Economy

Novo Nordisk Lowers Financial Outlook Amid Legal Battle With Pfizer Over Metsera Bid

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Nov 5, 2025

THE BARE STORY

On Wednesday, pharmaceutical company Novo Nordisk lowered its full-year financial guidance, citing intensifying competition and pricing pressures for its obesity and diabetes drugs. The company narrowed its sales growth forecast to a range of 8% to 11% at constant exchange rates, down from a previous 8% to 14%. The outlook for operating profit growth was also lowered. The company's CEO attributed the change to lower growth expectations for its GLP-1 treatments.

The revised outlook comes as Novo Nordisk is engaged in a bidding war with Pfizer to acquire the U.S. biotech firm Metsera. On Tuesday, Metsera’s board said a revised offer from Novo Nordisk, valued at up to $10 billion, was “superior” to a revised bid from Pfizer worth roughly $8.1 billion. According to the terms of Pfizer's original agreement with Metsera, Pfizer has two business days to negotiate adjustments to its offer.

The contest for Metsera has prompted legal action. Pfizer has filed two lawsuits, one of which alleges that Novo Nordisk's bid is anticompetitive and an attempt to maintain market dominance. In response, a Novo Nordisk spokesperson called Pfizer’s claims “false and without merit.” Metsera also commented on the litigation, stating that Pfizer’s legal arguments are “nonsense.”

A Delaware judge scheduled a hearing for Wednesday afternoon regarding the dispute but said that court intervention was not currently needed. A Pfizer executive stated the company will continue to pursue all its legal options. Novo Nordisk said in a statement that it believes its proposal complies with all laws, and its CEO expressed confidence in closing the deal, noting that Metsera's drugs would be complimentary to its own pipeline.

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• It has initiated legal action challenging the legality of Novo Nordisk's bid. Pfizer has filed two lawsuits in response to Novo Nordisk's competing offer for Metsera. A company executive confirmed that Pfizer will continue to pursue all of its available legal options regarding the dispute.

• The company alleges that Novo Nordisk's bid is anticompetitive. One of Pfizer’s lawsuits makes the specific claim that Novo Nordisk’s offer is an attempt to maintain market dominance. The legal action frames the competing bid as a move that is anticompetitive in nature.

• It retains a window to negotiate and adjust its own offer. Under the terms of its original agreement with Metsera, Pfizer has two business days to make adjustments to its offer. This provides the company an opportunity to counter Novo Nordisk’s current bid, which Metsera's board has deemed superior.

How it may affect me

As a U.S. reader:

• The outcome of the legal battle over whether the acquisition is anticompetitive could influence future competition and pricing for popular obesity and diabetes drugs.

• The acquisition's result will determine which company develops Metsera's drug pipeline, potentially affecting the availability and branding of new, complementary treatments for patients.

• Novo Nordisk’s lowered financial outlook, citing pricing pressures, suggests a trend of increasing competition that may affect the future cost of its GLP-1 treatments.

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