Novo Nordisk shares tumbled on Tuesday, falling as much as 14% on the NYSE after a trading halt, after the company issued a warning on its 2026 outlook. The Danish group expects a 5% to 13% decline in sales and operating profit at constant exchange rates, well below market expectations. The warning follows results released early in Copenhagen, ahead of the official announcement scheduled for Wednesday, and reflects the drugmaker's difficulties in its main market, the United States, where rising price pressure and the loss of exclusivity for some flagship medicines are weighing on performance.

Chief executive Mike Doustdar acknowledged pricing headwinds in an increasingly competitive environment, but said he remained confident about medium-term growth prospects, notably thanks to the launch of an oral version of Wegovy. In 2025, Novo Nordisk posted a 10% rise in sales and a 6% increase in operating profit. For Q4, net revenue reached DKK 79.1bn ($12.5bn), with operating profit of DKK 31.7bn, down 14% y-o-y.

The group is now banking on broadening its portfolio, with the international rollout of Wegovy, including its new 7.2 mg dose, and the future launch of CagriSema, its next-generation injectable treatment. But the loss of exclusivity for semaglutide in 2026 in several key countries, such as Canada, Brazil and China, could intensify competitive pressure. With the stock already down 46.5% in 2025, investors remain focused on the ramp-up of the oral version of Wegovy, as Eli Lilly prepares to launch a similar rival in the coming months.