Novo Nordisk Shares Fall 17% After Weak 2026 Outlook
Novo Nordisk shares dropped sharply after the company gave a weak forecast for 2026. The Danish drugmaker said both sales and profits are expected to fall next year, mainly due to lower prices in the United States and stronger competition.
On Wednesday, Novo Nordisk stock fell about 17% in early trading in Copenhagen. The sharp drop wiped out gains the company had made earlier this year. Investors reacted after the company released its 2026 outlook earlier than expected.
Novo Nordisk said its sales and operating profit are likely to fall between 5% and 13% in 2026. This was much worse than what analysts had predicted, which led to a strong sell-off of the stock.
The company is already facing pressure. In July, Novo Nordisk cut its forecast for 2025, blaming tough market conditions in the United States. That announcement caused the share price to drop by more than 20% in just one day.
One major reason for the weak outlook is falling drug prices in the US. Novo Nordisk said it is cutting prices to make its popular weight-loss and diabetes drugs more affordable. While this may help patients, it is expected to hurt the company’s short-term earnings.
Competition is also increasing. Novo Nordisk faces cheaper compounded versions of semaglutide in the US. Semaglutide is the main ingredient in its best-selling drugs Wegovy and Ozempic. The company is also under pressure from rival drugmaker Eli Lilly, which is expanding its own weight-loss treatments.
Despite these challenges, there have been some positive signs. Novo Nordisk recently launched an oral version of Wegovy in the United States, and early demand has been strong. The company set the starting price of the new Wegovy pill at $149 (€126), which is much lower than the price of the injectable version sold a year ago.
Novo Nordisk had a very difficult year in 2025. Its shares fell nearly 50%, marking the company’s worst year on record in the stock market.
The company has also gone through major leadership changes. It recently appointed its first-ever non-Danish chief executive. In addition, former CEO Lars Rebien Sørensen returned to the company as chairman.
At the same time, Novo Nordisk reached an agreement with US President Donald Trump on a programme linked to TrumpRx. The deal includes direct-to-consumer discounts aimed at lowering drug prices for Americans.
Looking ahead, the company also expects patent expiries in several markets outside the United States to hurt sales in 2026.
Meanwhile, David Moore, head of Novo Nordisk’s US business, is leaving the company for personal reasons. He played a key role in launching the Wegovy pill. Jamie Miller, a former executive at UnitedHealth, will take over his role.
Overall, investors remain cautious as Novo Nordisk faces pricing pressure, rising competition, and leadership changes ahead of a challenging year.
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