Over the last two days, Novo Nordisk A/S (NYSE:NVO) stock has plunged around 18% after the company issued a softer outlook for fiscal 2026.
On the other hand, Eli Lilly and Co. (NYSE:LLY) investors cheered the company’s better-than-expected fourth quarter earnings and upbeat fiscal 2026 guidance.
Novo Nordisk 2026 Guidance
Novo Nordisk expects sales growth for 2026, which excludes revenue of $4.2 billion from the reversal of 340B provisions, is expected to be -5% to -13% at CER.
The company said that 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 2025, Novo Nordisk’s sales increased by 10% to 309.06 billion Danish kroner at CER, and operating profit increased by 6% to 127.66 billion Danish kroner, compared to previously issued guidance of 8 to 11% sales growth and 4 to 7% operating profit growth.
Eli Lilly 2026 Guidance
Eli Lilly sees fiscal 2026 adjusted earnings of $33.50-$35 per share compared to the consensus of $33.23.
The obesity drug maker expects sales between $80 billion-$83 billion, well ahead of the Wall Street estimate of $77.62 billion. The midpoint represents 25% growth.
Revenues From Weight Loss Drugs
Novo Nordisk’s Ozempic sales increased marginally by 1% to 31.83 billion Danish kroner (approximately $5.03 billion), and Wegovy sales jumped 17% to 21.86 billion Danish kroner (around $3.46 billion).
Whereas Mounjaro’s revenue more than doubled to $7.4 billion. U.S. Zepbound revenue increased 122% to $4.2 billion.
One Year Stock Performance
Over the one year, Novo Nordisk’s stock has plunged around 42%, while Eli Lilly’s stock has surged around 34%, according to Benzinga Pro data.
Looking at Novo Nordisk's pipeline, it mainly comprises insulin products, heart disease medicines, and weight loss drugs.
Whereas Eli Lilly's pipeline is much broader, with drugs for cancer, weight loss, alzheimer's disease, arthritis, psoriasis, allergic rhinitis, gastric disorders, and skin diseases, among others.
As per data from Reuters, Novo Nordisk sharply increased its U.S. advertising spend on Wegovy and Ozempic in 2025, outpacing Eli Lilly as competition for market share in the obesity and diabetes space intensified.
Wegovy, approved in the U.S. in mid-2021, marked a major advancement in obesity treatment.
But Novo Nordisk has struggled to keep pace with Lilly's Zepbound, which has surpassed Wegovy in weekly new prescriptions this year.
Price Action: Novo Nordisk shares were down 5.85% at $47.35 and Eli Lilly and Co shares were up 9.56% at $1099.38 at the time of publication on Wednesday, according to Benzinga Pro data.
Photo by Ciara Kimsey via Shutterstock
