- Shares of Eli Lilly & Co. and Novo Nordisk A/S dropped after U.S. President Trump said Ozempic prices would fall sharply.
- Trump stated Ozempic may be reduced from around $1,000 per month to about $150, with potential changes coming quickly.
- The U.S. administration is considering the Most Favored Nation policy to align drug costs with global pricing.
- Novo Nordisk confirmed ongoing talks with U.S. officials but did not comment directly on Trump’s pricing targets.
- Price negotiations for GLP-1 drugs, including Ozempic and Eli Lilly’s Zepbound, are still in progress according to CMS.
Shares of Eli Lilly & Co. and Novo Nordisk A/S fell in after-hours trading on Thursday following comments by U.S. President Donald Trump regarding the price of Ozempic, a leading diabetes and weight-loss drug. Trump indicated that the price for Ozempic could soon decrease significantly, suggesting it might be reduced to around $150 per month.
Eli Lilly’s stock ended Thursday at $819.38, down 0.9%, and dropped another 3.7% after hours. Novo Nordisk’s U.S.-listed shares closed 1.1% lower at $56.09 and slid 2.8% in extended trading. Trump made the comments during a White House event on fertility treatments and drug pricing, stating, “They’ll be much lower,” referencing the costs of Ozempic and other related medications, according to a Reuters report. He added, as reported by Bloomberg, that the price reduction could come “pretty fast.”
Ozempic, produced by Novo Nordisk, is primarily used for diabetes management. Its related medication Wegovy, also based on the active ingredient semaglutide, is approved for weight loss. Ozempic is typically listed at about $1,000 per month, but Novo Nordisk says it offers the drug directly to cash-paying customers for $499.
A spokesperson for Novo Nordisk stated the company is in discussions with the U.S. administration regarding the Most Favored Nation executive order, which aims to link American drug prices to those in other countries. The company reaffirmed its commitment to improving access and affordability but did not directly address Trump’s remarks. Novo Nordisk is also involved in negotiations under the Inflation Reduction Act, which gives Medicare authority to negotiate prices for high-cost medications.
At the same White House event, Mehmet Oz, leader of the Centers for Medicare and Medicaid Services (CMS), clarified that talks about pricing for GLP-1 drugs—including Ozempic, Wegovy, and Eli Lilly’s Zepbound—are ongoing. He noted, “We haven’t negotiated those yet,” confirming that discussions with pharmaceutical companies continue.
Data show that while Eli Lilly’s stock has risen 7% so far in 2025, Novo Nordisk’s U.S.-listed stock has fallen by 33% during the same period.
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