Copenhagen, Feb 4, 2026, 16:49 (CET) — Regular session
- Shares of Novo Nordisk plunged roughly 16% in Copenhagen, while ADRs dipped around 4% in New York
- Company warns 2026 sales and profit may fall 5%–13% at constant exchange rates due to pressure on U.S. prices
- Investors are closely monitoring if Wegovy’s price cuts will boost sales or spark a costly showdown with Eli Lilly
Shares of Novo Nordisk plunged roughly 16% in Copenhagen on Wednesday after the Wegovy maker warned that sales and profits could dip in 2026 amid renewed pressure on U.S. drug prices. Jyske Bank analysts described the revised outlook as “yet another blow” for investors. In New York, the company’s ADRs dropped $1.94, or about 3.9%, to $48.36. 1
This shift cuts to the heart of what made Novo a market leader: fast growth fueled by obesity drugs commanding high prices. The focus has now turned to rebates and discounts, replacing talk of scarcity.
This comes as the U.S. takes center stage. Pricing concessions clash with government pressure and intensified competition, leaving traders to puzzle over whether this is just a temporary squeeze or a new norm.
Novo now forecasts adjusted sales and adjusted operating profit to drop between 5% and 13% in 2026 on a constant currency basis, stripping out exchange rate effects to reveal true underlying trends. The company cited weaker prices—particularly in the U.S.—tougher competition, and patent expirations on semaglutide, the key ingredient in Wegovy and Ozempic, outside the U.S. Last year sales grew 10%, while analysts had expected about a 2% dip this year. 2
Price has become the main battleground in the U.S. market. Wegovy and Eli Lilly’s rival, Zepbound, which used to retail for about $1,000 a month at pharmacies, are now available on company websites for roughly $149 to $299, Reuters reported. Markus Manns, portfolio manager at Union Investment, warned, “The real danger arises from a potential price war.” Novo’s CFO Karsten Munk Knudsen told analysts the company is seeing some volume pickup from lower prices, but overall, “net-net it is price declines” pulling U.S. sales lower this year. 3
CEO Mike Doustdar told reporters Wednesday that the U.S. price cuts for Wegovy hit the company’s financial results hard, but he views them as a strategic bet on boosting future access and demand. 4
Novo announced it is launching a 2026 share repurchase programme worth up to 15 billion Danish crowns. The first tranche, capped at 3.8 billion crowns, will run from Feb. 4 to May 4. The company said the buyback aims to reduce share capital and fulfill obligations tied to share-based incentive programmes. 5
Along with lowering its guidance, Novo is rearranging senior positions linked to its U.S. market. Jamey Millar is set to become head of U.S. operations on Feb. 5, and Hong Chow will step in as head of product and portfolio strategy starting Feb. 15. 6
But falling prices won’t solve everything. A prolonged price war could erode margins more than investors anticipate, and the threat from compounded versions—pharmacy-made alternatives that can undercut brand-name drugs—still looms unpredictably.
The key now is how the stock holds up by the Copenhagen close and if the selloff carries on when New York opens. Traders will also be eyeing the initial moves from the fresh buyback tranche, active through May 4, for clues on whether things start to steady.
