Novo Nordisk faces patent expirations for semaglutide – the active ingredient in its flagship diabetes treatment and obesity therapy – in markets such as Canada and China. CEO Mike Doustdar warned that 2026 “will be the year of price pressure,” driven by generic entrants abroad and the company’s recent U.S. drug-pricing agreement. Management plans to mitigate these headwinds through volume growth, targeting broader patient access and tighter cost controls across its manufacturing network.

To offset anticipated revenue declines, Novo Nordisk intends to accelerate external innovation by exploring in-licensing and acquisition opportunities. Doustdar has indicated the company will be “very active in business development” to identify assets that complement its late-stage pipeline. This strategic pivot follows last year’s unsuccessful bidding for an obesity biotech asset and underscores management’s willingness to deploy capital to replenish the product portfolio ahead of looming patent losses.

Shares of Novo Nordisk were among the hardest hit in Europe when investors reacted to potential U.S. tariffs on imports from eight European nations. The stock declined by nearly three percent in a single session, reflecting concerns that broader macro-trade disputes could disrupt export flows and erode confidence in European–U.S. pharmaceutical trade relations. While the company’s core markets remain intact, management is monitoring developments in Washington for any spillover effects on supply chains and pricing negotiations.