LONDON (ShareCast) - (Sharecast News) - Shares in Novo Norodisk slumped on Friday, after Donald Trump warned he would cut the price of the Danish firm's blockbuster weight-loss jabs.
At a White House event overnight on fertility and drug pricing, the US president was asked by reporters to identify which treatment he believed should be made less expensive.

According to Reuters, he replied: "I was referring to Ozempic, or, I was referring to - the fat loss drug? They'll be much lower."

Novo's Ozempic is approved for diabetes treatment, while Wegovy is used for weight-loss. However, Ozempic - which is often used as a generic drug name for all weight-loss jabs - is also used off-label in the US to treat obesity.

Trump suggested that prices could fall to $150. American patients who cannot access the drug through health insurance currently pay $499.

As at 1030 BST, shares in Novo had lost 6%. In the US, Eli Lilly & Co, which makes rival jab Mounjaro, was off 5% in pre-market trading.

A company spokesman told Reuters: "Novo Nordisk has engaged in discussions with the administration regarding the Most Favored Nation execution order."

They added that the firm was focused on improving access and affordability, but did not comment directly on Trump's remarks.

Novo pioneered obesity drugs and has seen earnings rocket as demand soared.

However, the US president has been vocal about plans to cut the price of all drugs, which are traditionally much higher in America than in other industrialised nations.

On Monday, the UK's AstraZeneca confirmed it would provide direct-to-consumer sales to eligible patients with prescriptions for chronic diseases at a discount of up to 80% off list price.

In return, the US Department of Commerce agreed to delay certain tariffs for three years.

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