Novo Nordisk raised its 2026 sales and operating-profit growth outlook to 0% to -6% at constant exchange rates, from -4% to -12%, as investors press for a growth plan beyond Wegovy and analysts expect Lilly’s Zepbound to outsell Wegovy by more than $7 billion this year.
Novo has five oral candidates in development and expects pills could capture as much as half of the obesity market by 2030. But the company halted trials of heart drug ziltivekimab, CagriSema disappointed investors, and analysts describe its late-stage pipeline as sparse.
Generic semaglutide competition has begun in markets including India, while patent protection in major Western markets runs into the early 2030s. Novo’s stock has fallen more than 70% from its peak.
