Shares of Novo Nordisk declined approximately 6% following the release of updated financial guidance that fell short of investor expectations, despite the company raising its 2026 outlook from previous estimates.
The pharmaceutical company narrowed its 2026 adjusted sales outlook to a range of down 6% to flat at constant exchange rates, compared with its prior guidance of down 4% to 12%. Similarly, the company adjusted its outlook for adjusted operating profit to a range of down 6% to flat, revising from the previous range of down 4% to 12%. Management attributed headwinds to several factors affecting the business, including anticipated sales declines in U.S. operations due to current prescription patterns for GLP-1 injections, mounting competitive pressures in the market, and reduced Medicaid coverage for obesity medications. The company also cited lower realized prices in the United States stemming in part from a drug pricing agreement negotiated with government officials.
For the second quarter of 2026, Novo Nordisk reported sales of 78.49 billion kroner, equivalent to $12.09 billion, representing 3% growth at constant exchange rates. On an adjusted basis, second-quarter sales increased 7% during the period. The company’s newly available oral formulation of its weight loss treatment generated 3.22 billion kroner in quarterly sales, falling slightly below analyst expectations of 3.27 billion kroner according to StreetAccount. The pill version has accumulated over 5 million prescriptions since becoming available in January, according to CEO commentary.
Adjusted operating profit rose 11% in constant currency to 33.39 billion kroner for the quarter. Industry observers noted that the shortfall relative to model expectations for the pill product weighed on investor sentiment, though some analysts characterized the overall results as showing improved trajectory compared to earlier in the year. Novo Nordisk was preparing to release fuller earnings details in the following day, with competitor Eli Lilly also scheduled to report quarterly results at the same time.
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