U.S. Strikes Landmark Drug Pricing Deals With Eli Lilly and Novo Nordisk

The Trump administration announced new agreements with Eli Lilly ($LLY) and Novo Nordisk ($NVO) to lower prices for obesity and primary care drugs, while securing major U.S. investments and a temporary tariff reprieve for both pharmaceutical companies.

• The deals set Most Favored Nation (MFN) pricing for all future Lilly and Novo Nordisk drug launches across commercial, Medicare, Medicaid, and cash markets.
• Nearly all primary care drugs will be available at U.S. net or MFN prices on the TrumpRx platform when it launches in early 2026.
• The first oral GLP-1 drugs from both companies will be priced at $149 per month under the new program.
• Eli Lilly will invest $27 billion and Novo Nordisk $10 billion into U.S.-based manufacturing and operations.
• Both companies will receive a three-year tariff reprieve as part of the agreements.
• President Trump stated that Americans should pay “the lowest global prices” for prescription drugs.
• Eli Lilly has spent over $8 million on lobbying in 2025—up from less than $2 million last year—focused on issues related to drug pricing and trade negotiations.

Relevant Companies

• Eli Lilly ($LLY) – Set to benefit from expanded access and increased U.S. investment tied to MFN pricing and TrumpRx distribution.
• Novo Nordisk ($NVO) – Gains from broader U.S. market access and tariff relief for obesity and diabetes treatments.

Editor’s Note: This is a developing story. This article may be updated as more details become available.