Novo Nordisk stock fell as its weaker-than-expected outlook for U.S. sales overshadowed improved financial guidance.
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Novo Nordisk stock fell as its weaker-than-expected outlook for U.S. sales overshadowed improved financial guidance.
Shares of Danish drugmaker Novo Nordisk fell roughly 6% on Tuesday after it updated its financial outlook for 2026. While the company improved its full-year sales and profit forecasts, the new projections still indicated a potential decline, which appeared to disappoint investors.
The company now expects adjusted sales to range from a 6% decline to flat, an improvement from its prior forecast of a 4% to 12% drop. Its adjusted operating profit outlook was similarly raised to a range of down 6% to flat, compared to the earlier expectation of a 4% to 12% fall.
Novo Nordisk pointed to several challenges in the United States driving its more cautious forecast. It cited weakening prescription trends for its GLP-1 drugs, which are used for diabetes and weight loss, along with 'intensifying' competition and reduced Medicaid coverage for obesity medicines.
The company also noted lower realized prices in the U.S., partly due to a drug pricing agreement it made during the Trump administration. Sales of its new Wegovy weight loss pill reached 3.22 billion kroner for the second quarter, slightly below analyst expectations, though executives said the pill has surpassed 5 million prescriptions since its launch.
The guidance was issued ahead of Novo Nordisk's upcoming quarterly earnings report. Its main competitor, Eli Lilly, is also scheduled to report results, setting the stage for a comparison of the two leaders in the lucrative GLP-1 drug market.
Novo Nordisk also released some second-quarter figures, showing constant-currency sales growth of 3% and adjusted operating profit growth of 11%. The company stated that recent launches, including the Wegovy pill and a higher-dose injection, have helped it regain market position after Eli Lilly established a lead.
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Novo Nordisk raised its financial outlook as it tries to catch up with rival Eli Lilly in the booming GLP-1 market.
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