Key Notes
- Novo Nordisk raised its full-year adjusted sales and operating profit outlook to between a 2% decline and 2% growth at constant exchange rates.
- Third-quarter obesity revenue rose 22% at constant exchange rates to DKK26.15 billion, supported by Wegovy pill sales.
- Reported operating profit fell after DKK8.7 billion in impairments, despite higher adjusted operating earnings.
Novo Nordisk A/S (NYSE: NVO; Nasdaq Copenhagen: NOVO B) raised its 2026 sales and profit outlook on November 4 after stronger third-quarter demand for its obesity treatments. The Danish drugmaker now expects both adjusted sales and adjusted operating profit to range from a 2% decline to 2% growth at constant exchange rates.
The new range improves on the previous forecast of a decline of up to 6% or flat performance. Novo attributed the upgrade to higher expectations for GLP-1 medicine sales, a central driver of its diabetes and weight-management business.
Quarterly sales reached DKK79.20 billion, up 6% in Danish kroner and 4% at constant exchange rates. That exceeded the roughly DKK73.38 billion Bloomberg consensus cited by Finwire. Adjusted net profit was DKK25.60 billion, although it declined 12% from a year earlier.
Wegovy Pill Helps Lift Obesity Revenue
Obesity-care sales rose 22% at constant exchange rates to DKK26.15 billion. The company’s financial report showed DKK5.39 billion in Wegovy pill sales, alongside DKK20.41 billion from injectable Wegovy.
Ozempic sales reached DKK29.71 billion but fell 5% at constant exchange rates. The difference matters for shareholders: stronger obesity demand supported the overall quarter, while an established diabetes franchise continued to face pressure.
Competition also remains important to the outlook. As we previously reported, Eli Lilly has disclosed trial progress for experimental retatrutide alongside a stronger commercial forecast. Those developments add to the competitive backdrop rather than establishing how Novo’s future sales will perform.
Impairments Separate Reported and Adjusted Profit
Adjusted operating profit reached DKK31.72 billion, up 27% at constant exchange rates. That comparison benefited from DKK9 billion in transformation costs recorded in the third quarter of 2025.
Reported operating profit fell 9% at constant exchange rates to DKK23.01 billion. Novo recorded DKK8.7 billion in noncash impairments, comprising DKK4.6 billion related to ziltivekimab and DKK4.1 billion tied to changes in its manufacturing network.
Reported net profit declined 16% to DKK16.74 billion. Adjusted earnings per share were DKK5.79, compared with reported earnings of DKK3.79. The adjusted measures help isolate selected exceptional items, but the reported results remain part of the financial picture.
Higher Guidance Still Reflects Pricing Pressure
The revised forecast still allows for a full-year decline. Novo expects continued GLP-1 volume growth to be offset partly by lower realized prices, competition and loss of semaglutide exclusivity in some markets.
It also raised its free-cash-flow outlook to DKK60 billion–DKK70 billion from DKK45 billion–DKK55 billion and reduced expected capital expenditure to about DKK50 billion from DKK55 billion. The company is preparing for a US CagriSema launch in early 2027, subject to regulatory approval.
For NVO investors, the upgrade strengthens the near-term sales outlook. Sustaining that improvement will depend on how prescription growth and new products translate into revenue and cash flow as pricing and competitive pressures continue.
