Novo Nordisk (NYSE:NVO) saw its shares sink 5.6% in early Friday trading after U.S. President Donald Trump vowed to lower the cost of the company’s top-selling weight-loss medication.
The statement came during a White House event focused on fertility treatments and drug pricing, when Trump was pressed by reporters to name the specific drug he had mentioned earlier.
“I was referring to Ozempic, or – I was referring to – the fat loss drug?…. They’ll be much lower,” Trump said.
While Ozempic is officially approved for diabetes treatment, it contains the same active ingredient as Wegovy, Novo’s blockbuster weight-loss therapy. In the U.S., Ozempic has become widely used off-label for weight management and is often used as shorthand for weight-loss drugs more broadly.
By 07:36 GMT, Novo shares were down 5.6%, with rivals Eli Lilly and Company and Zealand Pharma also seeing declines of around 4%.
In response to Trump’s remarks, a Novo spokesperson said Thursday: “Novo Nordisk has engaged in discussions with the Administration regarding the Most Favored Nation executive order.” The spokesperson added that the company remains focused on improving patient access and affordability, but declined to comment directly on the president’s statement.
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