Novo Nordisk (NVO) Stock Today: Worst Year on Record, Fresh Downgrades – and a New 2026 Forecast (11 December 2025)

Novo Nordisk A/S – the Danish maker of Ozempic and Wegovy – is having the kind of year investors usually wake up from, not live through.

On 11 December 2025, Novo Nordisk’s U.S.-listed ADRs (ticker NVO) trade around $49 per share, after a bounce of roughly 5–6% in recent sessions. Copenhagen-listed B‑shares sit near 316 DKK, yet they remain close to 50% lower than where they started 2025, putting the stock on track for its worst year on record. ^[1]

A new wave of research notes and news out today sharpen the picture: 2026 is now expected to be a year of shrinking sales, not just slower growth, even as the long‑term obesity and diabetes story remains intact.

Below is a structured rundown of the latest news, forecasts and analysis as of 11 December 2025, with context for investors following Novo Nordisk stock on Google News or Discover.

Market snapshot: Novo Nordisk stock after the sell‑off

Share price
- U.S. ADR (NVO): about $49, up over 5% from yesterday’s close, according to MarketBeat and StockAnalysis real‑time data. ^[2]
- Copenhagen B‑shares (NOVO B): roughly 316 DKK, up ~2–3% intraday. ^[3]
Year‑to‑date performance
MarketScreener data show Novo’s Copenhagen shares down about 49% year to date, and Bloomberg reports the stock has plunged more than 50% in 2025, wiping out much of the post‑Wegovy boom. ^[4]
Why the collapse?
Bloomberg summarises the big three culprits:
1. Clinical setbacks (especially Alzheimer’s trials),
2. Multiple profit warnings and guidance cuts,
3. Intensifying GLP‑1 competition, particularly from Eli Lilly. ^[5]

In other words, the market is repricing Novo Nordisk from “hyper‑growth GLP‑1 rocket” to “mature big pharma with serious headwinds.”

Fresh 11 December 2025 calls: SEB’s negative growth forecast and a high‑profile downgrade

SEB: Organic sales expected to fall in 2026

Nordic bank SEB released a new analysis today that is central to how investors are looking at Novo Nordisk stock:

SEB now expects organic sales to decline in 2026, with a return to growth only in 2027.
The bank cut its target price on Novo Nordisk from 490 DKK to 440 DKK, but reiterated a “Buy” rating.
It models –10% organic growth in the U.S. and about –5% for the group overall in 2026, driven by steep Wegovy price reductions in the U.S. and ongoing pressure on Ozempic. ^[6]

This is one of the first mainstream notes that explicitly assumes negative organic growth, not just deceleration, in the near term.

Seeking Alpha: “Novo Nordisk Is Not Cheap” – rating cut to Hold

Also published today, a widely read Seeking Alpha article titled “Novo Nordisk Is Not Cheap [Rating Downgrade]” downgrades NVO from Buy to Hold. Key points from the author’s summary: ^[7]

Novo’s share price weakness is seen as the reflection of structural problems, not a short‑term wobble.
The piece argues that revenue growth is struggling and margins are stagnating, while the main GLP‑1 rival (Eli Lilly) continues to thrive.
The author keeps an existing long position but pauses adding, citing ongoing headwinds.

This is a notable shift because much of 2022–2024 coverage framed every dip as a buying opportunity. The tone is now closer to, “prove to us growth can re‑accelerate.”

A more bullish counterpoint: valuation looks “cheap” to some

By contrast, a Motley Fool / Finviz‑syndicated analysis last week argued that the recent sell‑off has pushed Novo Nordisk to about 12.5× forward earnings, versus roughly 18.8× for the broader healthcare sector, and framed the stock as attractively valued despite Medicare price cuts and competition. ^[8]

The same article highlighted that:

U.S. Medicare has negotiated a 71% list‑price cut on semaglutide products Wegovy, Ozempic and Rybelsus (from about $959 to $274 for a 30‑day supply), starting 2027.
Novo Nordisk had already assumed this cut in its guidance and estimated the impact on 2025 revenue growth would have been in the “low single digits” (up to ~4%) if applied earlier. ^[9]

So while some analysts see the stock as structurally challenged, others see a familiar value story: quality franchise, compressed multiple, scary but manageable regulation.

Analyst consensus: Hold on average, with mid‑single to mid‑20s upside

The big aggregators show a more nuanced picture than any single note.

MarketBeat (U.S. focus)
- 22 Wall Street analysts, consensus rating: “Hold”.
- Breakdown: 3 Sell, 12 Hold, 7 Buy (including 1 Strong Buy).
- Average 12‑month price target: $53.33, implying ~8.7% upside from about $49.
- Target range: $42 (low) to $70 (high). ^[10]
StockAnalysis (smaller, focused sample)
- 4 analysts, consensus: “Buy”.
- Average target: $54.25, roughly 10.6% above the current price; range $46–$70. ^[11]
MarketScreener (Copenhagen‑centric, DKK)
- 21 analysts, mean consensus: “Outperform”.
- Average target price: 393 DKK, versus a recent close around 309 DKK, suggesting ~27% upside. ^[12]

Put together: formal analyst models still see modest upside, but the tone has cooled from “must‑own obesity trade” to “show‑me story with downside risks.”

Earnings and guidance: still growing, but slower and messier

9M 2025 results: double‑digit sales, single‑digit profit growth

In its 9‑month 2025 report (to 30 September), Novo Nordisk reported: ^[13]

Net sales: DKK 229.9 billion, up 12% in Danish kroner and 15% at constant exchange rates (CER) vs. 2024.
Operating profit: up 5% in DKK (10% at CER) to DKK 95.9 billion, held back by around DKK 9 billion in restructuring costs tied to a company‑wide transformation.
Net profit: up 4% year on year.
Diluted EPS: DKK 16.99, up 4%.

Novo points out that if you strip out those one‑off restructuring costs, operating profit would have risen about 15% in DKK and 21% at CER, more in line with the still‑healthy top line. ^[14]

Within its core business:

Diabetes and obesity care sales rose 12%;
Obesity care alone grew 37% in DKK (41% at CER) to DKK 59.9 billion;
GLP‑1 diabetes sales (Ozempic, Rybelsus) grew around 7% in DKK (10% at CER). ^[15]

So far, this doesn’t look like a collapsing franchise – but it does look like a franchise going from “hyper‑growth” to “merely strong.”

Q3 2025: earnings beat, revenue miss, and another guidance trim

On 5 November 2025, Novo Nordisk reported Q3 and updated guidance: ^[16]

Q3 2025 EPS:$1.02, beating consensus of $0.77 by $0.25.
Q3 revenue:$11.79 billion, slightly below analyst expectations of $11.98 billion.
Full‑year 2025 outlook:
- Sales growth now expected at 8–11% at CER (narrowed and effectively cut from earlier expectations).
- Operating profit growth guided to 4–7% at CER, including about DKK 8 billion of negative impact from the transformation program.

Novo explicitly said the narrower guidance reflects lower growth expectations for its GLP‑1 treatments in diabetes and obesity – exactly the fear that’s now dominating the stock narrative. ^[17]

Forward earnings expectations

MarketBeat currently shows: ^[18]

Trailing EPS of $3.44 and a trailing P/E of ~14.3.
Analyst consensus expects EPS to grow about 21% next year, from $3.84 to $4.66.

StockAnalysis, working in DKK, paints a slower picture: EPS per share expected to grow ~5.3% in 2025 and just 0.2% in 2026, highlighting how sensitive these forecasts are to assumptions about pricing and mix. ^[19]

GLP‑1 franchise: price cuts, India push and looming generics

U.S. Medicare cuts and pricing pressure

The most tangible near‑term headwind is U.S. pricing:

The U.S. Centers for Medicare & Medicaid Services (CMS), under powers granted by the Inflation Reduction Act, has chosen Wegovy, Ozempic and Rybelsus for direct price negotiation.
From 2027, list prices for these semaglutide drugs will drop from about $959 to $274 per 30‑day supply for Medicare, a roughly 71% cut, according to the Finviz‑syndicated analysis. ^[20]

Novo Nordisk has already signaled that, had these cuts applied at the start of 2025, the impact on revenue growth would have been in the low single digits – uncomfortable, but not catastrophic – thanks to volume growth and new indications like metabolic dysfunction‑associated steatohepatitis (MASH). ^[21]

India: Ozempic launch and aggressive competition

On 4 December, Reuters reported that Novo Nordisk plans to launch Ozempic in India this month, after securing regulatory approval to import and sell the drug. ^[22]

Key details:

Ozempic’s arrival will complete Novo’s semaglutide portfolio in India, alongside Rybelsus tablets and Wegovy.
Novo recently cut Wegovy’s price in India by up to 37% ahead of a March 2026 patent expiration for semaglutide there. ^[23]
Eli Lilly’s rival GLP‑1, Mounjaro, has already become India’s top‑selling drug by value, with sales volumes more than 10× Novo’s Wegovy in October, underscoring the competitive mountain Novo must climb. ^[24]

Separately, an Indian court recently allowed generic drugmaker Dr. Reddy’s to manufacture and export semaglutide generics to countries where Novo’s patents do not apply, rejecting Novo Nordisk’s attempt to block the move – a reminder that generic pressure is not a distant 2030s problem; in some markets, it is starting now. ^[25]

WHO guideline boosts long‑term GLP‑1 demand story

On 1 December, the World Health Organization issued its first global guideline on GLP‑1 therapies, conditionally recommending them as part of long‑term obesity treatment while warning that access will remain limited by cost and infrastructure. ^[26]

For Novo Nordisk, this is a crucial macro tailwind: obesity is now officially framed as a chronic condition in which GLP‑1s have a central role, and more than 1 billion people globally meet the WHO definition of obesity. The question is not whether demand exists – it’s who captures it and at what price.

R&D and pipeline: Alzheimer’s disappointment, amycretin optimism

Alzheimer’s bets: EVOKE / EVOKE+ trials fail primary endpoint

On 24 November 2025, Novo Nordisk announced that the EVOKE and EVOKE+ phase 3 trials of oral semaglutide in early Alzheimer’s disease failed to show a statistically significant reduction in disease progression versus placebo. ^[27]

Highlights:

3,808 adults with early symptomatic Alzheimer’s were followed over two years.
While semaglutide improved certain Alzheimer’s‑related biomarkers, it did not slow cognitive decline, as measured by the Clinical Dementia Rating – Sum of Boxes (CDR‑SB).
The one‑year extension of the trials is being discontinued. ^[28]

A subsequent Reuters deep dive described the results as “stone cold negative” for using semaglutide as an Alzheimer’s treatment, though some researchers still see a speculative case for testing GLP‑1s in pre‑symptomatic, high‑risk populations. ^[29]

Financially, this eliminates a blue‑sky bull narrative (massive Alzheimer’s indication for GLP‑1s) that had quietly been baked into some valuations.

Amycretin: promising phase 2 data in type 2 diabetes

The news is better for amycretin, Novo’s dual GLP‑1 and amylin receptor agonist:

On 25 November 2025, Novo Nordisk announced positive phase 2 results in type 2 diabetes:
- Up to 14.5% body‑weight loss at 36 weeks with weekly injections, vs about 2.6% with placebo.
- HbA1c reductions of up to –1.8 percentage points (injectable) and –1.5 points (oral), with up to 89.1% of patients achieving HbA1c < 7%. ^[30]
Both oral and injectable amycretin had safety and tolerability profiles consistent with incretin and amylin‑based therapies, mainly mild to moderate gastrointestinal issues. ^[31]
Novo plans to start a large phase 3 program in 2026 across multiple indications. ^[32]

If phase 3 data hold up, amycretin could help Novo leapfrog some GLP‑1 rivals and support SEB’s thesis that growth can resume in 2027 and beyond. ^[33]

CagriSema, MASH and other pipeline pieces

Recent company updates and Reuters reports add further pipeline color: ^[34]

Wegovy (semaglutide) has now been approved for MASH, giving Novo a foothold in a large liver‑disease market.
Novo has completed its acquisition of Akero Therapeutics and its FGF21 analogue for MASH, broadening its metabolic‑liver arsenal.
Phase 3 development of cagrilintide, an amylin analogue for weight management (including in combination with semaglutide as CagriSema), has begun, and Novo plans to test CagriSema in overweight children and adolescents, according to U.S. clinical trial registries and Reuters coverage.
The company is running what amounts to a multi‑front R&D offensive: GLP‑1 upgrades, GLP‑1 + amylin combinations, oral formulations, liver disease, and cardiovascular indications.

Competitive landscape: Eli Lilly, new pills and a crowded GLP‑1 race

Novo Nordisk’s biggest problem may not be its own science – it’s everyone else’s.

Eli Lilly continues to be the most formidable rival. Reuters reported today that Lilly’s next‑generation obesity drug in a late‑stage osteoarthritis trial produced average weight loss of about 28.7%, outperforming its own blockbuster Zepbound and reinforcing its lead in the market. ^[35]
Other biotech players are also pushing aggressively:
- Structure Therapeutics recently announced mid‑stage data showing up to 11.3% weight loss at 36 weeks for its oral obesity pill.
- Multiple smaller firms are lining up GLP‑1‑based or GLP‑1‑adjacent obesity projects, according to Reuters’ survey of weight‑loss drug developers. ^[36]

Closer to Novo’s home base, Zealand Pharma, another Danish company, says it plans to launch five obesity‑related drugs by 2030, explicitly aiming to challenge the GLP‑1 leaders with agents that may offer fewer or milder side effects for long‑term use. ^[37]

The upshot: the “Novo vs Lilly” duopoly narrative is giving way to a more crowded chessboard. Novo must now defend market share, not just grow into unclaimed territory.

Is Novo Nordisk stock a buy, hold or avoid right now?

This article can’t and shouldn’t tell you what to do with your money, but it can lay out the core bullish and bearish arguments investors are weighing today.

Key bullish points

Demand backdrop remains enormous: global obesity prevalence, diabetes incidence and WHO’s endorsement of GLP‑1s as long‑term obesity treatments all point to multi‑decade demand for effective metabolic drugs. ^[38]
Pipeline depth: despite the Alzheimer’s failure, Novo has a dense pipeline in obesity, diabetes, MASH and rare diseases (amycretin, cagrilintide, MASH assets from Akero, additional Wegovy indications). ^[39]
Valuation reset: the stock now trades at around low‑teens forward P/E, below the healthcare sector’s high‑teens average, according to multiple analyses. ^[40]
Balance sheet and profitability remain strong, even after restructuring costs; operating margins are still elite by big‑pharma standards.

Key bearish points

2026 may be a down year: SEB is explicitly modeling negative organic sales growth, and other analysts have trimmed growth expectations and target prices. ^[41]
Pricing pressure is structural: Medicare cuts in 2027, India price reductions, and court decisions around generics point to a world where semaglutide monetization is more constrained than investors once assumed. ^[42]
Competition is intensifying: Eli Lilly’s newer drugs and emerging oral therapies could erode Novo’s share or force further cuts to price and margin. ^[43]
Execution risk in new franchises: turning amycretin, MASH assets and CagriSema into blockbusters requires flawless late‑stage development, regulatory navigation and manufacturing – and the Alzheimer’s episode is a reminder that not every big bet pays off. ^[44]

How the Street is positioning

Taken together, current research says:

Short‑term (2025–2026): bumpy. Growth is slowing, pricing is under pressure, and the market is still digesting how big the GLP‑1 opportunity really is versus its cost.
Medium‑term (2027+): cautiously optimistic. Many models see growth resuming once price resets are absorbed and new products like amycretin ramp. ^[45]

From a portfolio perspective, Novo Nordisk now looks less like a momentum trade and more like a classic “quality with controversy” stock: strong business, but with enough uncertainty that investors are divided between “this is a bargain” and “the glory days are gone.”

What to watch next for Novo Nordisk stock

For anyone tracking NVO on Google News or Discover, several upcoming catalysts will likely drive the next leg of the story:

Q4 2025 / FY 2025 results and 2026 guidance (currently expected in early February 2026) – this is where we’ll see whether management agrees with SEB’s negative‑growth call or offers a more upbeat outlook. ^[46]
U.S. and EU pricing / reimbursement decisions for obesity and MASH indications.
India rollout of Ozempic and early volume/pricing data in that highly competitive, price‑sensitive market. ^[47]
Phase 3 program design and timelines for amycretin and further cagrilintide/CagriSema data. ^[48]
Any additional regulatory actions on GLP‑1 pricing, access or safety, especially as more players enter the field.

As always, this is not investment advice. Anyone considering Novo Nordisk stock should weigh these factors against their own risk tolerance, time horizon and diversification needs – and be prepared for volatility as the GLP‑1 era shifts from gold rush to grind.

References