Novo Nordisk (NOVO-B.CO) shares fell after sales of its weight-loss drug Wegovy missed expectations, eclipsing the company's strong first-half results and upgraded guidance.
The Danish drugmaker was over 4% in the red during morning trading in Copenhagen.
Net profit for the six months ended June 30 increased to 69.55 billion Danish kroner from 55.54 billion kroner a year ago, while net sales jumped to 175.31 billion kroner from 154.94 billion kroner. Citing boosted forecasts for GLP-1 product sales, the company lifted its outlook for adjusted sales growth and adjusted operating profit growth to 0% to -6% each, against the previously expected -4% to -12% for both metrics.
"Despite the underlying commercial strength, a surprise miss for the Wegovy pill (noted as de-stocking in our catch-up with the company) coupled with lower-than-expected U.S. sales for injectable Wegovy likely contributed to the share move we are seeing today," BMO Capital Markets said in a first-take note.
The first-half sales for injectable Wegovy rose 12% on constant exchange rates to 37.72 billion kroner, while the newly launched pill version generated sales of 5.47 billion kroner during the period. In the US alone, first-half Wegovy injectable sales declined 17% at CER, while the pill formulation booked 5.40 billion kroner in sales.
"The Wegovy product portfolio remains a key growth driver for Novo Nordisk in 2026, led by the continued rapid adoption of Wegovy pill in the US, which has reached more than 5 million prescriptions since its launch, alongside encouraging early uptake in markets outside the US and the rollout of Wegovy HD (7.2 mg)," Chief Executive and President Mike Doustdar said, adding that Novo's revised outlook reflects stronger momentum in the US GLP-1 market, as well as continued growth and new product launches in the group's international operations segment.
Novo Nordisk cautioned that its US business, its largest revenue base, is expected to record a decline in sales amid lower realized prices and increased competition. On the flip side, its international operations segment is projected to see sales growth as it benefits from GLP-1 volume penetration and market expansion.
"In 2026, the global GLP-1 market expansion is assumed to continue, enabling Novo Nordisk to increase patient reach and expand volumes. This is countered by lower realised prices, including the MFN ('Most Favoured Nations') agreement in the US and the loss of exclusivity for the semaglutide molecule in certain markets in International Operations," the company said.
