Novo Nordisk spoke cautiously about the US political environment on the analyst conference call (including potential Trump administration policies, tariffs, and pharmaceutical policies): 1. Regarding "Most Favored Nation" (MFN) and pharmaceutical policy, this was the most discussed topic of the meeting, as it directly relates to the impact of policy on prices.

a. The pressure of the MFN agreement: Management clearly mentioned that Novo Nordisk has reached an MFN (Most Favored Nation) pilot agreement with the U.S. government. This means Novo Nordisk's drug prices in the U.S. will reference the lowest prices in other developed countries.b. Policy continuity: Although the Trump administration might bring policy fluctuations, management hinted that regardless of political trends, there is bipartisan consensus within the U.S. government on the demand to "lower drug prices." By reaching the MFN agreement in advance, Novo Nordisk is effectively setting a "price floor" for the 2026-27 policy environment in exchange for more certain market access.c. Opening of Medicare Part D: The meeting confirmed that Wegovy will be included in the Medicare Part D reimbursement scope, which is regarded as a major policy breakthrough. However, it also brings stricter price audits and more pressure from government negotiations.Expand