The agreements mean that weight loss drugs are heavily subsidized for many Americans through Medicare.
"It's a victory for American patients and will save lives and improve the health of millions and millions of Americans," Trump said during a press conference at the White House.
The companies' products will be exempt from future tariffs on pharmaceutical imports for a three-year period, Bloomberg reports.
In recent years, Danish Novo Nordisk has become best known for the weight loss drug Wegovy and the diabetes medicine Ozempic, which have made the company one of Europe's largest by market capitalization.
