The new treatment targets gut hormone GLP-1 but also mimics amylin, a hormone released by the pancreas that suppresses hunger.

One of Novo Nordisk's next-generation obesity shots to follow up on its success with Wegovy helped patients lose 22% of their weight in 36 weeks, according to early-stage trial results on Friday, boosting the drugmaker's shares.

Just how much Medicare price negotiations will negatively impact Novo Nordisk, though, depends on what the final negotiated prices for Ozempic, Wegovy, and Rybelsus will be. In Medicare's negotiations for 2026, the new prices achieved an average of 22% savings.