Novo Nordisk’s shift from a market darling to a serious underperformer has set the stage for a transitional 2026 as the Danish drugmaker fights to regain investor confidence in its weight loss business.
Novo’s stock just experienced the worst year on record since it began trading on the Copenhagen stock exchange over three decades ago. Multiple reasons lie behind the dramatic drop: a series of guidance cuts, strides by chief rival Eli Lilly
, a leadership upheaval, and cheap copycat drugs flooding the crucial U.S. market.
With just about a week to go until 2026, Novo announced that its new weight loss pill under the brand name Wegovy had been approved in the U.S., making it the first oral GLP-1 treatment approved for weight loss. It sent shares up nearly 10% as investors banked on Novo being able to, at least partly, hold Eli Lilly and others at bay.
That “early Christmas present,” as one analyst called it, highlights many of the key themes Novo will have to face this year.
