Novo Nordisk guidance hike fails to ease obesity business concerns

Novo Nordisk’s American depositary receipts slid 6% in after-hours trading on August 4, 2026, even after the Danish drugmaker raised its full-year financial forecast, signaling deepening investor skepticism about its obesity drug business.

Under the new forecast, adjusted sales and operating profit are now expected to decline by as much as 6% or remain flat at constant exchange rates, an improvement from the previous guidance of a drop between 4% and 12% for both measures.

The quarterly results beat analyst estimates, but the outperformance was fueled largely by rebate adjustments and other one-time factors, according to analysts. Obesity drug sales were broadly in line with expectations, while oral Wegovy slightly missed forecasts.

Adding to the pressure, Novo Nordisk reported another mixed clinical result for its next-generation weight-loss treatment CagriSema, reinforcing doubts about its longer-term pipeline.

Citi analysts described the report as “overall nothing to inspire,” and Jefferies said the raised outlook leaves minimal room for consensus sales estimates to move higher.

Novo Nordisk is racing to restore confidence as Eli Lilly’s rival medicines Zepbound and Mounjaro rapidly gain market share in the U.S., despite launching years after Novo’s products.

Chief Executive Mike Doustdar said the Wegovy product portfolio remains a key growth driver for 2026, citing the swift U.S. uptake of the Wegovy pill, which has exceeded 5 million prescriptions since launch, alongside encouraging early demand abroad and the rollout of a high-dose version. The improved outlook was driven by increased expectations for GLP-1 product sales, the company added.

Novo Nordisk’s Danish-listed shares had fallen about 5% year-to-date as of August 5, 2026, and are down nearly 70% from their mid-2024 peak, though they have partially recovered following the successful Wegovy pill launch.