Novo Nordisk Q3 Adjusted Profit Surges 27%, Wegovy Pill Beats Estimates and Full-Year Guidance Raised

Novo Nordisk posted a stronger-than-expected third quarter on November 4, with adjusted sales of DKK 79.20 billion clearing the DKK 73.55 billion consensus estimate and adjusted net income of DKK 25.60 billion beating the DKK 21.47 billion forecast. Adjusted operating profit rose 27% at constant exchange rates to DKK 31.72 billion. The outperformance drove a roughly 6% jump in Novo shares and lifted European equities broadly.

The Wegovy pill was the standout driver, generating DKK 5.39 billion in revenue against analyst expectations of around DKK 4.60 billion, a beat of about 17%. U.S. prescriptions for the oral formulation reached 3.6 million in the quarter and have exceeded 8 million since launch, with the pill capturing roughly 80% of new oral patient starts and 80% of those starters being GLP-1 naive. Chief Executive Mike Doustdar noted that Wegovy pill sales rose 20% in the U.S. in Q3 but acknowledged "the curve has flattened." The pill is now available in eight markets and is expected to reach more than 20 markets in 2027.

Total obesity care sales reached DKK 26.15 billion, up 22% at constant exchange rates, with Wegovy injectable contributing DKK 20.41 billion. Ozempic sales came in at DKK 29.71 billion, well above the DKK 27.19 billion estimate. Rybelsus, the earlier oral semaglutide product, declined 9% at CER to DKK 4.94 billion.

On a reported basis, net profit fell 16% year over year to DKK 16.74 billion and earnings per share came in at DKK 3.79, missing the DKK 5.09 estimate, as the quarter absorbed 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.

Novo raised its full-year 2026 guidance for both adjusted sales growth and adjusted operating profit growth to a range of negative 2% to positive 2% at constant exchange rates, up from a prior forecast that implied a steeper decline. The CFO said the improved outlook reflects stronger expectations for international operations, while U.S. operations are still expected to record a sales decline. CEO Doustdar separately noted that Canada is performing better than anticipated despite the loss of semaglutide exclusivity, while India has seen some market share erosion. On the pipeline, the combination therapy CagriSema delivered 21% weight loss at week 68 in the REDEFINE 9 trial. The company also disclosed that CFO Karsten Munk Knudsen will leave Novo Nordisk.