Here’s what Trump said that’s weighing on Novo Nordisk and Eli Lilly shares

Shares of Novo Nordisk (NVO) and Eli Lilly (LLY) fell in early trading Friday after President Trump promised to lower prices on popular weight-loss drugs, such as Novo Nordisk’s Ozempic and Eli Lilly’s Zepbound.

Speaking to reporters during a White House event on Thursday, Trump said prices could drop to $150 a month from $1,300. When asked what treatment he meant, Trump pointed to Novo Nordisk’s Ozempic, saying the prices of weight-loss drugs like his would be “much lower.”

Ozempic’s current list price is $1,000 per month, but Novo Nordisk is offering that price to consumers who purchase cash without insurance for less. Dr. Mehmet Oz, head of the Centers for Medicare & Medicaid Services (CMS), said CMS has not yet finished negotiating costs with drug companies.

Novo Nordisk shares fell about 4% in recent trading, while Eli Lilly shares fell 3%.

A Novo Nordisk spokesman said Investopedia The company has cooperated with the Trump administration, and “will continue to work on solutions that help people access the medications they need.”

Novo Nordisk’s US-listed shares have lost more than a third of their value this year as the company faces increasing competition in the weight-loss drug market. Eli Lilly shares added about 3%.