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WEGOVY Pill Also Causes Revenue Loss

by Nathan Brinkman

Novo Nordisk’s Q4 2025 / full-year 2025 update reinforces that NVO is a leader in their market, yet they are now facing a markedly tougher market that is under pricing and margin pressures. For FY2025, Novo reported sales of $48bn (+14% USD). Growth remained anchored in GLP-1, with Obesity Care sales up +31% and Rare Disease sales up +9%; the company also highlighted continued shareholder returns with a slightly increased dividend and $1.5 Bil share buyback program.

However, management’s 2026 outlook was the focal point of the year end announcement.  NVO guided to adjusted sales growth of -5% to -13%  vs. the 0 to 3% previously estimated.  CAPEX spending  should be slightly reduced in FY26 with expected constant spend of R and D expenses.

Margin pressures are expected to be driven by the explosive growth of oral WEGOVY and loss of market to the higher margin injectable versions. The oral version requires approximately 90% more of the active pharmaceutical ingredient (semaglutide) vs. the injectable version while at a significantly reduced cost to the patient.

To plausibly return to revenue growth in 2027, Novo needs to stabilize their 2026 price reset while layering in incremental revenue drivers and new products from its pipeline.

Can it succeed?