Novo Nordisk Shares Surge as Biden Proposes Expanded Drug Coverage
Shares of Novo Nordisk gained 1.3% following U.S. President Biden's proposal to expand Medicare and Medicaid coverage for anti-obesity drugs. The change could take effect in 2026, potentially lowering costs for millions of Americans. The market reacted with Novo's and Eli Lilly's stocks rising, while Amgen's dipped.
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Shares of Danish pharmaceutical giant Novo Nordisk experienced a 1.3% increase on Tuesday. This rise followed a proposal from U.S. President Joe Biden aiming to extend coverage for anti-obesity drugs under Medicare and Medicaid.
Novo Nordisk responded positively to the proposal, stating that it represents a significant advancement for patient care. The expanded coverage might be implemented by 2026 and could substantially reduce out-of-pocket expenses for American patients.
Market reactions saw U.S. counterparts like Eli Lilly rise in premarket trading, while Amgen's shares fell by nearly 8%, amid disappointing trial data for its obesity treatment contender, MariTide.
(With inputs from agencies.)
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