Novo Nordisk 2026 Guidance Signals Sales Weakness
Novo Nordisk 2026 guidance warns of a 5% to 13% sales decline and cites U.S. headwinds; traders face steep ADR selling and profit momentum risk.
KEY TAKEAWAYS
- Guidance called for 2026 sales to decline 5% to 13% at constant exchange rates.
- 2025 sales rose 10% and beat analyst forecasts.
- ADRs fell 11% on the announcement; intraday decline reached 14.2% as of 5:45 p.m. ET.
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Novo Nordisk’s 2026 guidance warned of a sales decline and cited U.S. market headwinds after the company reported stronger full-year results. The outlook triggered a steep selloff in American depositary shares on Feb. 3, 2026.
Full-Year 2025 Results
Novo Nordisk posted 10% sales growth year-over-year in 2025, exceeding analysts’ forecasts and falling within its prior guidance range of 8% to 11%. Operating profit rose 6% for the year, with fourth-quarter operating profit slightly above expectations.
2026 Guidance and Market Reaction
The company’s 2026 sales outlook calls for a full-year decline of 5% to 13% at constant exchange rates. Management also expects profit growth to decline, citing U.S. market headwinds as the primary driver. This reversal from a year of growth to a forecasted contraction marks a significant shift in near-term expectations.
American depositary shares fell 11% on the announcement, with a later intraday decline reaching 14.2% as of 5:45 p.m. ET. The sharp drop highlights investor concern over the company’s U.S. exposure and the sustainability of profit momentum after a year when sales outpaced operating-profit gains.
Investors will focus on upcoming quarterly details and commentary on U.S. demand and access as Novo Nordisk navigates the weaker outlook. Near-term sentiment will likely depend on whether U.S. market conditions ease or worsen.
