Novo Nordisk, the powerhouse behind blockbuster drugs Wegovy and Ozempic, just sent a jolt through Wall Street.
The Danish pharma giant has slashed its 2025 sales and profit forecasts, again. This is the second time in just a few months that Novo has revised its financial outlook, and investors didn’t take it lightly. Shares dipped on Tuesday as the company revealed slower-than-expected growth for its much-hyped GLP-1 treatments in the U.S., one of its biggest and most competitive markets.
In its updated guidance, Novo now expects 2025 sales growth between 8% and 14% at constant exchange rates, down from the previous 13% to 21%. Operating profit growth isn’t looking much better, cut to 10% to 16% from an earlier forecast of 16% to 24%. The disappointing revision was largely blamed on weak Wegovy penetration in the U.S. obesity market and slower traction for Ozempic among U.S. diabetes patients.
The company pointed to the continued rise of compounded GLP-1 drugs as a major drag. Even though the FDA’s grace period for compounding ended in May 2025, Novo says these knockoff alternatives haven’t gone anywhere. In fact, they’re thriving, often disguised as “personalized” solutions. And it’s hitting the brand hard, especially in the U.S. cash pay market.
To fight back, Novo Nordisk launched NovoCare Pharmacy earlier this year, and it’s now generating about 11,000 weekly Wegovy prescriptions. There are also an estimated 20,000 more filled weekly through the general retail cash channel. Still, even with these numbers, growth isn’t where the company wants it to be. In the insured channel, new commercial efforts introduced earlier in 2025 haven’t been enough to combat lagging expansion and stiff competition.
The international outlook isn’t much rosier. Wegovy’s entry into select global markets has underwhelmed, with growth falling short of expectations due to slow uptake and crowded shelves. Novo says they’re not just sitting back, though. The company is going full throttle with legal action to block what it calls “unsafe and unlawful” semaglutide copycats. And it’s not just them, over 80 bipartisan U.S. lawmakers recently sent a letter to the FDA, urging tighter control over counterfeit GLP-1 drugs, highlighting just how widespread the issue has become.
Amid the financial shake-up, Novo is also making leadership changes. A new CEO has been appointed, signaling the company’s push for a reset at the top during a rocky phase for its most prized drug portfolio.
While Wegovy and Ozempic still dominate headlines and prescriptions, the mounting pressure from unregulated compounding and competition is clearly taking a toll. Investors will be watching closely to see if Novo Nordisk can turn things around in time, or if 2025 becomes a year of catching up rather than breaking new ground.
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