HIMS Down 6%; Novo Nordisk, Eli Lilly Down About 3% After Trump Vows Weight-Loss Drug Price Cut

Reuters
Oct 17

Weight-loss drugmakers' stocks fell on Friday. HIMS down 6%; Novo Nordisk, Eli Lilly fell about 3% after U.S. President Donald Trump said on Thursday that the price of the Danish drugmaker's best-selling weight-loss drug would be lowered.

Trump made the comments during a White House event on fertility treatments and drug pricing. He was asked by reporters to identify the name of a drug that he earlier in the event said would be made less expensive.

"I was referring to Ozempic, or - I was referring to - the fat loss drug?.... They'll be much lower," Trump said.

Although Novo's Ozempic is approved for diabetes treatment, it shares the same active ingredient as the group's blockbuster weight-loss drug Wegovy.

In the U.S., Ozempic has been frequently used off-label for obesity and often serves as a generic reference to weight-loss drugs.

Asked for comment, a Novo spokesperson said on Thursday: "Novo Nordisk has engaged in discussions with the Administration regarding the Most Favored Nation executive order." The spokesperson added the company was focused on improving patient access and affordability, but did not comment directly on Trump's remarks.

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