Novo Nordisk (NVO) is having a rough Tuesday, even after the company raised its full-year guidance. The stock fell more than 6% as investors digested second-quarter sales that came in below expectations, partly due to a tough comparison from a year ago.

The Danish drugmaker reported second-quarter sales of 78.488 billion Danish kroner, up 2% year over year (or 3% at constant currency). But that was down 19% from the first quarter's 96.823 billion kroner. The sequential drop is notable, though the company points to a specific culprit: a DKK 2.6 billion rebate provision reversal related to the 340B Drug Pricing Program in the second quarter of 2025. That made the year-ago quarter look artificially strong, creating a hard act to follow.

Adjusted earnings came in at 6.18 Danish kroner, up 5%. Operating profit, however, fell 16% at constant currency to 27.061 billion kroner (or 19% overall). The decline was driven by the 340B reversal and non-cash impairment charges of 6.3 billion Danish kroner tied to intangible pipeline assets, including 4 billion kroner for monlunabant, an experimental obesity drug.

Despite the quarterly wobble, the company is feeling good about the rest of the year. CEO Mike Doustdar highlighted the Wegovy portfolio as a key growth driver, especially the Wegovy pill, which has racked up more than 5 million U.S. prescriptions since its launch. He also noted encouraging early uptake in international markets and the rollout of Wegovy HD (7.2 mg).

"The Wegovy product portfolio remains a key growth driver for Novo Nordisk in 2026, led by the continued rapid adoption of Wegovy pill in the U.S., which has reached more than 5 million prescriptions since its launch, alongside encouraging early uptake in markets outside the U.S. and the rollout of Wegovy HD (7.2 mg)," Doustdar said.

Sales figures for the quarter: Wegovy injectable brought in 19.484 billion kroner, up 1%, while the Wegovy pill generated 3.218 billion kroner. Ozempic, the diabetes drug that's also used off-label for weight loss, saw sales jump 3% to 31.375 billion kroner.

The company's revised outlook now expects adjusted sales and operating profit to decline between 0% and 6% at constant currency, an improvement from the prior guidance of a 4% to 12% decline. That's a meaningful upgrade, driven by "increased US GLP-1 momentum" and continued growth in international operations, according to Doustdar.

So why did the stock tank? It's a classic case of "good news, but not good enough." The market may have been hoping for even stronger sales, especially given the hype around the Wegovy pill. Or perhaps the sequential decline spooked investors, even if it's explainable. Either way, the stock was down 6.82% at $43.88 at the time of publication.

For retail investors, the takeaway is nuanced. Novo Nordisk is still a dominant player in the weight-loss drug market, and the guidance raise suggests management sees continued growth ahead. But the quarterly numbers show that even giants can stumble on tough comparisons. It's a reminder that in the world of pharma, one quarter's numbers can be noisy, and it's worth looking at the longer-term trajectory.