Novo Nordisk and Eli Lilly cut prices of obesity drugs Wegovy and Mounjaro in China by up to 48-75%.[1] The price of Mounjaro 10mg pen will drop from 2180 yuan to about 445 yuan ($63) from January 1, 2026, a drop of more than 75%.[1] This is due to growing domestic competition from companies such as Innovent Biologics, CSPC Pharmaceutical Group and Hangzhou Jiuyuan Genetic Biopharmaceutical, which are developing versions based on semaglutide, whose Novo Nordisk patent expires in 2026.[1] Both companies have agreed to lower the prices of obesity and diabetes drugs in 2026 for Medicare and Medicaid beneficiaries in the US and are offering them at a discount on the TrumpRx platform in exchange for a three-year exemption from tariffs.[2][3] Eli Lilly expects 2026 revenue to grow to $80-$83 billion and adjusted earnings per share of $33.50-$35, despite lower prices partially impacting growth.[3] Mounjaro's revenue for the quarter rose 110% to $7.41 billion, and Zepbound's US revenue rose 122% to $4.2 billion.[3][4] On the contrary, Novo Nordisk warns of a decline in sales and profit in 2026 due to changes in the US and the expiration of patents.[2][4][5] China is becoming a key market where 65% of the population may be overweight by 2030.[1]