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Shares of Novo Nordisk (NVO.N) listed in the United States fell more than 13% on Tuesday. Prior to this, the company unexpectedly issued a warning that its sales in 2026 would decline more severely than expected due to price pressure affecting the sales of its popular diabetes and weight loss drugs in the United States. The Danish company expects global sales for the full year of 2026 to decline by 5% to 13% compared to 2025 (excluding exchange rate fluctuations). In contrast, sales for the full year of 2025 increased by 10%. The company stated that sales in the United States will decrease due to the price reduction of drugs including Ozempic and Wegovy. They pointed out that the company recently reached an agreement with the Trump administration to lower drug prices. The main components of these two drugs will also lose patent exclusivity in certain countries outside of the United States, which may open up competition from low-cost generic drugs. The deteriorating outlook is another piece of bad news for this once rapidly growing company, which was a pioneer in the weight loss drug market.