Novo Nordisk (CPH: NOVO B) beat third-quarter forecasts and raised its 2026 outlook earlier today, led by sales of its new Wegovy weight-loss pill. The Danish drugmaker makes the Wegovy and Ozempic GLP-1 drugs, a class of obesity and diabetes treatments, and its shares rose in Copenhagen.
The B shares were up 4.39% at 282 kroner at 8am UK time, intraday, from yesterday’s close of 270.15 kroner. They are still down about 17% this year. The US-listed ADR has yet to trade, with New York opening at 2.30pm.
Novo beat on every line against analyst forecasts. Sales were DKK 79.2bn against DKK 73.6bn expected, and adjusted operating profit, which excludes one-off items, was DKK 31.7bn against DKK 28.6bn. The Wegovy pill, launched in January, contributed DKK 5.4bn against about DKK 4.5bn.
Sales rose 4% at constant exchange rates, which strip out currency swings, from DKK 74.98bn a year earlier. Adjusted operating profit rose 27%, though the third quarter of 2025 carried DKK 9bn of transformation costs, which flatters that comparison. The pill is now on sale in eight markets.
The beat fed straight into guidance. Novo now expects 2026 adjusted sales and adjusted operating profit growth of -2% to +2% at constant exchange rates, up from -6% to 0%, which was itself a raise in August. The company attributes the change to higher expectations for GLP-1 sales.
The result narrows the gap with US rival Eli Lilly (NYSE: LLY), which raised its 2026 revenue guidance to $91bn-$92bn from $85bn-$87bn last Thursday. CNBC reported that Lilly’s Foundayo pill missed expectations, although its prescriptions doubled on the quarter, while Novo’s pill beat them. Novo says Wegovy has more than 50% of new US patient starts in the branded obesity market.
Reported operating profit was weaker, down 9% at constant exchange rates to DKK 23.0bn after DKK 8.7bn of non-cash impairments, or asset write-downs. Chief executive Mike Doustdar was cautious when he spoke to reporters.
Turnaround and recovery is not done based on one data point, on one quarterly good result,
Mike Doustdar, President and CEO, Novo Nordisk