Novo EVP Larsen Calls Savings Card 'Leading Tactic' in Canada

Novo Nordisk's executive vice president of international operations, Emil Kongshøj Larsen, told investors this month that the company sees a low single-digit impact from generic semaglutide in Canada and is leaning on its savings card as the "leading tactic" to defend market share [Source: cnbc.com/2026/05/07/healthy-returns-novo-nordisk-faces-ozempic-generics-in-canada-.html].

Novo's commentary on the earnings call

Speaking on an earnings call cited by CNBC's Healthy Returns newsletter, Larsen said the savings card has seen "very good uptake" for both Ozempic and Wegovy in Canada [Source: cnbc.com/2026/05/07/healthy-returns-novo-nordisk-faces-ozempic-generics-in-canada-.html]. The Danish drugmaker's assessment came days after Health Canada cleared two generic semaglutide injections in quick succession.

Larsen also flagged an upcoming inflection point. He said Canadian policy mandates a 65% price cut to Novo's list price once three generic competitors are on the market, adding, "We know, sort of, the game there, and we are ready to play it, particularly with the savings card" [Source: cnbc.com/2026/05/07/healthy-returns-novo-nordisk-faces-ozempic-generics-in-canada-.html].

The regulatory backdrop

Health Canada authorized the first generic semaglutide injection, submitted by Dr. Reddy's Laboratories, on April 28, 2026, making Canada the first G7 country to approve a generic version of the drug [Source: canada.ca/en/health-canada/news/2026/04/canada-becomes-the-first-g7-country-to-approve-a-generic-version-of-semaglutide.html]. A second generic, filed by Canadian-based Apotex, was authorized on May 1, 2026 [Source: canada.ca/en/health-canada/news/2026/05/canada-approves-second-generic-semaglutide-the-first-g7-country-to-do-so.html].

Health Canada said it is currently reviewing seven other submissions for generic semaglutide from different companies and expects to make regulatory decisions on more of these submissions in the coming weeks and months [Source: canada.ca/en/health-canada/news/2026/05/canada-approves-second-generic-semaglutide-the-first-g7-country-to-do-so.html]. Both authorized generics are indicated for the once-weekly treatment of adult patients with type 2 diabetes to manage blood sugar levels [Source: canada.ca/en/health-canada/news/2026/04/canada-becomes-the-first-g7-country-to-approve-a-generic-version-of-semaglutide.html].

Analyst view: Canada as a test case

BMO Capital Markets analyst Evan Seigerman said in a late-April note that the two new generics in Canada likely mark the start of a decline in international revenue of semaglutide, the active ingredient in Ozempic and Wegovy [Source: cnbc.com/2026/05/07/healthy-returns-novo-nordisk-faces-ozempic-generics-in-canada-.html]. Seigerman added that the firm will be watching "how quickly pricing compression and revenue erosion impact Ozempic in the market as a proxy for other future generic entries" [Source: cnbc.com/2026/05/07/healthy-returns-novo-nordisk-faces-ozempic-generics-in-canada-.html].

CNBC noted that the generics are only available in Canada and not the United States, and that some analysts do not expect the impact of new Canadian generics to spill over into the U.S. market [Source: cnbc.com/2026/05/07/healthy-returns-novo-nordisk-faces-ozempic-generics-in-canada-.html]. Even so, Ozempic sales in the U.S. may be pressured by other factors, such as competition with Eli Lilly's Mounjaro, according to the same report [Source: cnbc.com/2026/05/07/healthy-returns-novo-nordisk-faces-ozempic-generics-in-canada-.html].

What it means for the Canadian market

The savings card strategy is now Novo Nordisk's publicly stated defensive playbook ahead of the third generic approval that would trigger the 65% list-price cut. Canadians comparing options across brand and forthcoming generic products can monitor regulatory progress through our generic semaglutide tracker and check plan reimbursement details through our insurance coverage checker. Additional background on related products including Zepbound and Rybelsus is also available, alongside our FAQ.

This article is for informational purposes only and does not constitute medical advice.