People who stayed on a 7.2 milligram weekly dose of semaglutide lost around 20% of their body weight over 72 weeks.
Federal officials are targeting the blockbuster drugs as part of their ongoing initiative to lower drug costs.
Novo sells semaglutide as Ozempic and Rybelsus for diabetes and as Wegovy for obesity. In price talks, CMS will treat the different forms as a single product.
The phase 3 STEP UP trial enrolled 1407 adults aged 18 years and older with a body mass index of at least 30kg/m2 and without diabetes.
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