Novo Nordisk Warns of Lower Sales and Profit for 2026, Shares Plunge in U.S. (Update)

(refers to headline, as well as more information regarding sales and outlook for 2026)

Danish pharmaceutical company Novo Nordisk reported higher-than-expected revenue for the fourth quarter. Operating profit was in line with expectations. The board is proposing an increased regular dividend.

Revenue fell by 7.6 percent to 79,144 million Danish kroner (85,683). The result can be compared with the Bloomberg analysts' consensus, which was at 76,993.

Sales in the U.S. business increased by 3 percent in Danish kroner (8 percent in constant currencies), positively impacted by adjustments from gross to net sales.

Sales in international operations increased by 10 percent in Danish kroner (14 percent in constant currencies).

Sales in obesity and diabetes care rose by 7 percent in Danish kroner to 289.5 billion Danish kroner (10 percent in constant currencies), mainly driven by a 26 percent increase in Danish kroner (31 percent in constant currencies) in obesity care and a 2 percent sales increase in Danish kroner (6 percent in constant currencies) in GLP-1 diabetes.

Sales in rare diseases increased by 5 percent in Danish kroner (9 percent in constant currencies).

Gross profit was 63,996 million Danish kroner (72,659), with a gross margin of 80.9 percent (84.8).

Operating profit came in at 31,736 million Danish kroner (36,737), expected was 31,471. The operating margin was 40.1 percent (42.9).

Profit before tax was 34,185 million Danish kroner (35,557).

Net profit was 26,891 million Danish kroner (28,230).

The company’s total dividend is proposed at 11.70 Danish kroner per share (11.40), consisting of a second dividend of 7.95 kroner and a previously paid dividend in August of 3.75 kroner.

For 2026, the company forecasts adjusted sales growth in the range of -5 to -13 percent, calculated in constant currencies. Adjusted operating profit is also expected to fall within the -5 to -13 percent range.

“During 2026, Novo Nordisk will face pricing headwinds in an increasingly competitive market,” said CEO Mike Doustdar. “However, we are very encouraged by the promising early uptake following the launch of the Wegovy tablet in the U.S., and we remain confident in our ability to drive volume growth over the coming years,” he added.

The company made its announcement after the Copenhagen Stock Exchange closed on Tuesday. However, trading was still ongoing in the U.S. with the company's ADRs, which plunged by 14.6 percent, and then fell another 2.9 percent in after-hours trading.

Novo Nordisk, Mdkk	Q4-2025	Consensus	Change vs. Consensus	Q4-2024	Change
Net Revenue	79 144	76 993	2.8%	85 683	-7.6%
Gross Profit	63 996			72 659	-11.9%
Gross Margin	80.9%			84.8%
Operating Profit	31 736	31 471	0.8%	36 737	-13.6%
Operating Margin	40.1%	40.9%		42.9%
Profit Before Tax	34 185			35 557	-3.9%
Net Profit	26 891			28 230	-4.7%
Regular Annual Dividend per Share, dkk	11.70			11.40	2.6%

Consensus data from Bloomberg