A shake-up may be brewing in the market for GLP-1 diet drugs Friday, and it’s making itself felt all across the field of companies selling (or hoping to sell) semaglutide and related drugs for treating diabetes and losing weight. As of 11 a.m. ET, shares of Novo Nordisk (NYSE: NVO) are down 4.2%, and Hims Hers Health (NYSE: HIMS) stock is getting walloped for a 5.8% loss. In contrast, shares of Viking Therapeutics (NASDAQ: VKTX) are up a modest 3.3%.
And why? As CNBC reports today, the Biden administration is using its last few days in office to add 15 prescription drugs to the list of medications on which Medicare can negotiate prices. And here’s the kicker: Three weight loss drugs from Novo Nordisk top this list.
Taking aim at the sky-high price of semaglutide, Medicare plans to negotiate prices for Novo Nordisk products Ozempic (an injection to control diabetes), Wegovy
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