Meena Seshamani’s Medicare swan song ended on a note of bravura: the announcement that 15 costly drugs, including Novo Nordisk blockbusters Wegovy and Ozempic, are slated for price talks.
The hugely popular medications Ozempic and Wegovy​, used for diabetes and weight loss, will be included in the next round of talks to negotiate lower Medicare drug prices.
Federal officials are targeting the blockbuster drugs as part of their ongoing initiative to lower drug costs.
The Biden administration announced Friday that Ozempic, Wegovy and 13 additional drugs will now be covered under Medicare Part-D for price negotiations, the next round of negotiations under the Inflation Reduction Act passed by President Joe Biden in 2022.
Stock prices for Novo Nordisk fell by about 3% at market open after the Biden administration selected its revolutionary drugs for mandatory price negotiations.
In other news, Novo Nordisk announced the results from its phase 3b STEP UP semaglutide trial today. Specifically, the company said semaglutide 7.2 milligram (mg) injections over a 72-week period resulted in an average weight loss of 20.7%, better than the 17.5% weight loss achieved in a prior trial of semaglutide 2.4 mg injections.
LVMH has reclaimed its spot as the biggest company in Europe, overtaking Novo Nordisk after a significant drop in the drugmaker's shares. The cause? Concerns that the US governmen
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. Other drugs on the list include Pfizer's cancer drugs Ibrance and Xtandi,
Viking Therapeutics investors face challenges as stock plummets, cash runway helps but betting on early stage biopharma remains risky.
Novo Nordisk’s NVO shares lost 5.3% on Friday after Medicare issued a press release selecting the company’s popular semaglutide medicines as one of the 15 additional drugs covered under Medicare Part D for the second round of price negotiations in 2025.
Novo Nordisk has faced a massive selloff in recent months amid disappointing drug trials and U.S. pressure to cut its prices.