Novo Nordisk (NYSE:NVO) shares fell almost 13% on Tuesday as the Danish drugmaker forecast lower sales and profit growth for 2026, citing reduced prices in the United States and loss of exclusivity for its blockbuster GLP-1 drugs Wegovy and Ozempic in several markets.
For 2026, Novo Nordisk expects adjusted sales and operating profit to decline between 5% and 13% at constant exchange rates, reversing last year’s 10% sales growth. The outlook reflects anticipated sales declines in the US, the company’s largest market, while international sales are expected to continue growing.
The company previously lowered U.S. cash prices for semaglutide, marketed as Ozempic and Rybelsus for type 2 diabetes and Wegovy for obesity, to $349 per month for existing self-pay patients. Novo Nordisk also reached a deal to supply the drugs to Medicare for $245 per month, with $50 copays for patients.
“In 2026, we will face pricing headwinds in an increasingly competitive market. However, we are encouraged by the promising early uptake of Wegovy pill and remain confident in our ability to drive volume growth over the coming years,” Novo Nordisk CEO Mike Doustdar said in a statement.
For Q4, Novo Nordisk reported earnings per share (EPS) of $1.02, ahead of Wall Street estimates of $0.92. Revenue of $12.53 billion also beat the consensus $11.99 billion.
In 2025, Novo Nordisk reported net sales of DKK 309.1 billion, up 6% in Danish kroner and 10% at constant exchange rates. Operating profit decreased 1% in Danish kroner but rose 6% at constant exchange rates to DKK 127.7 billion.
Adjusted for costs related to a company-wide transformation, operating profit would have grown 6% in Danish kroner and 13% at constant exchange rates.
Sales in US operations increased 3% in Danish kroner, while international operations rose 10% in Danish kroner. Obesity care sales jumped 26% in Danish kroner, and GLP-1 diabetes sales grew 2%. Rare disease sales were up 5%.
Novo Nordisk also highlighted early uptake of its newly approved Wegovy pill, an oral GLP-1 for obesity, which launched in the US on January 5, and reached around 50,000 weekly prescriptions by Jan. 23, driven mainly by the 1.5 mg starter dose in the self-pay channel.