Novo Nordisk today projected a full‐year 2026 adjusted sales decline of between 5% and 13% at constant exchange rates, reversing from the 10% sales growth achieved in 2025. Full‐year 2025 sales reached 309.1 billion Danish kroner, with operating profit up 6%, slightly above prior guidance. For 2026, both sales and operating profit are expected to fall in the same range, driven by lower realised prices in the US following the Most Favoured Nations agreement, loss of exclusivity for semaglutide in key markets including China, Brazil and Canada, and no recurrence of the USD 4.2 billion gross-to-net sales adjustment benefit from US rebate provisions. Shares of the company’s American depositary receipts tumbled over 11% on the day of the announcement, reflecting investor concern over the US operations outlook.

In the 68-week REIMAGINE 2 phase III trial involving 2,728 adults with type 2 diabetes, once-weekly CagriSema (fixed-dose cagrilintide/semaglutide 2.4 mg/2.4 mg) delivered a mean HbA1c reduction of 1.91 percentage points and weight loss of 14.2%, compared with HbA1c reduction of 1.76 points and 10.2% weight loss for semaglutide 2.4 mg. No weight-loss plateau was observed, with 43% of participants on CagriSema achieving at least 15% weight loss and 24% achieving 20%. The safety profile was consistent with incretin and amylin therapies, with predominantly mild to moderate gastrointestinal events. These headline results support the December 2025 FDA submission for CagriSema in weight management and strengthen its case as a next-generation combination therapy in diabetes care.