Novo Nordisk has upgraded its full-year 2026 guidance after reporting third-quarter adjusted operating profit growth of 27% at constant exchange rates (CER), driven by continued GLP-1 volume expansion across US and International operations. The Danish pharmaceutical giant, listed on Nasdaq Copenhagen (Novo-B) and the New York Stock Exchange (NVO), cited stronger-than-expected momentum from its obesity portfolio — particularly the Wegovy pill — as the primary catalyst behind the revised outlook. Chief Executive Mike Doustdar confirmed the company is also preparing for the US launch of CagriSema in early 2027, subject to regulatory approval.

Key Points

  • Novo Nordisk A/S Class B (0QIU / NVO)
  • Full-year 2026 adjusted sales growth and adjusted operating profit growth both now guided at -2% to +2% at CER, upgraded from prior expectations
  • Q3 2026 adjusted operating profit: DKK 31,720 million, up 27% at CER; reported operating profit fell 9% at CER due to DKK 8.7 billion in non-cash impairment charges
  • Investors may be watching the pending US regulatory decision on denecimig and the anticipated CagriSema US launch in early 2027

Wegovy Pill Launch Across Eight Markets Delivers DKK 5,394 Million in Q3 2026 Sales

The Wegovy pill generated Q3 2026 sales of DKK 5,394 million following launches in the US, UAE, UK, and Germany by the end of the quarter. More recently, launches in four additional countries have brought the total number of active markets to eight. The Wegovy franchise continues to hold more than 50% share of new patient starts in the US branded obesity market. The global roll-out of the higher-dose Wegovy 7.2 mg single-dose pen across International Operations is also progressing, alongside the expansion of Ozempic 2.0 mg, reinforcing the breadth of Novo's GLP-1 commercial offering.

Non-Cash Impairment Charges of DKK 8.7 Billion Weigh on Q3 Reported Operating Profit

Despite the strong adjusted performance, Q3 2026 reported operating profit declined 9% at CER to DKK 23,011 million, reflecting DKK 8.7 billion of non-cash impairment charges. These comprised DKK 4.6 billion related to ziltivekimab and DKK 4.1 billion associated with right-sizing of Novo's manufacturing network. Investors may note that adjusted figures, which exclude these non-recurring items, present a materially different picture, with nine-month 2026 adjusted operating profit reaching DKK 97,967 million, up 8% at CER. The divergence between reported and adjusted metrics is a key consideration when evaluating the underlying business trajectory.

CagriSema Pipeline Data and Denecimig EU Approval Progress Outlined for 2027

The announcement details encouraging pipeline progress across multiple therapeutic areas. CagriSema (1.0/1.0 mg) achieved 21% weight loss at week 68 in the REDEFINE 9 obesity trial and demonstrated superior weight loss compared with tirzepatide 5 mg in the REIMAGINE 5 diabetes trial. A phase 3 trial for oral zenagamtide in obesity was initiated in September. In blood and endocrine disorders, denecimig received a positive CHMP opinion on 17 September, with European launches planned around the turn of the year and a US launch expected in H1 2027, pending regulatory decision.

Novo Nordisk Upgrades Full-Year 2026 Guidance on GLP-1 Sales Momentum

Novo Nordisk now expects full-year 2026 adjusted sales growth of -2% to +2% at CER and adjusted operating profit growth of -2% to +2% at CER, with the improvement attributed to increased expectations for GLP-1 product sales. Nine-month 2026 net sales reached DKK 254,506 million, up 13% at CER. The company employs over 66,500 people globally and has operated for more than a century. An earnings call was held on 4 November 2026 at 13.00 CET. Investors may continue to monitor execution of international Wegovy launches and the outcome of pending US regulatory reviews as near-term indicators of commercial progress.