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Novo Nordisk announces agreement with the U.S. Administration to bring GLP-1s to more Americans at a lower cost

1. Novo Nordisk to lower semaglutide prices in Medicare Part D starting 2026. 2. Pilot program aims to enhance access for obesity medicines to many beneficiaries. 3. Expected low single-digit negative impact on global sales growth in 2026. 4. Tariff exemption for three years is part of the agreement with the U.S. Administration. 5. Details of the agreement will be finalized before the program rollout.

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FAQ

Why Bearish?

The anticipated negative low single-digit impact on sales suggests a potential decline in revenue. Historically, similar announcements have led to stock price corrections due to investor sentiment concerns.

How important is it?

Significant changes in drug pricing models directly affect the financial outlook for NVO, making it critical for investors' assessments. The introduction of more affordable options can disrupt pricing strategies.

Why Short Term?

The implementation starts in 2026, with immediate investor concern potentially affecting stock performance. Market reactions typically occur swiftly following such pricing announcements.

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Obesity medicines coverage in U.S. Medicare Part D via a pilot programme, starting during 2026Introduction of lower prices for Novo Nordisk’s semaglutide medicines in U.S. Medicare Part D and Medicaid and in direct-to-patients cash channelNovo Nordisk currently expects an estimated negative low single-digit impact on global sales growth in 2026 Bagsværd, Denmark, 6 November 2025 – Today it was announced that Novo Nordisk has agreed with the U.S. Administration to lower drug prices beginning in 2026 and expand patient access and affordability for semaglutide medicines, including Wegovy® and Ozempic®, in U.S. Medicare Part D and Medicaid and in direct-to-patient cash channel. Medicare Part D coverage for anti-obesity medicines will be enabled through a pilot program designed to cover a majority of Part D beneficiaries. In addition, Novo Nordisk is expected to receive a three-year tariff exemption. “Novo Nordisk has always worked to secure affordable access to our innovative medicines, and today’s announcement will bring semaglutide medicines to more American patients at a lower cost” said Mike Doustdar, president and CEO of Novo Nordisk. “Importantly, this also expands obesity medication access in Medicare, which will allow people living with obesity to access authentic Wegovy®”. Novo Nordisk currently expects an estimated direct, negative low single-digit impact on global sales growth in 2026. Implementation is expected to begin in 2026. The forward-looking statements section on page 28 in the financial report for the first nine months of 2025 (Company Announcement No 31/2025) also apply to this company announcement. Novo Nordisk is expected to provide the financial outlook for 2026 in connection with the announcement of the full-year 2025 results on 4 February 2026. Following today’s announcement, Novo Nordisk and the U.S. Administration will finalise the details of the agreement. Publication of inside information pursuant to Market Abuse Regulation, Article 17. About Novo NordiskNovo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 78,500 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, X, LinkedIn and YouTube. Contacts for further information Media: Ambre James-Brown +45 3079 9289globalmedia@novonordisk.comLiz Skrbkova (US)+1 609 917 0632lzsk@novonordisk.comInvestors: Jacob Martin Wiborg Rode+45 3075 5956jrde@novonordisk.comSina Meyer +45 3079 6656azey@novonordisk.comMax Ung+45 3077 6414 mxun@novonordisk.com Christoffer Sho Togo Tullin+45 3079 1471cftu@novonordisk.comAlex Bruce +45 3444 2613axeu@novonordisk.comFrederik Taylor Pitter +1 609 613 0568fptr@novonordisk.com Company announcement No 32 / 2025 CA251106_MFN

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