Novo Nordisk warned investors that 2026 sales and operating profit will decline, citing pricing pressure from a U.S. government agreement on Wegovy starter‑dose pricing and intensified competition from Eli Lilly’s tirzepatide products. The company reported strong uptake for the oral Wegovy starter but said the pricing commitments and competitive landscape will weigh materially on revenue this year. Novo’s guidance triggered a sharp share sell‑off and highlights pressure across the anti‑obesity drug market as payers and competitors reshape dynamics.