Novo Nordisk reported fourth-quarter earnings per share of DKK 5.42, topping analyst estimates by 3%, while full-year 2025 sales rose 10% at constant exchange rates to DKK 309.1 billion. Despite this strong finish, management warned that 2026 sales and operating profit are each expected to decline by 5–13% at constant exchange rates, citing lower realized U.S. prices under the Most Favoured Nations agreement and escalating GLP-1 competition.

Chief Executive Mike Doustdar described U.S. price reductions for the flagship Wegovy drug as "painful" but necessary to broaden patient access. He cautioned investors that pricing will continue to suppress revenue in the first half of 2026 and urged stakeholders to anticipate further declines before a recovery, noting that current guidance already assumes a substantial gross-to-net reversal and reduced Medicaid coverage for obesity treatments.

On February 4, Novo Nordisk initiated a new share buyback of up to DKK 3.8 billion, part of a broader DKK 15 billion 2026 repurchase authorisation. The programme, to run through May 4, will acquire up to 400 million B shares and aims to offset dilution from incentive plans while returning capital to shareholders. Nordea Danmark is appointed lead manager under EU Safe Harbour rules.

Analysts warn that deeper discounting in the U.S. obesity market could trigger an aggressive price war, as payers and retail partners demand steeper rebates on Wegovy. With generic GLP-1 entries looming and rival launches accelerating, Novo Nordisk may face pressure to match competitors’ discount levels, potentially eroding gross margin beyond the already forecasted 5–13% profit decline for 2026.