is known.As of this week there is no new updat

3、e on the issue.ALL DOSES:Total Novo Nordisk GLP-1 NBRx increased+4.8%w/w vs Eli Lilly increased+0.5%w/w(all doses).Wegovy NBRx(all doses)were+7.2%week on week vs Zepbound NBRx(all doses)increased+1.8%.STARTER DOSES:Wegovy starter doses NBRx were up +3.1%week over week(at 18,483)vs Zepbound NBRx star

4、ter doses+2.2%w/w(at 48,338).However,once again,last weeks starter dose number was restated downwards by-2.1%and-2.0%for Wegovy and Zepbound respectively,so the net change over expectations is limited.Zepbound maintained share of 72%of weekly obesity(Zepbound+Wegovy)starter dose NBRx vs 72%week befo

5、re.Ozempic and Mounjaro performance was also mixed with NBRx increase for starter doses+4.1%and -1.8%,respectively.We note that Ozempic starter doses were restated down by-6.2%for the week of 13 June.UBS View:This week Wegovy posted slightly better numbers compared to Zepbound(second week in a row),

6、but given IQVIA notice on volumes not fully accounted for its hard to form definitive conclusions.What is at least encouraging for Novo,is the general trend for increasing NBRx for Wegovy starter doses,which should ultimately be a leading indicator of growing TRx.Novo has suggested that the availabi