Wegovy marks 1 year in Korea...posts ₩400B

Q3 Wegovy sales reach KRW 137 billion... Annual sales expected to hit KRW 350 billion

Growth continues despite the price cut due to rising demand

Mounjaro expands influence... Saxenda sales plummet

Wegovy has continued its explosive sales momentum, posting quarterly sales over KRW 100 billion. Just one year after its domestic launch, it surpassed cumulative sales of KRW 400 billion, dominating the obesity treatment market. The newly launched Mounjaro is also beginning to gain traction, while Saxenda and Qsymia, which previously led the market, 
have seen their influence sharply decline.

According to the pharmaceutical research institution IQVIA, Novo Nordisk's Wegovy recorded sales of KRW 137 billion in the third quarter. This represents a 2.4% increase from the KRW 133.8 billion in the second quarter, marking the second consecutive quarter exceeding KRW 100 billion in sales.

Wegovy, which received MFDS approval in April 2023, is a glucagon-like peptide-1 (GLP-1) receptor agonist containing the active ingredient semaglutide. Novo Nordisk identified weight loss effects in patients during a clinical trial of a GLP-1 diabetes drug candidate and developed Wegovy, a once-weekly obesity treatment using semaglutide.

Quarterly Major Obesity Drug Sales (Unit: KRW billion, Source: IQVIA)
Wegovy (blue) , Mounjaro (orange), Qsymia (green), Saxenda (sky blue)

Since its launch in October last year, Wegovy has seen explosive popularity despite its high price, rapidly becoming the market leader. Its prescription demand surged due to its significant weight loss effects. Wegovy achieved sales of KRW 60.3 billion in Q4 last year, instantly becoming the leader in the obesity drug market.

Wegovy continued its upward trend with Q1 sales of KRW 79.4 billion and surpassed quarterly sales of KRW 100 billion in Q2 with KRW 133.8 billion, just 9 months after launch. Wegovy maintained its growth momentum in the third quarter despite a significant drop in its supply price.

Wegovy is creating a global sensation with its groundbreaking weight loss effects. Last year, Wegovy recorded sales of DKK 58.26 billion (approximately KRW 11.7 trillion), an 85.7% increase from DKK 31.343 billion in 2023. Demand surged dramatically after its U.S. launch, which caused shortages.

Even before its domestic release, Wegovy gained global notoriety for shortages as it spread by word of mouth as the weight-loss secret of overseas celebrities like Tesla CEO Elon Musk. Despite its high price, Wegovy garnered explosive interest immediately after its domestic launch, leading to initial shortages.

Wegovy lowered its supply price by approximately 40% last August following the launch of another obesity treatment, Mounjaro. Despite the price reduction, demand surged significantly, sustaining the upward sales trend.

Wegovy's cumulative sales for the third quarter of this year totaled KRW 350.3 billion. Cumulative sales over the first year since its domestic launch reached KRW 410.6 billion. Novo Nordisk strengthened its commercial reach by signing a co-promotion agreement with Chong Kun Dang for Wegovy last September. Since October, Novo Nordisk and Chong Kun Dang have been jointly conducting sales and marketing activities for Wegovy, targeting domestic hospitals and clinics.

Eli Lilly's Mounjaro, launched last August, has also been increasing its presence in the market, generating KRW 28.4 billion in sales within just 2 months of launch.

Mounjaro acts on both the glucagon-like peptide-1 (GLP-1) receptor and the glucagon-like peptide-1 (GLP-1) receptor. It promotes insulin secretion, improves insulin resistance, and reduces glucagon secretion, thereby inducing reductions in both pre- and post-meal blood glucose levels. In Korea, Mounjaro was approved as a diabetes treatment in June 2023 and secured an additional indication as an obesity treatment in August last year.

Saxenda and Qsymia, which had led the obesity drug market before Wegovy's arrival, have seen a significant decline in market influence.

Novo Nordisk's Saxenda saw Q3 sales shrink 88.7% to KRW 2.1 billion, compared to KRW 18.9 billion in the same period last year.

Launched domestically in 2018, Saxenda is the world's first GLP-1 receptor agonist approved for the treatment of obesity. It shares the same active ingredient as the type 2 diabetes treatment Victoza (liraglutide), differing only in dosage and administration. The emergence of Wegovy, another GLP-1 receptor agonist, is seen as further eroding Saxenda's market share. Following Wegovy's launch, Saxenda's domestic supply has decreased, leading to rumors of production halting.

Saxenda rose to the top of the obesity treatment market shortly after its release in 2019 with sales of KRW 42.6 billion and maintained its leading position for five consecutive years until 2023. While Saxenda's sales reached KRW 66.8 billion in 2023, they have sharply declined since Wegovy's arrival. Cumulative sales for the first three quarters of this year totaled KRW 8.8 billion, an 84.9% decrease compared to KRW 58.3 billion during the same period last year.

Alvogen Korea’s Qsymia recorded KRW 9.8 billion in Q3 sales, down 4.0% year-over-year. Launched in late 2019, Qsymia is a combination of phentermine and topiramate, for which Alvogen Korea acquired domestic rights in 2017 from Vivus in the U.S. Although Qsymia’s sales decline was smaller than Saxenda’s, its sales remain less than 10% of Wegovy’s, leaving the product significantly marginalized within the obesity treatment market.

Qsymia recorded KRW 10.2 billion in Q3 sales last year, but after Wegovy’s launch, its sales fell to KRW 9.3 billion in the fourth quarter, and the downward trend has continued this year.