Novo Nordisk raises 2026 outlook to growth range of -2% to +2% after strong third quarter
Key Facts
On November 4, Novo Nordisk raised its 2026 outlook for adjusted sales growth and adjusted operating profit growth to a range of -2% to +2% for each at constant exchange rates, after third-quarter performance exceeded its expectations. CEO Mike Doustdar said: "We delivered a stronger-than-expected third quarter and are raising our full-year outlook for adjusted sales and adjusted operating profit." The company attributed the higher outlook to increased estimates for sales of GLP-1 products. The new range means both sales and profit expectations span contraction to growth, without specifying a single point within that range. In August, the outlook range was 0% to -6%, after a range of -4% to -12% in May.
Net sales were 79,195 million Danish kroner in the third quarter, up 6% in kroner and 4% at constant exchange rates. Adjusted and reported sales rose 4% at constant exchange rates, supported by continued growth in GLP-1 product volumes in the United States and international operations, particularly obesity treatments. In the first nine months of the year, net sales were 254,506 million kroner, up 13% at constant exchange rates. Adjusted operating profit was 31,720 million kroner in the quarter, up 34% in kroner and 27% at constant exchange rates. The company said adjusted profit growth benefited from GLP-1 sales growth and a favorable comparison base, after it recorded company-wide transformation costs of 9 billion kroner in the third quarter of 2025.
But reported operating profit fell 9% at constant exchange rates, affected by non-cash impairment charges of 8.7 billion Danish kroner during the quarter. The charges included 4.6 billion kroner related to the drug ziltivekimab and 4.1 billion related to a reset of the manufacturing network. The divergence between higher adjusted profit and lower reported profit highlights the effect of those charges on quarterly results. On sales, the company said demand for Wegovy pills contributed to quarterly sales of 5,394 million kroner, without attributing the figure to the pills alone. By the end of the quarter, the pills had launched in the United States, the UAE, the United Kingdom and Germany, and four more markets were subsequently added, bringing the total number of markets where they had launched to eight.
Novo Nordisk said the Wegovy franchise maintains its lead in the United States in treatment starts among new patients, with a share of more than 50% of the branded obesity-treatment market. It also cited the launch of Ozempic pills in the United States in May, and said new weekly prescriptions under the brand are now up around 100% compared with pre-launch levels under the Rybelsus brand. The company places the expansion of launches and prescription indicators within the picture of GLP-1 product growth on which it based its improved outlook. Looking ahead, Novo Nordisk is targeting a U.S. launch of CagriSema in early 2027, subject to regulatory approval. The REDEFINE 9 trial showed weight loss of 21% with the drug at week 68, while the REIMAGINE 5 trial recorded a loss of 12.4% at week 60, compared with 9.1% with a 5 mg dose of tirzepatide.
Novo Nordisk shares rose 4.05% in an intraday update reported by Reuters on November 4, a move recorded when the page was updated and not a closing change. The company reported its first-nine-month 2026 results on the same day and set its earnings call for 13:00 to 14:00 Central European Time. Full-year 2026 results are scheduled to be announced before the Nasdaq Copenhagen opens, with no date specified on the financial results page. These milestones follow the revision to the annual outlook, which the company linked to the prospects for GLP-1 sales. The revised 2026 outlook range for adjusted sales and operating profit remains -2% to +2% at constant exchange rates.