Novo Nordisk A/S (NYSE:NVO) stock is trading lower on Tuesday after the weight-loss drug maker released its 2026 full-year sales and operating profit outlook.
2026 Outlook
Novo Nordisk expects reported 2026 sales and operating profit to benefit from a $4.2 billion reversal of 340B Drug Pricing Program in the U.S. In 2025, $400 million was excluded.
Excluding this one-time item, the mid-point of sales and operating profit growth guidance for 2026, both at CER, would be -1% and 11%, respectively.
Adjusted sales growth for 2026, which excludes revenue from the reversal of 340B provisions, is expected to be -5% to -13% at 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.
“In 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market…,” said Mike Doustdar, president and CEO, in a press release on Tuesday.
In the U.S., assumptions reflect current GLP-1 prescription trends, increased competition, reduced Medicaid coverage for obesity drugs and pricing pressure from expanded market-access investments tied to the MFN agreement.
2025 Sales and Operating Profit Growth
In 2025, Novo Nordisk's sales increased by 10% to DKK (Danish) 309.06 billion at CER, and operating profit increased by 6% to DKK 127.66 billion, compared to previously issued guidance of 8 to 11% sales growth and 4 to 7% operating profit growth.
Net profit increased marginally to DKK 102.43 billion, and earnings per share were DKK 23.03.
Sales in the U.S. operations were positively impacted by gross-to-net sales adjustments.
The Wegovy pill was launched on Jan. 5, 2026, and as of Jan. 23, total weekly prescriptions amounted to around 50,000. Prescription uptake is mainly driven by the 1.5 mg starter dose in the self-pay channel.
NVO Price Action: NVO stock is down 14.02% at $50.62 at publication on Tuesday, according to Benzinga Pro data.
