Novo Nordisk Beats Q3 Forecasts on Obesity Drug Surge and Raises Full-Year 2026 Guidance

Novo Nordisk posted stronger-than-expected third-quarter results on November 4, with adjusted sales of DKK 79.20 billion beating the DKK 73.55 billion estimate, and raised its full-year 2026 outlook for both adjusted sales and adjusted operating profit. Total obesity care sales rose 22% at constant exchange rates to DKK 26.15 billion, driven by Wegovy injectable revenue of DKK 20.41 billion and Wegovy pill revenue of DKK 5.39 billion. Ozempic sales reached DKK 29.71 billion, well above the DKK 27.19 billion consensus, while adjusted net income came in at DKK 25.60 billion versus the DKK 21.47 billion estimate.

The company now guides for full-year adjusted sales growth and adjusted operating profit growth each in a range of negative 2% to positive 2% at constant exchange rates. Adjusted operating profit for the quarter reached DKK 31.72 billion, up 27% at constant exchange rates, though reported operating profit of DKK 23.01 billion fell short of the DKK 27.89 billion estimate after the company took DKK 8.7 billion in non-cash impairment charges: DKK 4.6 billion related to the cardiovascular asset ziltivekimab and DKK 4.1 billion tied to its manufacturing network. Reported EPS of DKK 3.79 missed the DKK 5.09 estimate, a 16% year-over-year decline, reflecting those one-time charges.

On the pipeline front, Novo disclosed that new-to-brand prescriptions for the Ozempic pill launched roughly 100% above pre-launch Rybelsus levels. The company also reported that its combination weight-loss therapy CagriSema achieved 21% mean weight loss at week 68 in the REDEFINE 9 trial. Rybelsus sales fell 9% at constant exchange rates to DKK 4.94 billion, the one notable weak spot in an otherwise strong quarter.