Novo Nordisk shares tumble 18% as CEO warns it will get worse before it gets better

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Just as Novo Nordisk

showed signs of a recovery, another cold shower hit investors as the drugmaker surprise pre-released its 2026 forecast late Tuesday, sending shares tumbling.

Novo Nordisk’s stock plummeted 18% in Copenhagen early Wednesday, tracking losses seen in its American depositary shares on Tuesday and more than wiping out gains seen so far this year.

“People should expect that it goes down before it comes back up,” CEO Mike Doustdar told CNBC’s “Early Edition Europe” on Wednesday, highlighting the headwinds of significantly lower U.S. pricing on its best-selling weight loss drug Wegovy.