$Novo Nordisk AS(NVO.US)$Novo Nordisk AS(NVO.US) held a press conference at 8:15 AM. I live-tweeted it, but if you missed it, here's a summary:

Q: Why is the 2026 performance forecast significantly lower than expected?

CEO Mike Duster said: "For months, we have been clearly pointing out that 2026 will face pricing headwinds, especially in the U.S., where Most Favored Nation policies and lower self-pay channel prices are the main drivers. In short, this forecast reflects the trend of price declines."

Q: Won't price cuts harm Novo Nordisk's long-term development?

Mike Duster: Lowering prices improves patient access, and we've already seen this. There will be some short-term pain, but we see this as an investment in future volume growth.

Q: How long will it take for volume growth to offset the impact of price cuts?

Mike Duster: We won't forecast beyond 2026, but early signs are encouraging. In just four weeks, about 170,000 patients have started taking Wegovy birth control, indicating that its volume growth will be faster than before.

Q: Does the 2026 guidance include Medicare coverage?

CFO Carsten Monk Knudsen: Yes, it's included. Since coverage is expected by mid-year, the 2026 impact is limited, but this confirms that volumes will grow over time and help offset price declines.

Q: Is Novo Nordisk currently in crisis?

Mike Duster: No.

Q: Was the Metsera bidding war worth it? Would Novo do it again?

Mike Duster: We've been watching Metsera for a long time and made the first bid. After 16 rounds of bidding, we decided not to raise the price further and had the financial discipline to walk away. Those assets were worth exactly what we bid, not a penny more.

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