Novo Nordisk stock dropped 19% today after their 2026 guidance missed expectations. They are forecasting sales and profit to fall 5-13% next year, mostly due to pricing pressure from a new US government deal and competition from Eli Lilly. Analysts were only expecting a sales drop of around 2%. On the positive side, Q4 earnings actually beat estimates. Wegovy sales were up 17% and the new Wegovy pill is seeing strong initial demand with 170k users in the first month. The company also announced a new share buyback program, but the market seems focused on the future headwinds from patent expirations and lower prices.