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Feb 4, 2026 8:01 AM

Ozempic Maker Novo Nordisk Flags Declining Sales In 2026

Novo Nordisk A/S (NYSE:NVO) stock fell Wednesday after the Danish drugmaker issued a softer-than-expected outlook for fiscal 2026.

The stock is trading closer to the lower end of the 52-week range of $43.08-$93.80.

On Tuesday, the company said it expects adjusted sales growth for 2026, which excludes revenue from the reversal of 340B provisions, to be -5% to -13% at constant exchange rates (CER).

The sales outlook is impacted by lower realized prices, including impacts related to the “Most Favoured Nations” agreement in the U.S. and the patent expiry of the semaglutide molecule in certain international operation markets, as well as competition.

Earnings Snapshot

The weight loss drug maker reported earnings of 94 cents per share (6.44 Danish kroner), beating the consensus of 89 cents. Adjusted net profit decreased by 6% to 28.66 billion Danish kroner.

The company reported fourth-quarter 2025 sales of roughly $12.34 billion (79.14 billion Danish kroner), ahead of the consensus of $12.08 billion.

Sales in the fourth quarter of 2025 decreased by ...