Novo Nordisk’s stock dropped 18% in Copenhagen following a surprise pre-release of its 2026 forecast, which showed sales and operating profit declining between 5% and 13%, worse than expected. CEO Mike Doustdar cited headwinds from lower U.S. pricing on weight loss drug Wegovy. Analysts are cautious about the guidance accuracy.

Despite challenges in the U.S. market, Novo Nordisk is optimistic about the affordability it brings to GLP-1 products. The launch of Wegovy pill exceeded expectations, with 170,000 people on the pill after just four weeks. However, the impact on existing business from lower prices is a concern, affecting the overall recovery outlook.

Novo Nordisk faces pricing competition from compounding pharmacies and rival Eli Lilly in the U.S. market. CEO Doustdar highlighted the long-term benefits of creating affordability for patients in need of GLP-1 products. The company aims to balance short-term headwinds with the potential long-term tailwinds of its initiatives.

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