Novo Nordisk Settles Insulin Pricing Lawsuit For $100M

Novo Nordisk A/S NVO has agreed to pay $100 million to settle a 2017 investor suit that alleged the Company failed to disclose that it was under the same pricing pressures as its competitors.
Related Content: House Committee Questions Eli Lilly, Sanofi, Novo Nordisk On' Unacceptably High' Insulin Prices
The Company cut the deal while maintaining that the move was not an admission of wrongdoing. Novo Nordisk said the claims were without merit and that it was settling to "avoid the burden, inherent risk and expense of further litigation," the Danish diabetes specialist said in a statement.
Read Next: Walmart, Novo Nordisk Unveil Own Low-Cost Brand Insulin.
In a court filing, plaintiffs said that while other companies said that their insulin-related revenues would diminish due to pricing pressures, Novo Nordisk executives assured that the Company was not subject to the same forces and that its sales and profits would continue to grow.
The news comes during a year in which Novo Nordisk's fortunes have risen thanks to its diabetes standouts Ozempic and Rybelsus and excitement over its new drug Wegovy, hailed as a potential game-changer in combatting obesity.
Related Link: Novo Nordisk's Higher Dose Of Semaglutide Trumped 1-mg Predecessor On Blood Sugar, Weight Reduction.
Also See: Novo Nordisk's Semaglutide Gets FDA Approval to Tackle Obesity.
Price Action: NVO stock is down 1.64% at $99.05 during the market session on the last check Monday.