Novo Nordisk CEO Mike Doustdar told investors that the company expects the price of its best-selling obesity treatment Wegovy in the United States to decline significantly before recovering. He described the cuts as “painful” for the company’s near-term financial results but argued that broader patient access will support volume growth in the longer term. Doustdar indicated that lower realized prices under the U.S. Most Favoured Nations agreement and reduced Medicaid coverage will be partially offset by self-pay channel expansion through NovoCare and telehealth partnerships.

The company surprise-preannounced guidance showing both sales and operating profit at constant exchange rates are now expected to decline by between 5% and 13% in 2026. This contrasts with 2025, when sales grew 10% to DKK 309.1 billion and operating profit rose 6% to DKK 127.7 billion. Excluding a one-time reversal of DKK 31.5 billion related to U.S. 340B rebate provisions, the midpoint of underlying profit guidance would still represent a contraction. Barclays analysts have noted that this ‘kitchen sink’ forecast may prove conservative but underline that the U-shaped recovery story has yet to materialize.

As part of an overall DKK 15 billion buyback mandate for 2026, Novo Nordisk will execute a share repurchase programme of up to DKK 3.8 billion between February 4 and May 4. The plan allows the purchase of up to 400 million B shares and fulfils obligations under the company’s share-based incentive schemes. Nordea Danmark has been appointed lead manager. Continuation beyond the May window will require fresh shareholder authorization at the 2026 Annual General Meeting.