Novo Nordisk has projected a significant revenue slump for 2026. The company warned that sales could drop between 5% and 13% this year, blaming a combination of Donald Trump’s efforts to cut the cost of weight-loss drugs in the US, tougher competition, and the expiration of vital patents.

Last year, the drugmaker’s sales grew by 10% to 309 billion Danish kroner, while pre-tax profits rose 3% to 130.5 billion kroner. Despite those gains, the company’s share price crashed 18% on Wednesday and has shed nearly half its value over the last twelve months.

Chief Executive Mike Doustdar highlighted a US price deal that will lower average costs to $350. He also warned that patents for semaglutide, the active ingredient in its blockbuster drugs, are set to expire in several countries, including India. On a more positive note, he expressed confidence in the company’s new Wegovy pill, which reached 50,000 weekly prescriptions in the US shortly after its release.