The negotiated prices of 15 Medicare Part D drugs, which include several blockbusters, will go into effect in 2027.

Stock prices for Novo Nordisk fell by about 3% at market open after the Biden administration selected its revolutionary drugs for mandatory price negotiations.

In other news, Novo Nordisk announced the results from its phase 3b STEP UP semaglutide trial today. Specifically, the company said semaglutide 7.2 milligram (mg) injections over a 72-week period resulted in an average weight loss of 20.7%, better than the 17.5% weight loss achieved in a prior trial of semaglutide 2.4 mg injections.