Novo Nordisk's U.S.-listed shares are surging 9% Friday morning after the Danish drugmaker reported early stage results for its amycretin weight-loss drug.

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.

Novo Nordisk shares jumped on Friday as the Danish drugmaker said an experimental drug was able to reduce weight by as much as 22%.