During an investor call on Tuesday, CEO Mike Doustdar warned that Novo Nordisk anticipates near-term headwinds in key international markets next year, following the loss of market exclusivity on several of its best-selling GLP-1 diabetes therapies. The company highlighted that price reductions of up to 40% will be required in certain European countries when generic competitors enter, and volume growth could slow by as much as 15% in select markets. Management reiterated its plan to offset these impacts through cost efficiencies and by accelerating launches of new formulations.

In its preliminary safety review, the U.S. Food and Drug Administration reported it has found no clear evidence that GLP-1 receptor agonists, including Novo Nordisk’s injectable and newly approved oral semaglutide, cause suicidal thoughts or actions. The agency examined post-marketing reports and large-scale clinical data spanning over 35,000 patients; while the number of reported events was small in both treatment and control groups, the FDA will complete a meta-analysis of all semaglutide trials and review data in its Sentinel System before issuing final guidance. Current product labels already include standardized warnings, and Novo Nordisk reaffirmed it will update physicians once the agency concludes its review.

Since the U.S. launch of the first oral semaglutide tablet for chronic weight management in January 2026, Novo Nordisk’s shares have risen by approximately 19% over the past four weeks. The company disclosed that more than 20,000 prescriptions for the pill were dispensed in its first month of availability, representing a 35% uptake relative to the existing weekly injection. In addition, early data from the SOUL cardiovascular outcomes trial—expected to report detailed results in Q2—suggest a potential 18% reduction in major adverse cardiovascular events among patients treated with semaglutide, underpinning management’s optimism about long-term growth drivers.