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.

The talks on drugs including Novo Nordisk's Wegovy, GSK's Trelegy Ellipta, and Pfizer's Xtandi will set Medicare prices that go into effect in 2027.

Ozempic and Wegovy, the blockbuster but costly GLP-1 drugs often used for weight loss, are among the 15 medications that will be subject to the next round of Medicare price negotiations, the Biden administration announced Friday.