Novo Nordisk's White House Pricing Deal to Drive Volumes -- Market Talk

Dow Jones12-16

1036 GMT - Novo Nordisk investors need to take into account a low-single-digit percentage headwind to group growth from the White House deal on drug pricing, says JPMorgan, after speaking with Novo Nordisk CEO Maziar Mike Doustdar. Doustdar said the White House deal on Medicare pricing will increase volume growth, which should start materializing in mid-2026 and more than offset the impact from lower prices, the bank says. There may be a lag between the price cuts and subsequent increase in volume growth, though. There is also a potential headwind to group growth from Ozempic generics in a number of markets, it adds. Despite some signs of a slowdown in growth of compounders--made-to-order substitutes for approved drugs--Doustdar stressed that some patients on compounded drugs might still be unable to afford approved products, JPMorgan says. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

December 16, 2025 05:36 ET (10:36 GMT)

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There may be a lag between the price cuts and subsequent increase in volume growth, though. There is also a potential headwind to group growth from Ozempic generics in a number of markets, it adds. Despite some signs of a slowdown in growth of compounders--made-to-order substitutes for approved drugs--Doustdar stressed that some patients on compounded drugs might still be unable to afford approved products, JPMorgan says. 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Doustdar said the White House deal on Medicare pricing will increase volume growth, which should start materializing in mid-2026 and more than offset the impact from lower prices, the bank says. There may be a lag between the price cuts and subsequent increase in volume growth, though. There is also a potential headwind to group growth from Ozempic generics in a number of markets, it adds. Despite some signs of a slowdown in growth of compounders--made-to-order substitutes for approved drugs--Doustdar stressed that some patients on compounded drugs might still be unable to afford approved products, JPMorgan says. 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