Novo Nordisk(NVO) The Motley Fool·2024-07-02 15:54Core Viewpoint - President Biden and Senator Bernie Sanders criticized Novo Nordisk for high drug prices and proposed legislation to increase price negotiations for prescription drugs [1][2] Group 1: Legislative Impact - Biden and Sanders are working on legislation to expand the number of prescription drugs subject to price negotiation by Medicare to at least 50 per year [1] - The proposed legislation may face challenges in a divided Congress, and the upcoming November elections could further hinder its passage [2] Group 2: Company Stock Performance - Shares of Novo Nordisk fell by 1.7% after the publication of the opinion piece, with a peak decline of 4.4% earlier in the day [1] - Despite the current pullback, demand for Novo Nordisk's diabetes and obesity drugs is expected to continue increasing, supported by a promising late-stage pipeline [3] Group 3: Investment Outlook - Novo Nordisk's stock is considered a good long-term investment despite its high valuation, trading at 43 times forward earnings [3]