<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/02/shutterstock_2367083483-430x241.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/02/shutterstock_2367083483-430x241.jpg"/></p>
<p>诺和诺德正在努力重新夺回其曾经主导的减肥市场份额。oleschwander via Shutterstock.com。</p>
<p>由于制药公司预测 2026 年销售和利润增长将低于分析师预期，诺和诺德的股价暴跌，面临定价和专利到期的压力。</p>
<p>在即将到来的一年中，诺和诺德预计销售额可能会在不变汇率下下降多达 13%。这将标志着该公司多年来首次销售下降，该公司已在肥胖治疗领域占据主导地位。根据诺和诺德的说法，调整后的营业利润增长也可能在不变汇率下下降 13%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/themes/goodlife-wp-B2B/assets/images/GMS-logo.svg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/themes/goodlife-wp-B2B/assets/images/GMS-logo.svg"/></p>
<h4>发现高效的 B2B 营销</h4>
<p>结合商业智能和编辑卓越，覆盖 36 个领先媒体平台的专业人士。</p>
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<p>该指引于 2 月 3 日欧洲市场收盘后发布，投资者在市场开盘时对此进行了惩罚。当哥本哈根证券交易所于 2 月 4 日开始交易时，诺和诺德的股价下跌了 18%——从前一个市场收盘的 DKr 367.80 降至 DKr 302.00（$47.76）。该公司的市值为 DKr 1.38 万亿。</p>
<p>根据花旗分析师的说法，2026 年的销售和营业利润指引分别比市场共识低 8% 和 10%。</p>
<p>2026 年的展望与 2025 年形成鲜明对比，后者报告了不变汇率下 10% 的销售增长，达到了 DKr 3090 亿。</p>
<p>该指引指出，2026 年疲软的展望反映了美国的定价压力，公司直接提到了特朗普总统的最惠国（MFN）政策的影响。2025 年 11 月，诺和诺德与白宫达成了一项定价协议，导致其 semaglutide 品牌 Wegovy 和 Ozempic 的价格大幅下调。它还为当时待批的口服 Wegovy 设定了价格，该药物于 2025 年 12 月获得美国食品药品监督管理局（FDA）的批准。</p>
<p><img src="/wp-content/themes/goodlife-wp-B2B/assets/images/strategic-int.png" alt="" original-src="/wp-content/themes/goodlife-wp-B2B/assets/images/strategic-int.png"/></p>
<p>GlobalData 战略情报</p>
<h1>美国关税正在变化 - 你会反应还是预见？</h1>
<p>不要让政策变化让你措手不及。通过实时数据和专家分析保持主动。</p>
<p>由 GlobalData 提供</p>
<p>了解更多关于战略情报</p>
<p>该协议是在特朗普威胁对进口药品征收关税的背景下达成的，这将严重影响诺和诺德，因为美国是其最有利可图的市场。由于 semaglutide 被纳入《通货膨胀削减法案》（IRA），价格的进一步下降也在影响诺和诺德，诺和诺德目前正在法院进行抗争。</p>
<p>在某些市场（包括巴西、加拿大和中国）中，semaglutide 的专利到期也削弱了 2026 年的销售展望。来自礼来公司的竞争和复合药物进一步压缩了市场份额。</p>
<p>诺和诺德正在努力重新夺回其曾经主导的减肥市场份额。礼来的 tirzepatide 品牌 Zepbound 和 Mounjaro 已取代 Wegovy 和 Ozempic，成为销售最快的肥胖和 2 型糖尿病 GLP-1RA。</p>
<p>诺和诺德曾是欧洲最有价值的公司，但由于股价下跌而滑落至排名较低的位置。与此同时，礼来成为了 首个市值达到万亿美元的医疗公司，反映了这两家竞争对手的不同命运。</p>
<p>诺和诺德的一个增长途径可能在于口服肥胖治疗领域。这家丹麦公司 成为首个获得 FDA 批准的 GLP-1RA 口服药物，超越了礼来的 orforglipron。截至 1 月 23 日，该药物的每周处方总数约为 50,000 份，诺和诺德表示。</p>
<p>花旗分析师补充道：“[财务] 压力部分被 Wegovy 口服药物的早期强劲推出所抵消，但现在还为时已早，无法推断。”</p>
<p>诺和诺德还寄希望于下一代肥胖药物 CagriSema 来填补收入缺口。该疗法在本周早些时候的第三阶段试验中取得了积极结果。</p>
<p>根据 GlobalData 的分析，预计到 2031 年，七大主要市场（7MM：美国、法国、德国、意大利、西班牙、英国和日本）的肥胖市场将达到 1735 亿美元。</p>
<p>GlobalData 是《制药技术》的母公司。</p>

诺和诺德公司

<p>诺和诺德公司的股价下跌了 18%，原因是该公司警告称，由于美国的定价压力和专利到期，2026 年销售可能下降 13%。这标志着这家肥胖症治疗领导者多年来首次出现销售下滑，其市值也显著下降。分析师指出，2026 年的指引低于市场共识预期，反映出来自竞争和定价政策的挑战。尽管面临这些困难，诺和诺德仍专注于其口服肥胖症治疗药物和下一代药物 CagriSema，以实现未来增长</p>

<p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/02/shutterstock_2367083483-430x241.jpg" alt="" original-src="https://www.pharmaceutical-technology.com/wp-content/uploads/sites/24/2026/02/shutterstock_2367083483-430x241.jpg"/></p>
<p>Novo is fighting to regain a foothold in a weight loss sector it once dominated. oleschwander via Shutterstock.com.</p>
<div class="lb-trans"><p>诺和诺德正在努力重新夺回其曾经主导的减肥市场份额。oleschwander via Shutterstock.com。</p>
</div><p>Shares in Novo Nordisk have plummeted after the drugmaker forecast a dip in sales and profit growth below analyst expectations for 2026 amid pricing and patent expiry headwinds.</p>
<div class="lb-trans"><p>由于制药公司预测 2026 年销售和利润增长将低于分析师预期，诺和诺德的股价暴跌，面临定价和专利到期的压力。</p>
</div><p>For the coming year, Novo expects sales could drop as much 13% at constant exchange rates (CER). This would mark the first sales decline in years for the company, which has risen to dominate the obesity treatment space. Adjusted operating profit growth could also drop by 13% at CER, according to Novo.</p>
<div class="lb-trans"><p>在即将到来的一年中，诺和诺德预计销售额可能会在不变汇率下下降多达 13%。这将标志着该公司多年来首次销售下降，该公司已在肥胖治疗领域占据主导地位。根据诺和诺德的说法，调整后的营业利润增长也可能在不变汇率下下降 13%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.pharmaceutical-technology.com/wp-content/themes/goodlife-wp-B2B/assets/images/GMS-logo.svg" alt="" original-src="https://www.pharmaceutical-technology.com/wp-content/themes/goodlife-wp-B2B/assets/images/GMS-logo.svg"/></p>
<h4>Discover B2B Marketing That Performs</h4>
<div class="lb-trans"><h4>发现高效的 B2B 营销</h4>
</div><p>Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.</p>
<div class="lb-trans"><p>结合商业智能和编辑卓越，覆盖 36 个领先媒体平台的专业人士。</p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div><p>The guidance, which was published after the European market closed on 3 February, was punished by investors at market open. When the Copenhagen stock exchange began trading on 4 February, shares in Novo were down 18% – dropping to DKr 302.00 ($47.76) from DKr 367.80 at the previous market close. The company has a market cap of DKr 1.38tn.</p>
<div class="lb-trans"><p>该指引于 2 月 3 日欧洲市场收盘后发布，投资者在市场开盘时对此进行了惩罚。当哥本哈根证券交易所于 2 月 4 日开始交易时，诺和诺德的股价下跌了 18%——从前一个市场收盘的 DKr 367.80 降至 DKr 302.00（$47.76）。该公司的市值为 DKr 1.38 万亿。</p>
</div><p>According to Citi analysts, 2026 guidance for sales and operating profit is 8% and 10% below consensus, respectively, at the midpoints.</p>
<div class="lb-trans"><p>根据花旗分析师的说法，2026 年的销售和营业利润指引分别比市场共识低 8% 和 10%。</p>
</div><p>The outlook for 2026 marks a quick downturn from 2025, in which Novo reported CER sales growth of 10% to reach DKr 309bn.</p>
<div class="lb-trans"><p>2026 年的展望与 2025 年形成鲜明对比，后者报告了不变汇率下 10% 的销售增长，达到了 DKr 3090 亿。</p>
</div><p>The guidance states that the weak 2026 outlook reflects pricing headwinds in the US, with the company directly referencing impacts from President Trump’s Most Favored Nation (MFN) policy. In November 2025, Novo struck a pricing deal with the White House that saw prices for its semaglutide brands Wegovy and Ozempic slashed. It also set a price for its then pending oral Wegovy in obesity. The drug was approved shortly after by the US Food and Drug Administration (FDA) in December 2025.</p>
<div class="lb-trans"><p>该指引指出，2026 年疲软的展望反映了美国的定价压力，公司直接提到了特朗普总统的最惠国（MFN）政策的影响。2025 年 11 月，诺和诺德与白宫达成了一项定价协议，导致其 semaglutide 品牌 Wegovy 和 Ozempic 的价格大幅下调。它还为当时待批的口服 Wegovy 设定了价格，该药物于 2025 年 12 月获得美国食品药品监督管理局（FDA）的批准。</p>
</div><p><img src="/wp-content/themes/goodlife-wp-B2B/assets/images/strategic-int.png" alt="" original-src="/wp-content/themes/goodlife-wp-B2B/assets/images/strategic-int.png"/></p>
<p>GlobalData Strategic Intelligence</p>
<div class="lb-trans"><p>GlobalData 战略情报</p>
</div><h1>US Tariffs are shifting - will you react or anticipate?</h1>
<div class="lb-trans"><h1>美国关税正在变化 - 你会反应还是预见？</h1>
</div><p>Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.</p>
<div class="lb-trans"><p>不要让政策变化让你措手不及。通过实时数据和专家分析保持主动。</p>
</div><p>By GlobalData</p>
<div class="lb-trans"><p>由 GlobalData 提供</p>
</div><p>Learn more about Strategic Intelligence</p>
<div class="lb-trans"><p>了解更多关于战略情报</p>
</div><p>The agreement came amid threats of tariffs by Trump on imported drugs, which would have severely impacted Novo, given the US represents its most lucrative market. Separate price erosion has come via semaglutide’s inclusion under the Inflation Reduction Act (IRA) – a price change that Novo is currently fighting in court.</p>
<div class="lb-trans"><p>该协议是在特朗普威胁对进口药品征收关税的背景下达成的，这将严重影响诺和诺德，因为美国是其最有利可图的市场。由于 semaglutide 被纳入《通货膨胀削减法案》（IRA），价格的进一步下降也在影响诺和诺德，诺和诺德目前正在法院进行抗争。</p>
</div><p>Patent expiries of semaglutide in certain markets – including Brazil, Canada, and China – also blunted the sales outlook for 2026. Competition from Eli Lilly and compounders further constricted market share.</p>
<div class="lb-trans"><p>在某些市场（包括巴西、加拿大和中国）中，semaglutide 的专利到期也削弱了 2026 年的销售展望。来自礼来公司的竞争和复合药物进一步压缩了市场份额。</p>
</div><p>Novo is fighting to regain a foothold in a weight loss sector it once dominated. Lilly’s tirzepatide brands, Zepbound and Mounjaro, have usurped Wegovy and Ozempic as the fastest selling obesity and type 2 diabetes GLP-1RAs, respectively.</p>
<div class="lb-trans"><p>诺和诺德正在努力重新夺回其曾经主导的减肥市场份额。礼来的 tirzepatide 品牌 Zepbound 和 Mounjaro 已取代 Wegovy 和 Ozempic，成为销售最快的肥胖和 2 型糖尿病 GLP-1RA。</p>
</div><p>Novo was once the most valuable company in Europe but has since slipped down the rankings due to declining share price. Lilly, meanwhile, became the first trillion-dollar market cap company in healthcare, reflecting the differing fortunes of the two rivals.</p>
<div class="lb-trans"><p>诺和诺德曾是欧洲最有价值的公司，但由于股价下跌而滑落至排名较低的位置。与此同时，礼来成为了 首个市值达到万亿美元的医疗公司，反映了这两家竞争对手的不同命运。</p>
</div><p>An avenue for growth for Novo will likely be in the oral obesity treatment space. The Danish company became the first to win FDA approval for a GLP-1RA pill in obesity, beating Lilly’s orforglipron to market. As of 23 January, total weekly prescriptions amounted to around 50,000 for the pill, according to Novo.</p>
<div class="lb-trans"><p>诺和诺德的一个增长途径可能在于口服肥胖治疗领域。这家丹麦公司 成为首个获得 FDA 批准的 GLP-1RA 口服药物，超越了礼来的 orforglipron。截至 1 月 23 日，该药物的每周处方总数约为 50,000 份，诺和诺德表示。</p>
</div><p>Citi analysts added: “[Financial] headwinds are partially offset by an early strong Wegovy pill launch, though it is yet too early to extrapolate.”</p>
<div class="lb-trans"><p>花旗分析师补充道：“[财务] 压力部分被 Wegovy 口服药物的早期强劲推出所抵消，但现在还为时已早，无法推断。”</p>
</div><p>Novo will also be pinning hopes on next-generation obesity drug CagriSema to fill revenue gaps. The therapy produced positive results in a Phase III trial earlier this week.</p>
<div class="lb-trans"><p>诺和诺德还寄希望于下一代肥胖药物 CagriSema 来填补收入缺口。该疗法在本周早些时候的第三阶段试验中取得了积极结果。</p>
</div><p>The obesity market across the seven major markets (7MM: the US, France, Germany, Italy, Spain, the UK, and Japan) is forecast to reach $173.5bn by 2031, as per GlobalData analysis.</p>
<div class="lb-trans"><p>根据 GlobalData 的分析，预计到 2031 年，七大主要市场（7MM：美国、法国、德国、意大利、西班牙、英国和日本）的肥胖市场将达到 1735 亿美元。</p>
</div><p>GlobalData is the parent company of <em>Pharmaceutical Technology</em>.</p>
<div class="lb-trans"><p>GlobalData 是《制药技术》的母公司。</p>
</div>

诺和诺德公司在发出 2026 年销售下滑警告后，股价暴跌 18%