Just how much Medicare price negotiations will negatively impact Novo Nordisk, though, depends on what the final negotiated prices for Ozempic, Wegovy, and Rybelsus will be. In Medicare's negotiations for 2026, the new prices achieved an average of 22% savings.

Novo Nordisk's blockbuster diabetes drug Ozempic and weight-loss treatment Wegovy are among the 15 drugs targeted for Medicare price negotiations for 2027, the U.S. government said on Friday, part of a law pharmaceutical companies have pledged to revisit with the Trump administration.

Novo sells semaglutide as Ozempic and Rybelsus for diabetes and as Wegovy for obesity. In price talks, CMS will treat the different forms as a single product.