Novo Nordisk $NVO ( ▼ 14.64% ) is bracing for a rare slowdown. The maker of Ozempic and Wegovy said annual sales could drop 5% to 13% in 2026, even as its new oral version of Wegovy shows strong early demand.
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Growth Story Meets Real Competition
Novo said its outlook reflects continued volume growth for GLP-1 treatments and expansion in the obesity market, but that is being offset by intensifying competition. The company also flagged negative impacts tied to the compound patent expiry of semaglutide in certain markets, a key ingredient in its blockbuster drugs.
Novo $NVO was first to dominate the modern GLP-1 market, but the competitive landscape has shifted fast. Eli Lilly has already overtaken Novo in sales and is expected to launch its own oral GLP-1 treatment later this year, raising the pressure even further.
The Wegovy Pill Is Promising, But Not a Cure-All
Novo’s new oral Wegovy pill, the first GLP-1 weight-loss treatment in pill form, is seeing strong early uptake. A pill could expand access by appealing to patients who prefer not to use injections.
Still, even a successful launch may not fully offset pricing pressure, new entrants, and looming patent issues. For a company that has ridden the obesity drug boom to massive growth, the 2026 outlook signals that the easy phase of the GLP-1 gold rush may be over.