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.

Ozempic’s expanded approval in the U.S. could transform how doctors treat patients with the condition, which involves a gradual loss of kidney function.

Stock prices for Novo Nordisk fell by about 3% at market open after the Biden administration selected its revolutionary drugs for mandatory price negotiations.