At list price, Mounjaro is more expensive than Ozempic. A month’s supply of Mounjaro costs $1,112.16 before insurance, while Ozempic’s list price runs roughly $935 to $1,000 per month depending on the dose. But the sticker price rarely tells the full story. What you actually pay depends on your insurance plan, which drug your insurer prefers, and whether you qualify for a manufacturer savings card.
List Prices Side by Side
Eli Lilly sets Mounjaro’s wholesale acquisition cost (the price wholesalers pay) at $1,112.16 for a one-month supply of four injectable pens. That price is the same regardless of your prescribed dose, whether you’re on the lowest 2.5 mg starter or the highest 15 mg strength.
Ozempic, made by Novo Nordisk, carries a slightly lower list price that generally falls in the mid-$900 range per month. Like Mounjaro, pricing is flat across dose strengths. Both drugs also have weight-loss-specific versions: Zepbound (tirzepatide, same active ingredient as Mounjaro) and Wegovy (semaglutide, same as Ozempic). Wegovy’s list price is around $1,326 per month, while Zepbound ranges from roughly $300 to $1,069 depending on the dose and quantity, making it potentially the cheapest option at lower strengths.
What You’ll Actually Pay With Insurance
Your out-of-pocket cost has far more to do with your insurer’s formulary than the list price. Most commercial insurance plans place these drugs on different tiers, and many treat one as “preferred” and the other as “non-preferred.” A preferred drug typically means a lower copay, sometimes $25 to $50 per month, while a non-preferred drug can cost several hundred dollars or require jumping through extra hoops.
Ozempic often lands in the preferred spot for type 2 diabetes because it has been on the market longer and has broader formulary placement. Some state Medicaid programs, like Pennsylvania’s, explicitly require patients to try and fail on Ozempic before they can get Mounjaro approved. In those systems, a doctor must document that you used the maximum dose of semaglutide (Ozempic or Wegovy), that it didn’t work well enough or caused side effects you couldn’t manage, and that you tried dietary adjustments and anti-nausea medication for at least a month before switching. That kind of step therapy policy makes Ozempic the cheaper first option by default, since Mounjaro may not be covered at all without prior authorization.
Other insurance plans flip this arrangement or cover both drugs at similar tiers. The only reliable way to know is to check your specific formulary or call the number on your insurance card.
Manufacturer Savings Cards
Both manufacturers offer savings cards that can dramatically cut your cost if you have commercial (employer-based or marketplace) insurance. Mounjaro’s savings card from Eli Lilly can bring your copay down to $25 for a one-month or three-month prescription. Ozempic also offers a savings card for commercially insured patients, though Novo Nordisk is less transparent about the exact discount amount. Your pharmacist can run both cards to see what the final price would be.
There’s a major catch: neither savings card works with Medicare or Medicaid. If you’re on a government plan, you’ll pay whatever your plan’s cost-sharing structure dictates, which can be substantial for non-preferred drugs.
Medicare Coverage Changes in 2026
Medicare Part D has historically covered these drugs only for type 2 diabetes, not for weight loss. That’s shifting. Starting July 2026, a new CMS demonstration program called the Medicare GLP-1 Bridge will cover certain GLP-1 medications specifically for weight reduction through the end of 2027. The eligible drugs are Wegovy, Zepbound, and a newer product called Foundayo. Ozempic and Mounjaro (the diabetes-branded versions) are not included in this bridge program.
To qualify, you’ll need a BMI of 35 or higher, or a BMI of 30 or higher with conditions like uncontrolled high blood pressure, heart failure, or chronic kidney disease. People with a BMI of 27 or higher can also qualify if they have pre-diabetes, a history of heart attack or stroke, or peripheral artery disease. If your doctor prescribes the diabetes-branded version for diabetes treatment, standard Part D coverage still applies.
Without Any Insurance
If you’re paying entirely out of pocket, both drugs are expensive enough that the $100 to $200 difference in list price is almost beside the point. You’re looking at roughly $11,000 to $13,000 per year for either one at full price. A few strategies can help bring costs down. Compounding pharmacies have offered generic tirzepatide (Mounjaro’s active ingredient) at significantly lower prices, though availability and legality of these versions shifts frequently. GoodRx and similar discount platforms sometimes negotiate lower cash prices at specific pharmacies. And Eli Lilly has offered its own direct-to-consumer programs for Zepbound at reduced rates in the past.
Which One Costs Less Overall
For most people with commercial insurance, the drugs end up costing a similar amount out of pocket, especially with savings cards in play. Ozempic has a slight edge on list price and broader formulary placement, which means fewer prior authorization headaches and a better chance of immediate coverage. Mounjaro is more likely to require a step through Ozempic first, particularly on Medicaid plans, adding time and paperwork before you can access it.
If cost is your primary concern and both drugs are medically appropriate for you, starting with whichever one your insurance plan prefers will almost always be the cheaper path. The savings card programs can make either drug affordable at $25 per month for commercially insured patients. For those on Medicare who want these medications for weight loss rather than diabetes, the 2026 bridge program opens new coverage for Zepbound and Wegovy specifically, making those versions worth discussing with your doctor as that date approaches.