Key Takeaways Shares are down 41.5% YTD in 2025 despite U.S. supply constraints for Ozempic and Wegovy easing.2025 guidance cuts blamed intensifying LLY competition, FX hits, and broad use of compounded semaglutide.Novo Nordisk announced restructuring and a U.S. pricing deal as margin and execution risks mount.Novo Nordisk (NVO) has stumbled through 2025, with its shares down 41.5% year to date despite finally resolving U.S. supply constraints for its semaglutide-based GLP-1 blockbusters — Ozempic for type ...