Two policy moves crystallized pricing pressure on high‑revenue drugs. CMS published negotiated prices under the Inflation Reduction Act that industry analysts say translate into larger net spending cuts than prior guidance, while CMS also indicated that Novo’s most‑favored‑nation (MFN) agreement prices may supersede IRA prices for Ozempic and Wegovy. BioCentury reporting showed some manufacturers have been spared major fallout in the latest CMS pricing round, but the combined signals increase uncertainty around net revenue for GLP‑1s and other top sellers. Manufacturers and payers face a shifting reimbursement environment as negotiations and regulatory adjustments continue to ripple through commercialization plans.