Benzinga | Jun 29, 2021 08:51AM EDT

Walmart, Novo Nordisk Unveil Own Low-Cost Brand Insulin

* Walmart Inc (NYSE:WMT) is launching its first-ever private label insulin analog, available exclusively at its stores.

* The company worked directly with manufacturer Novo Nordisk A/S (NYSE:NVO) on ReliOn Novolog, allowing it to offer the product in both vials and FlexPens at a far lower price.

* Walmart said the vials would retail for $72.88 and the FlexPens for $85.88, saving consumers between 58% and 75% off the cash price for other insulin products, equating savings of up to $101 per branded vial and $251 per package of branded FlexPens.

* Customers will need a prescription from their physicians to switch to the new product.

* Price Action: WMT stock is up 0.14% at $138.3, and NVO shares are up 0.9% at $84 during the premarket session on the last check Tuesday.