Novo Nordisk Stock Slides After Outlook Disappoints. But Wegovy Sales Continue to Climb

Novo Nordisk shares tumbled Tuesday after the Danish pharmaceutical giant released updated financial guidance that, while improved from previous projections, failed to meet investor expectations. The selloff came despite solid second quarter results and growing momentum for the company's expanding portfolio of obesity treatments.

U.S.-listed shares of Novo Nordisk fell more than 6% at 3 p.m. ET after the company raised its full-year 2026 outlook but signaled that sales and profit could still decline compared with the previous year. Investors appeared to focus on the company's cautious forecast rather than its stronger-than-expected operational performance.

Novo Nordisk said it now expects adjusted sales for 2026 to range from a 6% decline to flat growth at constant exchange rates. That represents an improvement from its earlier guidance, which projected adjusted sales could fall between 4% and 12%.

The company also revised its adjusted operating profit outlook, forecasting a range of down 6% to flat for the year. Previously, it had expected operating profit to decline between 4% and 12%.

Although the updated guidance reflects greater confidence than earlier forecasts, the revised outlook was not enough to satisfy investors who had hoped for a stronger recovery after several challenging quarters in the increasingly competitive market for obesity and diabetes treatments.

The updated projections came alongside preliminary second-quarter and first-half financial results, released ahead of Novo Nordisk's full earnings report scheduled for Wednesday. Investors are also preparing for quarterly results from chief rival Eli Lilly, which is expected to report on the same day.

Novo Nordisk reported second quarter sales of 78.49 billion Danish kroner, or approximately $12.09 billion, representing a 3% increase at constant exchange rates. On an adjusted basis, sales rose 7% during the quarter, highlighting continued demand across the company's product portfolio.

Profitability also improved. Adjusted operating profit increased 11% at constant exchange rates to 33.39 billion kroner, demonstrating that the company continues to generate strong earnings even as competition intensifies in the lucrative GLP-1 drug market.

The results mark another important step in Novo Nordisk's efforts to reclaim momentum after losing ground to Eli Lilly over the past year. Lilly has gained significant market share with its blockbuster weight-loss injection Zepbound and diabetes treatment Mounjaro, both of which have seen robust demand worldwide.

Novo Nordisk has responded by accelerating innovation and expanding its obesity treatment lineup. During the first half of 2026, the company introduced a pill version of its blockbuster weight-loss drug Wegovy, becoming the first major drugmaker to launch an oral GLP-1 obesity treatment ahead of Eli Lilly.

The company also rolled out a higher-dose version of the Wegovy injection, giving physicians another option for patients seeking greater weight-loss benefits. According to CEO Mike Doustdar, the oral version of Wegovy has already surpassed 5 million prescriptions since its January launch.