Novonesis shares declined more than 1% Wednesday after the Danish biotech group reported fourth-quarter results below market expectations and issued a 2026 outlook that trailed forecasts. Fourth-quarter sales reached €997 million, missing the €1.02 billion consensus estimate, with organic growth of 4% falling approximately 120 basis points short of expectations.

Adjusted EBITDA came in at €365 million, down 3% versus consensus, with margins at 36.6% slightly below forecasts. The shortfall was primarily driven by weakness in the Planetary Health Biosolutions division, where sales rose just 2% organically versus expectations for roughly 5% growth. The Agriculture, Energy & Tech segment was particularly soft, with flat organic growth compared with consensus expectations for mid-single-digit increases.

By contrast, Food & Health Biosolutions delivered a stronger performance, with segment sales of €446 million slightly ahead of consensus and organic growth of 7% supported by volume and pricing gains. The company guided to 2026 organic growth of 5-7%, below the 6.5% consensus forecast, while maintaining adjusted EBITDA margin guidance of 37-38% around the 37.5% consensus level.