Novo Nordisk sign on the floor of the New York Stock Exchange on Friday, January 2, 2026 in New York, USA.
Michael Nagle | Bloomberg | Getty Images
novo nordiskU.S. stocks tumbled on Tuesday after the company said sales and profit growth would slow this year due to lower prices in the U.S. and the loss of exclusivity for its blockbuster products Wigobee and Ozempic in China, Brazil and Canada.
Novo’s American Depositary Shares fell as much as 14% in afternoon trading following the trading halt. The results were announced after the closing bell in Copenhagen, where the company’s main listing is, ahead of a scheduled early Wednesday morning announcement.
The company expects sales and operating profit to decline 5% to 13% at constant currency in 2026, far worse than analysts expected.
This comes as the Danish pharmaceutical company fights to regain its position in the weight loss field amid fierce competition.
“In 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market,” CEO Mike Doesder said. “However, we are very encouraged by the expected early adoption of Wegovy tablets in the U.S. and remain confident in our ability to drive volume growth in the coming years.”
The outlook reflects an expected decline in sales in the United States, its largest market, but sales are up, Novo said. “The global GLP-1 market is expected to continue expanding in 2026, enabling Novo Nordisk to expand patient reach and increase sales volumes,” the company said in a statement.
Revenue increased 10% and operating profit increased 6% in 2025, in line with the company’s latest guidance, which it lowered through 2025 due to challenges in the U.S. market.
Novo also said it plans to roll out Wegovy in more markets in 2026, introducing a higher dose of 7.2mg in many countries.
mounting pressure
Novo Nordisk’s stock price has fallen significantly over the past year.
Novo launched an oral version of its blockbuster weight loss drug Wegovy in the United States in early January, and despite its promising start, the market is watching to see how Novo Nordisk fares against its American rivals. Eli Lillyplans to launch its own weight loss drug in the first half of 2026.
“Investors are looking to make the most of this lead, especially in the direct-to-patient channel (primarily copays or cash payments), and close some of the widening gap with Lilly in this channel in 2025,” Morningstar analyst Karen Andersen said.
Semaglutide, the active ingredient in Wigovy and Ozempic, will lose exclusivity in markets such as Canada, Brazil and China in 2026. Combined with significant pricing pressure in the United States, its largest market, analysts had expected sales growth to slow to single digits this year after several years of strong growth.
Barclays analyst James Gordon appeared in the report and said that while the Novo Guide is expected to materialize further downgrades, it could also act as a liquidation event, given “significant investor concerns” over this year’s outlook.
“The (guidance) reduction could be at least partially mitigated by investors using this opportunity to buy into the U.S. launch of oral Wegovy and potential U.S. volume changes for injectable Wegovy this year.”
Novo has been under pressure for the past 18 months because rival weight loss drug Tirzepatide (marketed as Mounjaro and Zepbound) from U.S.-based rival Eli Lilly and Co. produces more significant weight loss than Novo’s drug and has surpassed Novo in U.S. market share.
Ozempic and Wegovy sales
In November, Novo and Lilly announced an agreement with the Trump administration to reduce the price of their best-selling drug, which is expected to increase sales volumes but ultimately have a negative impact on total sales.
The agreement included lowering the price of the company’s GLP-1 drugs for Medicare and Medicaid in 2026 and selling them directly to consumers at a discount through the TrumpRx.gov website, scheduled to launch in January.
Novo’s net sales in the fourth quarter came in at 79.1 billion Danish kroner ($12.5 billion), slightly ahead of analysts’ expectations of 77.8 billion kroner, according to LSEG estimates. Operating profit for the quarter was broadly in line with expectations of SEK 31.7 billion, down 14% year-on-year.
Sales of Ozempic, the company’s best-selling drug, were $31.8 billion in the quarter, up 1% year over year at constant currency. Wegovy’s sales increased by 17% to SEK 21.9 billion.
– CNBC’s Annika Kim Constantino contributed to this report
