Obesity is a major public health issue around the world. The objective of this paper was to evaluate the cost effectiveness of Semaglutide as an anti-obesity medication, from a Swedish societal perspective. A five state Markov model was developed to estimate the long term effect and cost of both a one and two year intervention of Semaglutide. The estimated ICERs for a one year intervention, for 20 year old men and women, as well as 40 year old women was negative, indicating a cost saving intervention (compared to no intervention). The age and gender specific group with the highest estimated ICER was 80 year old men with an estimated ICER of 276,187 SEK for a one year intervention and 508,492 SEK for the 2nd year of intervention. The results indicate that Semaglutide likely is a cost effective intervention for treating obesity, especially among younger individuals.