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Novo Nordisk shares fell sharply on Wednesday after the company warned that sales and profits will drop in 2026.
The Danish drugmaker’s stock slid about 17% in early trading in Copenhagen, erasing gains made earlier in the year. The fall followed an unexpected pre-release of the company’s outlook for 2026.
Sales and operating profit are both expected to decline by between 5% and 13% this year, far below what analysts had anticipated.
The company had already cut its 2025 guidance in July, citing a difficult US market, triggering a one-day share price drop of more than 20%.
Pressure in the US
Novo Nordisk says it is reducing prices to make its GLP-1 drugs more affordable, even though the move is likely to hurt short-term performance.
The company faces growing competition in the United States from cheaper compounded versions of semaglutide — the active ingredient in Wegovy and diabetes drug Ozempic — as well as from rival Eli Lilly.
There have been some brighter signs. The new oral version of Wegovy has seen strong early demand in the US.
Novo Nordisk endured its worst year on record in 2025, with shares falling nearly 50%.
The company also underwent major leadership changes, appointing its first non-Danish chief executive and bringing former CEO Lars Rebien Sørensen back as chair.
At the same time, it struck a deal with US President Donald Trump for a programme tied to TrumpRx and direct-to-consumer discounts.
The starting price for the new Wegovy pill has been set at $149 (€126), far below the price of the injectable version a year earlier.
Patent expiries in several markets outside the United States are also expected to weigh on sales in 2026.
Meanwhile, the head of Novo’s US business, David Moore, who oversaw the launch of the pill, is leaving the company for personal reasons. He will be replaced by Jamie Miller, formerly of UnitedHealth.