Novo Nordisk Expects Sales to drop 5 to 13%

Summary

Novo Nordisk CEO Mike Doustdar discusses the company's updated 2026 sales guidance, which projects a 5% to 13% decline at constant exchange rates due to expected GLP-1 pricing headwinds. He emphasizes the strong early launch of oral Wegovy, with more than 170,000 patients in four weeks and about 17% weight loss, and argues lower prices will drive higher volumes over time. Doustdar also says Novo expects an efficacy edge over Eli Lilly's oral obesity pill and that the large diabetes/obesity market can remain profitable despite lower prices.

• Novo Nordisk guides 2026 constant-currency sales down 5% to 13%, worse than the 1.4% decline analysts expected.
• CEO Mike Doustdar says the decline reflects anticipated GLP-1 price cuts in the U.S. across channels.
• Oral Wegovy has reached over 170,000 patients in four weeks and produces about 17% weight loss.
• Novo expects volume uptake to gradually wash out initial price declines.
• Doustdar says Novo's oral obesity pill has a 16.6%-17% weight-loss efficacy advantage over Eli Lilly's 12% competitor.
• The company is focused on diabetes, weight loss, and overweight, a market with roughly 2 billion people and unmet need.
• Management says lower price levels can still be profitable because volumes are large and patient segments can be priced differently.
• Cost discipline and recent management changes were discussed, but no new financial details were provided.