超预期下滑！诺和诺德预计2026年销售恐降13%，美股跌超10%｜财报见闻

Core Viewpoint - Novo Nordisk's stock price has significantly dropped due to forecasts predicting a substantial decline in sales for 2026, facing its most severe performance challenges in nearly a decade amid intense market competition and U.S. drug pricing policies [1][3]. Sales Forecast - The company anticipates a sales decline of 5% to 13% for 2026, excluding currency effects, which is much worse than the analyst expectation of approximately 1.4% [1][4]. - This forecast indicates that Novo Nordisk will experience its first annual sales decline in nine years, the last being in 2017 due to a price war in the U.S. insulin market [3][4]. Market Challenges - CEO Mike Doustdar highlighted that the company will face pricing pressures in an increasingly competitive market, particularly due to the "Most Favored Nation" pricing policy initiated by former President Trump and the expiration of patents for semaglutide in several international markets [3][4]. - The U.S. market is seeing a shift in prescription trends and intensified competition, compounded by the negative impact of Medicaid reducing coverage for obesity medications [7]. Financial Performance - In 2025, Novo Nordisk reported a sales increase of 6% to 309.06 billion Danish kroner, slightly above analyst expectations, driven primarily by its obesity care business, which grew by 31% [10][13]. - The company's operating profit for 2025 was 127.66 billion Danish kroner, a slight decline of 0.5% year-on-year, but a 6% increase when adjusted for constant currency [10][13]. New Product Developments - Despite challenges, the approval of the oral version of Wegovy (semaglutide) is seen as a positive development, with early prescription volumes showing promising growth [14]. - Novo Nordisk plans to continue expanding Wegovy into more markets and is investing in research and development for future growth opportunities [9][14]. Shareholder Returns - In response to the stock price decline, Novo Nordisk's board has initiated a new share buyback program of up to 15 billion Danish kroner (approximately 2.4 billion USD) and proposed a final dividend of 7.95 Danish kroner per share for 2025 [18].