Novo Nordisk Shares Slide on 2026 Forecast, Pinning Hopes on New Pill

Novo Nordisk’s U.S.-listed shares dropped sharply Tuesday after the Danish pharmaceutical giant projected a decline in sales and profit for 2026. The stock fell 14% following a trading halt, a reaction to the company’s warning of lower prices in the United States and the loss of patent protection for its key drugs, Wegovy and Ozempic, in several major markets including China.

The company expects sales and operating profit to fall between 5% and 13% this year. This marks a significant shift for a firm that reported 10% sales growth just last year. The primary challenges are intense competition in the weight-loss drug sector and sustained pricing pressure, particularly in the critical U.S. market.

"In 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market," said CEO Mike Doustdar. He pointed to the recent U.S. launch of a Wegovy pill as a bright spot, expressing confidence in the company's ability to grow patient volumes long-term.

Novo Nordisk is now relying on that new pill and a next-generation injectable called CagriSema to regain momentum. The strategy comes after a difficult 2025 where its stock lost nearly half its value, overshadowed by the success of rival Eli Lilly’s treatments. While the oral Wegovy launch in January showed early promise, analysts are watching to see if Novo can capitalize on its head start before Lilly introduces its own pill later this year.

"Investors want to see they are making the most of this lead," noted Morningstar analyst Karen Andersen, highlighting a need to improve in direct-to-patient sales.

The year ahead will test whether Novo Nordisk’s new products can offset the dual pressures of competition and expiring patents, determining if this forecast is a temporary setback or a sign of a more permanent recalibration.

Source: CNBC