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Novo Nordisk, the maker of blockbuster weight-loss drug Wegovy, has warned that profits and sales could fall by as much as 13% this year, marking its first potential decline in years. The Danish pharmaceutical giant cited heavy U.S. price pressure, intensifying competition in the obesity drug market, and expiring patents on semaglutide as key challenges weighing on its outlook.
The warning brings an end to a long streak of double-digit growth that began after the launch of Wegovy in June 2021, which helped fuel soaring demand for obesity treatments and turned Novo Nordisk into Europe’s most valuable listed company in 2024, with a market capitalization of around $600 billion. Since peaking in mid-2024, however, the company’s valuation has fallen sharply, with shares losing roughly two-thirds of their value.
Novo Nordisk now expects both adjusted operating profit and adjusted sales, measured at constant exchange rates, to decline between 5% and 13% this year. This compares with a 10% rise in sales last year and analysts’ prior expectations of only a modest decline. The company pointed to lower realized prices, especially in the U.S. market, as well as growing competition from rival drugs and copycat versions.
CEO Mike Doustdar acknowledged pricing headwinds in an increasingly competitive market but expressed confidence in long-term volume growth, highlighting early demand for the newly launched Wegovy pill in the United States. Novo is also reshaping its leadership team, with new executives stepping in to lead U.S. operations and product strategy.
Investor concerns intensified after Novo’s U.S.-listed shares fell 12% following the announcement. Analysts noted that pricing concessions linked to U.S. drug policy under President Donald Trump could further pressure revenues in 2026. The broader obesity drug sector also felt the impact, with shares of competitors such as Eli Lilly and smaller biotech firms sliding amid fears of tougher competition.
Despite near-term challenges, Novo Nordisk is betting on innovation, marketing, and new formulations to defend its position in the fast-evolving weight-loss drug market.
