Investing.com - Shares of Novo Nordisk A/S (NYSE: NVO) fell sharply midday Tuesday after the Wegovy-maker posted fourth-quarter results and issued a sales warning for 2026.

The company stated adjusted sales growth for 2026, which excludes revenue from the reversal of 340B provisions, is expected to be -5 to -13% at CER. In 2025, sales grew 10%. The company stated the lower outlook is related to lower prices due to the "Most Favoured Nations" agreement in the U.S., the patent expiry of the semaglutide molecule in certain IO markets, as well as competition.

Shares of Novo were last down 12% in New York trading.

For 2025, the company reported that sales increased by 6% in Danish kroner and by 10% at constant exchange rates to DKK 309.1 billion. Meanwhiole, for the year operating profit decreased by 1% in Danish kroner and increased by 6% at constant exchange rates (CER) to DKK 127.7 billion. Excluding a company-wide transformation, operating profit would have increased by 6% in Danish kroner and 13% at CER.

Sales in US Operations increased by 3% in Danish kroner (8% at CER) in 2025, while sales in International Operations increased by 10% in Danish kroner (14% at CER).

The news from Novo also impacted shares of U.S. rival Eli Lilly and Company (NYSE: LLY), which traded down 3% midday.