Novo Nordisk faces looming patent expirations for semaglutide products—its blockbuster diabetes treatment Ozempic and obesity therapy Wegovy—in key international markets including Canada and China. CEO Mike Doustdar warned that 2026 "will be the year of price pressure" as cheaper generics enter those markets and as a result of Novo Nordisk’s recent U.S. drug-pricing agreement. To mitigate margin erosion, the company plans to drive volume growth through expanded patient access and expects to leverage its direct-to-consumer channels. Doustdar also confirmed an accelerated business development agenda to identify assets that complement the existing pipeline and bolster revenue beyond semaglutide.

Novo Nordisk has deepened its collaboration with Canada-based Aspect Biosystems to advance cell-based treatments for type 1 diabetes. Under the amended agreement, Novo Nordisk will provide additional R&D funding and share in up to US$60 million in milestone payments tied to preclinical and early clinical development stages. Aspect will retain discovery rights but grants Novo Nordisk an option to license any lead candidates for clinical development. The partnership aims to deliver a first-in-class encapsulated islet cell therapy by the end of the decade, leveraging Aspect’s proprietary 3D bioprinting platform to improve cell viability and immune protection.

In response to President Trump’s threat of sweeping tariffs on European imports, European equities tumbled at the start of the week and Novo Nordisk shares declined by 2.96%. The EURO STOXX 50 fell 1.4%, while the broader STOXX Europe 600 dropped 1.2% as investors reassessed export-exposed names. Although the likelihood of actual tariff implementation remains uncertain, the sell-off underscores Novo Nordisk’s sensitivity to trade tensions and highlights potential headwinds for its supply chain and European sales mix.