Novo NordiskU.S. stocks plunged on Tuesday after the company said it expects sales and profit growth to decline this year due to falling U.S. prices and the loss of exclusivity for its blockbuster products Wegovy and Ozempic in China, Brazil and Canada.

The company issued the forecast as it unveiled full-year 2025 sales, ahead of its quarterly report expected Wednesday morning.

Novo’s American depositary shares fell 13.7% as of 12:22 p.m. ET. The results were announced after the close in Copenhagen, where the company made its initial listing.

Its forecast comes after the Danish drugmaker Trying to regain a footing In the highly competitive world of weight loss.

For 2025, sales increased 10% and operating profit increased 6%, in line with the company’s latest guidance, which saw it lower its full-year 2025 guidance, citing challenges in the U.S. market.

The drugmaker expects both sales and operating profit to decline 5% to 13% in 2026 on a constant currency basis.

“This outlook reflects expectations for growth in international segment sales and expectations for declines in U.S. segment sales,” Novo said in a statement. “The global GLP-1 market is expected to continue expanding through 2026, allowing Novo Nordisk to expand patient coverage and expand sales.”

Novo also said it will launch Wegovy in more markets in 2026, and expects to launch a higher 7.2 mg dose in several countries.

Ozempic maker looks to its Wegovy pill and next-generation weight loss injection CagriSema to regain market share US market share – and revive its plummeting stock price.

Novo shares fell 46.5% last year, driven by a series of events guided cuts, Leadership reshuffle Competition intensifies, but in being the first to launch Oral GLP-1 to treat obesity in the US market.

Novo launched an oral version of blockbuster weight loss drug Wegovy in the U.S. in early January, although its A promising startthe market is paying close attention to how Novo Nordisk will get along with its U.S. rivals Eli Lilly and CompanyIt is expected to launch its own weight-loss drug in the first half of 2026.

“Investors will want to see them capitalize on that lead, particularly in the direct-to-patient (primarily self-pay or cash) channel, thereby closing the large gap between them and Eli Lilly that has widened in that channel in 2025,” said Morningstar analyst Karen Andersen.

Semaglutide, the active ingredient in Wegovy and Ozempic, will lose its exclusivity in markets including Canada, Brazil and China in 2026. Huge pricing pressure In the United States, its biggest market, analysts had forecast sales growth would slow to single digits this year after several years of breakneck growth.

Barclays analyst James Gordon said the Novo guidance was expected to further crystallize the downgrade but could also serve as a reckoning event given investors’ “serious concerns” about the outlook for the year.

“Investors took advantage of the U.S. launch of oral Wegovy and a potential inflection point in U.S. sales for injectable Wegovy this year, which could at least partially mitigate the (guidance) cuts.”

Novo has been under pressure over the past 18 months as rival weight-loss drug tzeparatide (sold as Mounjaro and Zepbound) from Eli Lilly and Company has been more effective in weight loss than Novo’s drug and has surpassed Novo in U.S. market share.

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