Novo Nordisk, the maker of Wegovy and Ozempic, has forecast a sharp fall in revenue for 2026, ending years of strong growth in the weight-loss drug market. The Danish pharmaceutical group cited aggressive price cuts in the US, rising competition and the loss of key patent protections as major challenges.
The company said sales this year are expected to decline by between 5% and 13%, despite the launch of a new daily Wegovy pill in the US. The outlook triggered a sharp market reaction, with Novo’s shares plunging 17% in a single session and nearly halving in value over the past year.
Chief executive Mike Doustdar described the pricing environment as “unprecedented”, pointing to agreements to sharply reduce US drug prices and the expiry of semaglutide patents in several countries, which will allow cheaper generic versions to enter the market. Novo will retain patent protection for semaglutide in the US until 2032 and in Europe and Japan until 2033.
Last year, Novo reported 10% sales growth to 309bn Danish kroner, with profit before tax rising modestly. However, the company has lost momentum against its main rival, Eli Lilly, whose competing weight-loss drug has shown stronger results in clinical trials.
Novo said early demand for its oral Wegovy pill had been strong, with prescriptions rising rapidly following its launch. Management remains optimistic that lower prices will drive higher volumes over time, even as competition intensifies.
