At 'most favored nation' prices, can Medicare break even on GLP-1 drugs?

In November 2025, the White House announced pricing deals with multiple pharmaceutical manufacturers to lower domestic prices for glucagon-like peptide-1 receptor agonist drugs (GLP-1RAs) including Ozempic, Wegovy, Mounjaro, and Zepbound. Those deals are part of a new "most favored nation" (MFN) policy that ties the cost of GLP-1RAs in the U.S. to the prices paid in other wealthy countries.