Novo Nordisk Raises 2026 Sales and Profit Outlook on Strong GLP-1 Sales

Novo Nordisk NVO reported adjusted operating profit of DKK 33,389 million for the second quarter of 2026, up 11% at constant exchange rates, and raised its full-year 2026 outlook for adjusted sales and operating profit. Adjusted sales came in at DKK 78,488 million for the quarter, with the improved guidance driven by stronger-than-expected demand for the company's GLP-1 portfolio.

The company now expects full-year 2026 adjusted sales and operating profit to range between 0% growth and a 6% decline at constant exchange rates, an improvement from the prior guidance of a 4% to 12% decline. The upgrade follows a stretch in which Novo Nordisk's diabetes and obesity sales growth had decelerated amid pricing pressure and competitive inroads.

Wegovy's oral pill continues to gain traction in the US, exceeding 265,000 weekly prescriptions as of mid-July, while the broader Wegovy franchise has surpassed 5 million prescriptions since launch, with early uptake also building in the UK and UAE and the rollout of a higher-dose Wegovy HD (7.2 mg) formulation.

The improved outlook comes against a backdrop of intensifying competition. Eli Lilly's tirzepatide-based drugs have delivered roughly 20% average body weight reduction in trials versus about 14% for semaglutide, an efficacy gap that could keep pressuring Novo Nordisk's share of the obesity market. Compounded semaglutide sold outside the branded channel has also eroded volumes, prompting Novo Nordisk and Eli Lilly to send cease-and-desist letters to compounding pharmacies; an FDA proposal to exclude their drugs from the bulk-compounding list could, if finalized, reduce that pressure going forward. US pricing dynamics remain a variable investors may want to watch as the year progresses.

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