诺和诺德(NVO)今日盘中股价大跌5.02%，引发了市场的广泛关注。
消息面上，诺和诺德在发布2025年财报的同时，给出了远低于市场预期的2026年业绩指引。公司预计，按固定汇率计算，2026年全年销售额和营业利润可能下降5%至13%，而分析师此前普遍预期销售额仅下降约1.4%。这一悲观展望主要源于美国市场药品定价压力的加剧，以及明星药物司美格鲁肽在部分国际市场专利到期的影响。
具体而言，诺和诺德与美国政府达成的“最惠国”定价协议将显著拉低其GLP-1药物(如Ozempic和Wegovy)的实际售价。同时，市场竞争日趋白热化，尤其是来自礼来(LLY)等对手的强力挑战，进一步侵蚀了公司的增长前景。尽管其口服版Wegovy上市初期表现强劲，但未能抵消市场对整体业绩下滑的担忧，从而直接导致了股价的剧烈波动。
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