Trump Trade: Trump says cost of GLP-1 drugs to come down ‘pretty fast’

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

GLP-1 DRUGS: President Donald Trump said in the Oval Office that the price of GLP-1 weight loss drugs will come down “pretty fast.” Trump noted his administration is negotiating for lower GLP-1 prices. Shares of Eli Lilly (LLY) were under pressure following the comments.

Cantor Fitzgerald keeps an Overweight rating and $925 price target on Eli Lilly. The White House / FDA joint media conference this afternoon saw the administration unveiled the first nine drugs selected to receive the new Commissioner’s National Priority Vouchers, and notably, the company’s orforglipron was not included. The disclosure, though not yet finalized, also comes against the backdrop of vague and at times contradictory GLP-1 pricing commentary, Cantor added, including statements by Trump that the cost of GLP-1 drugs would come down “pretty fast.”

IVF ACCESSIBILITY: President Trump is expected to announce a proposal on Thursday aimed at expanding access to in vitro fertilization, marking the administration’s first formal action on the issue, The New York Times’ Caroline Kitchener and Tyler Pager report. The plan will outline an employer benefit option encouraging companies to offer IVF and infertility coverage alongside standard benefits like vision or dental, though participation will be voluntary and no federal subsidies are planned. Shares of Progyny (PGNY), which provides comprehensive coverage for preconception, fertility, adoption and surrogacy, jumped following the news.

CVS Health (CVS) announced it will support simpler access to more affordable fertility treatments for all Americans through its CVS Specialty Pharmacy and make it easier to pick up fertility medication at its 9,000 community pharmacy locations. CVS Specialty Pharmacy will be a core partner in the TrumpRx Fertility program. As the Trump Administration continues to establish more competitive prices for important medicines, the Administration has engaged with EMD Serono, manufacturer of Gonal-F an in-vitro fertilization drug to bring the price of the medicine down by 84%. The company said it anticipates the program will be available in January 2026. “Fertility medications often require special administration and high-touch expertise. We are proud to join the President to help make every step of the journey as simple as possible for families by providing nationwide access,” said Lucille Accetta, RPh, Senior Vice President and Chief Pharmacy Officer, CVS Health. “We are committed to being America’s most trusted health care company as we strive to continually improve affordability and access to medicine for families everywhere.

EMD Serono, the healthcare business of Merck KGaA (MKGAY) in the U.S. and Canada, and President Donald Trump’s administration announced an agreement to expand access to the company’s portfolio of in vitro fertilization therapies for the more than 10 million American women struggling to have a baby.

“As part of the agreement, EMD Serono will offer Direct-to-Consumer sales of its complete portfolio of IVF therapies, including Gonal-f, Ovidrel, and Cetrotide, to eligible patients with prescriptions at significantly reduced prices. When all three therapies are used in a typical IVF protocol, patients will access an 84% discount off list prices. EMD Serono will participate in the TrumpRx.gov direct purchasing platform, which will go live in January 2026. Patients will continue to be able to access all EMD Serono’s fertility medicines through the company’s existing pharmacy network and through an expanded network in January 2026. This public-private partnership is fully aligned with the White House Executive Order to increase affordable access to IVF treatments. President Trump and members of his Administration held a first-of-its-kind Fertility event at the White House today to confirm EMD Serono voluntarily met all requests set out in the Executive Order. EMD Serono also entered an agreement with the U.S. Secretary of Commerce to exclude its pharmaceutical products and ingredients from Section 232 tariffs, provided EMD Serono invests in future biopharmaceutical manufacturing and research in the United States,” the company stated.

BofA reiterated a Buy rating and $30 price target on Progyny after media reported that President Trump is set to announce a new policy initiative aimed at further expanding access to in vitro fertilization. The news is an incremental positive for Progyny, but the actual impact may be more nuanced, the firm tells investors in a research note. BofA noted the spotlight around IVF is a positive for awareness and may drive some demand for coverage in certain pockets of employers. Given Progyny is a market leader with broad geographic coverage, the company appears well positioned to capture upside if there is in fact a benefit to coverage and utilization, the firm adds.

WHITE HOUSE DINNER: Representatives from Microsoft (MSFT), Meta (META), Google (GOOGL), Amazon (AMZN), and other corporate donors attended a White House dinner with President Donald Trump to support a new $250M ballroom, The Wall Street Journal’s Meridith McGraw and Annie Linksey report. The dinner was billed to “Establish the Magnificent White House Ballroom,” according to a copy of the invitation reviewed by The Wall Street Journal.