Eli Lilly is gaining ground in the obesity drug market, challenging Novo Nordisk’s position. Increased competition, U.S. pricing pressure and slower-than-expected momentum for the new Wegovy pill have contributed to a more than 25% decline in Novo Nordisk’s stock since the beginning of 2026. Its forward earnings multiple has also fallen.
Despite the market’s disappointment, Novo Nordisk’s obesity franchise remains substantial. But the growth outlook has changed: the company’s 2026 forecast points to possible declines in adjusted sales and operating profit.
Separately, a European regulatory panel issued a positive opinion on an indication change for Novo Nordisk’s Kyinsu. A government-funded study also found that GLP-1 drugs, including Novo Nordisk’s medicines, slowed the aging process in mice.