CNBC's Angelica Peebles joins 'Squawk on the Street' to discuss the latest news on Novo Nordisk, what new FDA approval on its Wegovy drug means for sales, and much more.

Novo Nordisk's weight loss medication Wegovy has received approval from the U.S. Food and Drug Administration (FDA) to treat a liver condition called MASH, which affects a significant portion of people who are overweight or obese. This marks the latest expansion of the drug's approved uses, as Novo Nordisk seeks to broaden insurance coverage for Wegovy beyond its original indication for weight loss.

Analysts estimate that the new approval could add nearly $2 billion in peak sales, with MASH currently having only one other approved drug treatment. Additionally, Novo Nordisk announced that both Wegovy and its diabetes drug Ozempic, which share the same active ingredient, will now be available for $4.99 a month for out-of-pocket payers through the company's direct-to-consumer platform.

Wegovy receives FDA approval to treat serious liver disease

Welcome back. Shares of Novo Nordisk jumping this morning. You can see up almost 5% on a number of headlines that surround its weight loss and diabetes drugs. They're often the same drug. Angelica Peebles just got off the phone with Novo Nordisk executives and has some more details for us. Angelica. That's a busy morning for Novo. Let's start with the first. The FDA is approving Novo's weight loss drug Wagobe for a liver condition and this is the latest condition that the GLP-1 is approved to treat. So Novo says that one in three people around the world who are overweight or obese have this condition. It's called MASH and it's estimated the disease affects 5% of people in the U.S. alone. Now Novo has been trying to get Wagobe approved for other conditions beyond obesity in part to get insurers to cover the drug since they've been reluctant to cover GLP-1s for weight loss alone. Now BMO analysts estimate that the MASH indication could add almost two billion dollars in peak sales and there's currently only one approved drug for MASH. So Novo's executive medical director Jason Brett just now telling me that Wagobe treats the underlying metabolic drivers of the disease and this latest approval just adds to the evidence that Wagobe can do more than simply helping people lose weight. Now also this morning Novo announcing that its diabetes drug Ozempic will be available for $4.99 a month for people paying for the drug out of pocket. The normal list price is around $1,000 a month and Novo is already selling Wagobe on its NovoCare direct-to-consumer platform so this is an expansion of that offering. Remember Ozempic and Wagobe have the same active ingredient but Wagobe is for weight loss and Ozempic is for diabetes and so both drugs will now be available at $4.99 a month for people who want to pay out-of-pocket guys. Are the side effects the same for both Angelica? Are there different considerations that people need to have as it pertains to you know now that they're paying the same out-of-pocket different kind of aspects to which one to choose from? Yeah it's the same drug the same exact one the doses are a little bit different but it's the same drug for both and I think what's interesting here is that Novo has actually said that the coverage for Ozempic is pretty good about 98% of people with diabetes have insurance coverage of this drug but I think that Ozempic is more of a household name people might know Ozempic but not Wagobe and so now they can go and get both or you know you're online you're googling looking for Ozempic how do I get that and then you go online and maybe you find this and that's one way as they try to compete especially with those compounders remember those are the companies they're selling the knockoff versions of GLP ones for a much discounted price and so that could be one way to get some of those patients who would otherwise go to get a compounded version. Yeah clearly an always evolving space thanks for breaking that down for us Angelica.

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Breakdown