Novo Nordisk issued guidance forecasting a 5%–13% decline in both sales and earnings for 2026, citing increased pricing pressure from U.S. government initiatives and growing competition from weight-loss rivals including Eli Lilly and direct-to-consumer platforms such as TrumpRx. Investors sold off shares aggressively, driving the stock down over 20% this week and extending its retreat to 68% below 2024 highs.