Novo Nordisk Stock Rises Despite FDA Ozempic Ad Warning

Despite receiving a second warning from the U.S. Food and Drug Administration (FDA) regarding advertisements for its blockbuster diabetes drug Ozempic, Novo Nordisk’s stock price increased by 5.1% on March 4, 2026.

FDA Concerns Over Ozempic Advertising

The FDA issued a letter on February 26, 2026, stating that Novo Nordisk’s advertising misrepresented the approved uses of Ozempic and implied, without sufficient evidence, that it was superior to other GLP-1 drugs. Reuters reports that the advertisement suggested all patients with type 2 diabetes were eligible for Ozempic, without clarifying the specific conditions required.

Novo Nordisk spokesperson Liz Skrbkova stated, “We take all regulatory feedback seriously and are resolving any issues with the advertising content with the FDA.” Becker’s Hospital Review notes this is the second warning the company has received recently, with a similar issue arising last month concerning advertising for the weight-loss drug Wegovy.

Financial Outlook and Dividend Policy

Despite the regulatory concerns, analysts anticipate a decline in Novo Nordisk’s financial performance in 2026. Expected sales are projected to be $45.226 billion, a 6.93% decrease from the previous year. Earnings per share (EPS) are expected to be $3.33, representing an 8.20% decrease. Fierce Pharma details these projections.

However, a recovery is forecast for 2027, with sales expected to increase by 4.99% to $47.481 billion and EPS rising by 4.93% to $3.49. The company is maintaining its dividend policy, with an expected market dividend rate of 3.16% and a dividend per share of $1.16.

Company Response and Future Strategy

Novo Nordisk CEO Henning Bierhoff affirmed the company’s commitment to addressing the advertising-related issues, stating, “We will work closely with regulatory authorities to quickly resolve advertising-related issues.” He also emphasized continued investment in patient-centered innovation. Fierce Pharma reported on this statement.

Previous FDA Warning

A previous warning letter from the FDA, dated September 9, 2025, addressed promotional communication regarding Wegovy, Ozempic and Victoza, featured in “An Oprah Special: Shame, Blame, and the Weight Loss Revolution.” The FDA determined the video was false or misleading, citing the inclusion of paid consultants and the Senior Vice President of Cardiometabolic Sales, Negelle Morris.