Novo Shares Drop After Trump Promises “Much Lower” Ozempic Prices

Novo Nordisk A/S shares in Copenhagen appear to be experiencing yet another dead cat bounce following last month’s surge. That’s because President Trump told reporters late Thursday that GLP-1 drugs like Novo’s Ozempic, which currently costs about $1,000 per month, could soon cost “$150 out of pocket.” Bad news for Goldman analysts, who have been Novo’s ‘super bulls’ -  but for those trying to catch a bottom in the stock, there may still be more downside ahead. 

Trump told reporters the cost of Ozempic will soon be “much lower,” adding,  “Those are going to be $150 out of pocket.” The comments were made at a press conference in the Oval Office, during an event centered around a deal Trump folks made with Germany’s Merck KGaA to reduce fertility treatments in exchange for a reprieve on looming pharmaceutical tariffs. 

Mehmet Oz, head of the Centers for Medicare and Medicaid Services, quickly chimed in after Trump spoke about future Ozempic pricing. He said negotiations over the drug’s price are still ongoing. “We haven’t negotiated those yet.” 

Q: “You mentioned a $1,300 drug?”

Trump: “Ya, I was referring to Ozempic, or the fat loss drug.”

Q: “Those are going to be $150 out of pocket?”

Trump: “They’ll be much lower.”

Dr. Oz, interjecting: “We have not negotiated those yet…Ozempic has not been negotiated yet.” pic.twitter.com/IlmCexTJL9

— The Bulwark (@BulwarkOnline) October 16, 2025

BMO Capital Markets analyst Evan Seigerman told clients that Trump’s comments “signal aggressive posturing” in the negotiations. However, he pointed out that the negotiated price may not represent a fundamental change to Novo’s business. 

When Trump was asked about a timeline for the negotiations, the president responded that GLP-1 drug prices would come down “pretty fast.”

The comments were enough to send Novo shares down 7% in Copenhagen trading. The risks of a bounce in the stock, which started with a positive study revealed at the European Association for the Study of Diabetes last month, could soon reverse. Yet elevated risks of yet another dead cat bounce in the 16-month bear market. 

We asked a simple question last month: Dead Cat Bounce or Bottom?

Related:

• Goldman, UBS React To Novo Nordisk Axing 9,000 Jobs, Slashing Guidance Amid GLP-1 Headwinds
• Novo Shares Gain As Wegovy Shows Big Edge Over Lilly’s Tirzepatide In Heart Study
• Dead Cat Bounce Or Bottom? Novo Jumps On Ozempic Study As Goldman Weighs In

U.S. headwinds for Novo still include compounded GLP-1s from companies such as Hims & Hers Health. Earlier this year, Novo nuked its partnership with the telehealth firm due to violations of federal law related to mass sales of compounded drugs disguised as “personalized” treatments, along with deceptive marketing practices that allegedly jeopardized patient safety. 

• Novo Shares Crash Most On Record After Forecast Slashed On Compounded GLP-1 Headwinds

All indications appear that Novo shares will retest 300 DKK.