These 10 Firms Took A Hit on Friday

6. Novo Nordisk A/S (NYSE:NVO)

Novo Nordisk A/S (NVO), a multinational pharmaceutical company, saw its share prices on Friday retreat by 5.27 percent to finish at $78.69 after following news that the company’s blockbuster diabetes drug Ozempic and weight-loss treatment Wegovy are among the 15 drugs targeted for Medicare price negotiations for 2027.

A report said Friday that the negotiation process was in line with outgoing president Joe Biden’s signature Inflation Reduction Act of 2022, where 15 new drugs are set to undergo a negotiation process for being among the most expensive drugs.

It can be learned that drug pricing concerns have already helped drag down the company’s valuation last year, alongside increasing competition for its blockbuster obesity and diabetes medicines.

Novo Nordisk (NVO) is a Denmark-based firm that owns drug brands such as Levemir, Tresiba, NovoLog, Novolin R, and Novolin N.