Novo Nordisk Shares Sink After Sales Outlook Misses As US GLP-1 Competition Intensifies

Novo Nordisk ADRs were clubbed like a baby seal around midday after the Danish drugmaker said in an early full-year outlook release that it expects sales to shrink 5% to 13% at constant exchange rates, far worse than the expected 1.3% decline Wall Street analysts had been expecting, according to Bloomberg consensus.

Here’s a snapshot of the full year forecast (courtesy of Bloomberg):

Sees sales at constant exchange rates -5% to -13%, estimate -1.39% (Bloomberg Consensus)

Sees operating profit at constant FX -5% to -13%, estimate -3.12%

Novo’s annual sales last declined in 2017 during an insulin price war in the US market. The Danish drugmaker faces a multi-front battle, with Eli Lilly’s Zepbound gaining ever-larger market share in the US and continued pressure from copycat versions of Ozempic.

Trading was halted ahead of the report. When trading resumed, Novo’s U.S.-listed shares plunged 13%, the largest intra-day decline since -21% on July 29, 2025.

Since Novo ADRs peaked around $145 in mid-2024, shares have been locked in a vicious bear market, down about 64% from the highs.

Hopes for a turnaround emerged late last year (read here), but those expectations have since been erased after today’s dismal outlook.

Last week, Goldman analyst Faris Mourad told clients that “obesity drugs narrative sentiment is on the rise” and “it’s an opportunity to buy the dip.”

More here on Mourad’s call urging clients to buy into beaten-down obesity drug stocks.