As Eli Lilly and Novo Nordisk prepare to release their third quarter results for 2025, investors are already asking questions about both companies’ futures.¹

Both drug makers have released massively successful GLP-1 drugs, such as Novo’s Ozempic and Lilly’s Zepbound. While that market has seen some turbulence in recent months, both drugs continue to sell well.

What are investors concerned about in the GLP-1 space?

However, both companies saw their stocks drop in recent weeks after President Trump made a surprise announcement that weight-loss drugs would be priced at $150 for a month’s supply. This would mark a dramatic decrease for the popular medication.

Things quickly became confusing when Centers for Medicare and Medicaid Administrator Dr. Mehmet Oz immediately refuted the President’s statement, clarifying that there was no deal in place with Novo Nordisk and negotiations were still ongoing.

This confusing turn of events may not be surprising for this administration, as President Trump has a habit of making big statements before a deal is completed. That doesn’t mean statements like this should be ignored.

With no official statement from the government or Novo Nordisk, it’s unclear how accurate the President’s statement is. He could be referencing parts of a deal that simply haven’t been announced yet, or he could be attempting to push the company into accepting the price by creating public demand for it.

Following the statement, both Novo Nordisk and Eli Lilly saw their stock prices dip. While the damage was minimal, the impact does reveal how significant the potential GLP-1 government discount could be for both companies.

Now, as both companies prepare to reveal their third quarter earnings, investors are asking tough questions. Based on the President’s statements, many are wondering if the weight-loss medications will be available on TrumpRx at the highly discounted price and how that will impact both companies’ bottom lines.

According to a report from Reuters, investors are watching both companies very closely. This is especially true for Novo Nordisk, which recently saw significant shake-ups to its board after bringing in a new CEO earlier this year.

As one expert told the news outlet, investors are more interested in seeing which company announces a deal with President Trump first. If the President’s claims were accurate, either company could significantly impact the perceived value of the medication.

Since Novo’s pipeline is so highly dependent on Ozempic, experts say that Eli Lilly making a deal first could be significantly troubling for Novo. Both Ozempic and Zepbound are fighting for control of the market, experts reportedly believe that Eli is better positioned to absorb the impact of the potential government discount.

President Trump has made lowering drug costs a major part of his administration. Over the first year of his term, President Trump has attempted multiple methods of pressuring drug companies into lowering their prices, including tariffs and issuing an executive order demanding MFN pricing for pharmaceuticals.

His most recent endeavor is TrumpRx, a government-run website that would sell pharmaceuticals DTC. He and his administration have been negotiating with major pharmaceutical companies to offer their drugs on the site at discounted rates.

So far, few details about the site have been revealed, including the rates that the administration has agreed upon with participating companies. The site is expected to launch sometime in 2026. Between now and then, it appears that a deal with at least one GLP-1 maker will be announced.

Source

In Lilly vs Novo obesity drug battle, Trump price talks grab focus. Reuters. October 29, 2025. https://www.reuters.com/business/healthcare-pharmaceuticals/lilly-vs-novo-obesity-drug-battle-trump-price-talks-grab-focus-2025-10-29/