Wegovy and Mounjaro reshape Korea’s obesity drug market

Wegovy posts KRW 467 billion in annual sales… exceeds KRW 100 billion for 3 consecutive quarters

Mounjaro records KRW 187.1 billion in Q4… overtakes Wegovy sales

Combined quarterly sales of Wegovy and Mounjaro exceed KRW 300 billion

Following the market impact of the obesity treatment Wegovy, Mounjaro has now begun its full-scale expansion in the domestic market. Wegovy exceeded KRW 100 billion in sales for three consecutive quarters, with annual sales nearing KRW 500 billion. Mounjaro nearly reached KRW 200 billion in sales within just 3 months, significantly disrupting the obesity drug landscape. Previously dominant treatments such as Saxenda and Qsymia have seen their market influence sharply decline.

According to market research institution IQVIA, Novo Nordisk’s Wegovy recorded annual sales of KRW 467 billion last year.

Wegovy, which was approved by the Ministry of Food and Drug Safety in April 2023, is a glucagon-like peptide-1 (GLP-1) receptor agonist containing semaglutide. Novo Nordisk developed Wegovy after identifying weight loss effects during clinical trials of GLP-1 diabetes candidates, ultimately advancing semaglutide into a once-weekly treatment for obesity.

Wegovy gained explosive popularity immediately after its domestic launch in October 2024. It rapidly ascended to the top of the obesity drug market, generating KRW 60.3 billion in sales in Q4 2024.

Wegovy surpassed KRW 100 billion in quarterly sales just 9 months after launch, reaching KRW 133.8 billion in Q2 last year. It recorded KRW 137 billion and KRW 116.7 billion in Q3 and Q4, respectively, achieving quarterly sales exceeding KRW 100 billion for 3 consecutive quarters. Novo Nordisk strengthened its commercial presence by signing a co-promotion agreement with Chong Kun Dang for Wegovy in September last year.

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

Wegovy's sales in the Q4 last year decreased by 14.9% compared to the previous quarter, analyzed to be due to the impact of price reductions and the emergence of the new product Mounjaro. Following Mounjaro’s launch in August, Novo Nordisk reduced Wegovy’s supply price by approximately 40%.

Eli Lilly’s Mounjaro, which was launched domestically in August, generated KRW 215.5 billion in sales during the second half of the year alone.

Mounjaro acts on both the glucagon-like peptide-1 (GLP-1) receptor and the glucagon-like peptide-1 (GLP-1) receptor, enhancing insulin secretion, improving insulin resistance, and reducing glucagon secretion. This induces reductions in both pre- and post-meal blood glucose levels. In Korea, Mounjaro was initially approved as a diabetes treatment in June 2023 and later secured an additional obesity indication in August 2024.

Mounjaro generated its first sales of KRW 28.4 billion in Q3 last year and significantly outpaced Wegovy with KRW 187.1 billion in Q4. In Q4 last year, Wegovy and Mounjaro combined reached KRW 303.8 billion in sales, marking a historic milestone in Korea’s obesity treatment market.

Mounjaro also surpassed Wegovy in the global market. Last year, Mounjaro sales reached USD 23.065 billion (approximately KRW 33 trillion), substantially exceeding Wegovy’s sales of DKK 79.1 billion (approximately KRW 18 trillion).

Saxenda and Qsymia, which previously led the obesity drug market before Wegovy's arrival, have seen their market positions significantly eroded.

Novo Nordisk's Saxenda saw its sales shrink by 84.4% in just one year, plummeting from KRW 65.6 billion in 2024 to KRW 10.2 billion last year. Saxenda had dominated the obesity treatment market since its launch in 2019, achieving sales of KRW 42.6 billion that year and maintaining its leading position for 5 consecutive years until 2023. Saxenda's sales reached KRW 66.8 billion in 2023, but dropped significantly after Wegovy's launch.

Launched domestically in 2018, Saxenda was the world’s first GLP-1 analogue approved for obesity treatment. It shares the same active ingredient (liraglutide) as Victoza, differing only in dosing regimen. The arrival of Wegovy, another GLP-1 agonist like Saxenda, has further eroded Saxenda's market share.

Alvogen Korea’s Qsymia recorded annual sales of KRW 35.6 billion, reflecting an 8.8% year-on-year decline. Qsymia, a combination of phentermine and topiramate, entered the Korean market in late 2019. While Qsymia experienced a smaller sales decline compared with Saxenda, its revenue remained below 10% of Wegovy’s, indicating a substantial contraction in market presence.