Novo Nordisk Raises 2026 Outlook Again as Wegovy Pill Beats Forecasts; Adjusted Operating Profit Up 27%

NVO reported third-quarter adjusted operating profit above expectations and raised its full-year profit and sales outlook. Adjusted operating profit rose 27% at constant exchange rates to DKK 31.72 billion, ahead of the DKK 28.39 billion analysts had projected, Reuters reported. The Danish drugmaker now expects both adjusted sales growth and adjusted operating profit growth of -2% to +2% at constant exchange rates in 2026, up from -6% to 0% previously, according to its quarterly report.

Obesity care drove the quarter. Total obesity sales rose 22% at constant exchange rates to DKK 26.15 billion, as the rollout of the oral Wegovy pill continued. The pill brought in DKK 5.39 billion, up 53% from the second quarter and above the DKK 4.62 billion consensus, according to Reuters, and is now launched in eight markets. Not every line grew: injectable Wegovy sales fell 2% at constant exchange rates to DKK 20.4 billion, and group sales rose 4% to DKK 79.2 billion.

The adjusted figures exclude sizable charges. Reported operating profit fell 9% at constant exchange rates and net profit dropped 16% to DKK 16.74 billion, per the company's filing. CEO Mike Doustdar cautioned that "turnaround and recovery is not done based on one data point, on one quarterly good result," CNBC reported. On Canada, where semaglutide has lost exclusivity, the CEO pointed to continued success, though executive vice president Emil Kongshøj Larsen told analysts that performance there was hurt by lower realized prices.

The shares jumped about 6% after the outlook lift, and the U.S.-listed ADR was up 6.7% at about $42.89 by late morning, per SentiSense market data. Watch points include whether pill uptake keeps outrunning the decline in injectable Wegovy, pricing pressure in markets where semaglutide has lost exclusivity, and delivery against free cash flow guidance raised to DKK 60 to 70 billion.