Key Takeaways
\nPresident Trump said he would lower the prices of popular weight-loss drugs, pressuring shares of drugmakers Novo Nordisk and Eli Lilly Friday.Centers for Medicare & Medicaid Services head Dr. Mehmet Oz said price negotiations have not finished yet.<\/p>\n
Novo Nordisk (NVO<\/a>) and Eli Lilly (LLY<\/a>) shares slumped in early trading Friday after President Trump promised to lower the prices of popular weight-loss drugs, such as Novo Nordisk\u2019s Ozempic and Eli Lilly\u2019s Zepbound.\n<\/p>\n In comments to reporters during a White House event Thursday, Trump said prices could drop to $150 a month from $1,300. When asked which treatment he meant, Trump pointed to Novo Nordisk\u2019s Ozempic, saying prices for weight-loss drugs like it will be “much lower.”\n<\/p>\n Ozempic\u2019s current list price is $1,000 a month, but Novo Nordisk offers it to consumers buying in cash without insurance for less. Dr. Mehmet Oz, head of the Centers for Medicare & Medicaid Services (CMS), said the CMS has not yet finished negotiating costs with pharmaceutical firms.\u00a0\n<\/p>\n Shares of Novo Nordisk were down about 4% in recent trading, while shares of Eli Lilly dropped 3%.\n<\/p>\n Why This Is Significant<\/p>\n