Novo Nordisk plunged 27% this month—the worst monthly performance in over two decades. What challenges is the company facing?

Lead: The global weight-loss drug giant is now also 'managing its weight.' On September 10, 2025, Danish pharmaceutical giant Novo Nordisk announced the largest workforce reduction plan in its corporate history: cutting approximately 9,000 jobs globally—about 11% of its total workforce of 78,400 employees—with an expected annual cash savings of DKK 8 billion (approximately USD 1.26 billion) by the end of 2026. Yet less than 30 days after this layoff announcement, a major deal quietly surfaced... Acquisition premium of ~32%, targeting a rising MASH star On October 9, 2025, Novo Nordisk publicly announced it had entered into a definitive agreement to acquire Akero Therapeutics for USD 54.00 per share in cash, totaling USD 4.7 billion for all outstanding common shares. In addition, Akero’s shareholders will receive non-transferable contingent value rights (CVRs). If Akero’s lead drug, efruxifermin (EFX), receives U.S. regulatory approval for the treatment of compensated cirrhosis by June 30, 2031, CVR holders will receive an additional USD 6.00 per share in cash—totaling approximately USD 500 million. In total, the acquisition’s final value could reach up to USD 5.2 billion in cash—a premium of approximately 32% over Akero’s 30-day volume-weighted average price (VWAP). This transaction marks Novo Nordisk’s largest acquisition in recent years, aimed at reinforcing its leadership position in metabolic diseases—particularly in the rapidly expanding market for metabolic dysfunction–associated steatohepatitis (MASH). To date, Akero’s innovative EFX program is among the leading efforts to develop a best-in-class therapy for MASH. Notably, over 40% of MASH patients have type 2 diabetes, and 80% are overweight or obese—conditions highly aligned with Novo Nordisk’s core weight-loss drug business. If approved and launched, EFX could be used either as monotherapy or in combination with Novo Nordisk’s Wegovy (NovoEight), creating a 'game-changing' therapeutic regimen. It would also synergize with Novo Nordisk’s semaglutide platform, jointly expanding into the overlapping MASH–obesity market. This move is widely viewed as a direct competitive response to rivals including Roche and Eli Lilly. Amid intensifying competition in the weight-loss drug arena—and slowing growth in key markets—Novo Nordisk is proactively pursuing self-renewal. Caught between multiple pressures: downsizing to restart When first-mover advantage fades, even the world’s leading weight-loss drug company faces real hardship. Founded in 1923 and headquartered in Denmark, Novo Nordisk is a global leader in healthcare. It employs approximately 78,400 people across 80 countries and sells products in 170 countries. Its Class B shares trade on Nasdaq Copenhagen, and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange. Impacted by intensifying competition and recent market exits of generic drugs, Novo Nordisk’s latest quarterly financial report—released in August 2025—showed that second-quarter growth still fell short of expectations. The company consequently lowered its 2025 operating profit growth forecast to 4–10%, down from its prior guidance of 10–16%.

Tides Express | Novo Nordisk lowers full-year 2025 revenue and profit outlook

| Edited by the PeptideBio Content Team On July 29, 2025, Novo Nordisk reported sales and operating profit growth for the first half of 2025 on a constant-exchange-rate (CER) basis, and updated its full-year CER sales and operating profit guidance. For the first half of 2025, Novo Nordisk’s sales grew by 18% and operating profit grew by 29% (both on a CER basis). The sales growth was positively impacted by prior-year gross-to-net adjustments—including a DKK 3 billion adjustment related to the U.S. 340B Drug Pricing Program in Q2 2025. Operating profit growth benefited from the impairment of the ocedurenone asset in Q2 2024, partially offset by the impact of acquiring three Catalent manufacturing sites. Novo Nordisk revised its full-year 2025 guidance, now expecting CER sales growth of 8–14% and CER operating profit growth of 10–16%. Reported sales and operating profit growth in Danish kroner are expected to be approximately 4 and 7 percentage points lower than the CER figures, respectively—primarily due to the depreciation of the U.S. dollar against the Danish krone. The downward revision to 2025 sales guidance reflects reduced growth expectations for the second half of the year. This stems from lower-than-expected growth for Wegovy in the U.S. obesity market, slower growth for Ozempic in the U.S. GLP-1 diabetes market, and lower-than-anticipated Wegovy penetration in certain international markets. Specifically, the revised sales outlook for Wegovy in the U.S. reflects ongoing illicit compounding of GLP-1 drugs, slower-than-expected market expansion, and intensifying competition. Although the U.S. Food and Drug Administration’s (FDA) grace period for large-scale compounding expired on May 22, 2025, Novo Nordisk’s market research indicates that unsafe, unapproved large-scale compounding continues—and multiple entities continue promoting and selling compounded GLP-1 drugs under the false guise of 'personalized' medicine. Novo Nordisk is deploying multiple strategies—including litigation—to protect patients from counterfeit medications. As illicit and unsafe compounding persists, Wegovy’s penetration in the cash-pay channel has fallen short of expectations. In this channel, Novo Nordisk launched its NovoCare pharmacy service in March 2025. Approximately 11,000 Wegovy prescriptions per week are issued through NovoCare pharmacies—including telemedicine partnerships—while another ~20,000 prescriptions originate from retail cash-pay channels. In the insured channel, despite launching new commercial initiatives for Wegovy during the first half of 2025, sales expectations remain below target—mainly due to sluggish market expansion and heightened competition.

Kronos Worldwide Reports Q4 2025 Net Loss of $82.8 Million

May 4, 2026

Kronos Worldwide Inc. reported a Q4 2025 net loss of $82.8 million, contrasting with prior year profits. The full-year 2025 loss stemmed from lower titanium dioxide prices and higher production costs at 77% average capacity.

SEC.gov

2026-04-14

Kronos Worldwide, Inc. Announces Expected First Quarter 2026 Earnings Release Date

2026-04-15

Kronos sets May 6 release for first-quarter results after close

2026-05-04

Kronos Worldwide Reports Q4 2025 Net Loss of $82.8 Million

2026-05-04

Kronos Worldwide Inc Expected to Post Loss of 22 Cents a Share - Earnings Preview

2026-05-06

Kronos Worldwide, Inc. Reports First Quarter 2026 Results