Stock Market Today, Feb. 3: Novo Nordisk Slides as Pricing Pressure Clouds Obesity-Drug Outlook

Novo Nordisk (NVO 14.75%), a diabetes and obesity drug maker, closed Tuesday at $50.33, down 14.59%. The stock sold off after management projected a 2026 sales and profit decline despite strong recent results, and investors are watching how it defends U.S. obesity-drug share and pricing.

The company’s trading volume reached 67.7 million shares, which is about 218% above its three-month average of 21.3 million shares. Novo Nordisk went public in 1981 and has grown more than 3,1000% since its IPO.

How the markets moved today

S&P 500 (SNPINDEX: ^GSPC) slipped 0.85% to 6,917, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 1.43% to 23,255 as growth stocks lost ground. Among pharmaceuticals peers, Eli Lilly (LLY 3.90%) closed at $1,002.98, down 3.94%, while Novartis (NVS 0.78%) finished at $149.86, off 0.78%, reflecting broader pressure across large drugmakers.

What this means for investors

Novo Nordisk shares fell sharply on Tuesday after management projected a decline in sales and profit in 2026, prompting investors to reset expectations despite strong recent performance. The sell-off was driven by concerns over U.S. pricing pressure and intensifying competition in the obesity-drug market. Management forecast a 5%–13% drop in 2026 sales, citing price cuts, patent expirations, and a more crowded competitive landscape, particularly in the U.S., where Novo Nordisk has built much of its recent momentum.

The company’s management has outlined an expanded obesity strategy and leadership changes in the U.S. business, alongside continued development of next-generation therapies such as the Wegovy pill and CagriSema. Investors will be watching whether those steps can stabilize growth and restore confidence in 2026.