The Centers for Medicare & Medicaid Services finalized negotiated Medicare prices for 15 drugs under the Inflation Reduction Act, including semaglutide — the active ingredient in Novo Nordisk’s Wegovy and Ozempic. CMS said the adjusted maximum fair prices would have reduced net spending by 44% had they been in place in 2024, with beneficiaries’ out‑of‑pocket costs also falling. CMS reported that some prices were set after revised counteroffers while others accepted final agency offers. The list covers high‑expenditure single‑source drugs across oncology, respiratory and metabolic categories, and is the second annual round of IRA negotiations. The administration also preannounced semaglutide pricing in a high‑profile White House event earlier this year. The rulings mark a significant pricing pressure event for major biopharma franchises and will influence manufacturer strategies around launches, rebates and global price alignment ahead of additional negotiation rounds covering Part B drugs.