Novo Nordisk stock tumbles after FY earnings, sales forecast

Novo Nordisk‘s U.S. shares plummeted Tuesday after the company said it sees sales and profit growth declining this year, hit by lower prices in the U.S. and loss of exclusivity for its blockbuster Wegovy and Ozempic in China, Brazil and Canada.

Novo’s American depositary shares fell 14% as of 12:35 pm ET, after a trading halt. The results were published after the closing bell in Copenhagen, where the company has its primary listing, and ahead of the scheduled release early Wednesday.

For 2026, the drugmaker sees sales and operating profit both declining between 5% and 13% at constant exchange rates.

It comes as the Danish drugmaker is fighting to regain its footing in the weight-loss space amid fierce competition.

“In 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market,” CEO Mike Doustdar. “However, we are very encouraged by the promising early uptake from the US launch of Wegovy pill, and we remain confident in our ability to drive volume growth over the coming years.”

The outlook reflects expectations for a sales decline in the U.S., its biggest market, but sales growth ex-U.S. Novo said. “In 2026, the global GLP-1 market expansion is assumed to continue, enabling Novo Nordisk to increase patient reach and expand volumes,” the company said in a statement.

In 2025, sales increased by 10% and operating profit increased by 6%, in line with the company’s latest guidance, which it lowered throughout 2025, citing challenges in the U.S. market.

Novo also said that it will roll out Wegovy in more markets in 2026 and expects to introduce the higher 7.2 mg dose in a number of countries.

The Ozempic maker is banking on its Wegovy pill and next-generation weight-loss injectable CagriSema to recapture market share in the U.S. – and revive its slumping stock price. 

Novo stock fell 46.5% last year, driven by a series of guidance cuts, leadership shakeups and intensifying competition, but has regained some ground after becoming the first company to launch an oral GLP-1 treatment for obesity in the U.S. market.

Novo launched the oral version of the blockbuster weight-loss medicine Wegovy in the U.S. early January, and, despite its promising start, the market is closely watching how Novo Nordisk will fare along with U.S. rival Eli Lilly, which is expected to launch its own weight loss pill in the first half of 2026.

“Investors want to see they are making the most of this lead, particularly in the direct to patient (mostly self-pay or cash pay) channel, closing some of the large gap that widened between them and Lilly in this channel in 2025,” said Morningstar analyst Karen Andersen.

Semaglutide, the active ingredient in Wegovy and Ozempic, is losing exclusivity in markets like Canada, Brazil and China in 2026. Together with significant pricing pressure in its largest…