Novo Nordisk Raises 2026 Outlook as Adjusted Operating Profit Grows 27%
Key Facts
On November 4, Novo Nordisk raised its 2026 outlook for adjusted sales and adjusted operating profit growth to a range of -2% to +2% at constant exchange rates, after third-quarter performance exceeded expectations. CEO Mike Doustdar said the company "delivered a stronger-than-expected third quarter and is raising its full-year outlook." Doustdar attributed the outlook revision to improved prospects for GLP-1 product sales. The new guidance means the company still expects contraction or limited growth in sales and adjusted profit during the year, despite the strong quarter. The announcement came as the company refocuses on growth in obesity and diabetes treatments amid pressure on its commercial prospects.
Adjusted operating profit was 31,720 million Danish kroner in the third quarter, up 27% at constant exchange rates and 34% in Danish kroner. Meanwhile, reported and adjusted sales rose 4% at constant exchange rates, while net sales reached 79,195 million kroner, up 6% in local currency. The difference between adjusted profit growth and sales growth reflects the impact of comparison items and costs that the company excludes when calculating the adjusted figure. Doustdar said "growth was driven by the obesity portfolio," pointing to continued U.S. demand for Wegovy pills and encouraging early international launches. The company did not provide a separate figure in these results measuring demand across its full diabetes and obesity treatment portfolio.
But reported operating profit fell 9% at constant exchange rates, affected by non-cash impairment charges of 8.7 billion Danish kroner. These charges included 4.6 billion kroner related to ziltivekimab and 4.1 billion related to a manufacturing network reset. As a result, reported profit declined in the quarter despite growth in adjusted operating profit. The year-on-year comparison for adjusted profit was also favorable, as the company recorded 9 billion kroner in company-wide transformation costs in the third quarter of 2025. Novo Nordisk said GLP-1 sales growth, alongside that comparison base, contributed to the increase in adjusted operating profit.
Wegovy pills generated sales of 5,394 million Danish kroner in the third quarter. The company had launched them at quarter-end in the United States, the UAE, the United Kingdom and Germany, then added four more markets, bringing the number of launch markets to eight. Novo Nordisk said Wegovy leads the United States in treatment starts among new patients, with a share of more than 50% of the branded obesity treatment market, according to its measurement for the third quarter. It also said the launch of Ozempic pills in the United States began in May, and that new weekly prescriptions under the brand are now up about 100% compared with pre-launch levels under the Rybelsus name. The company places these U.S. and international launches at the center of its explanation for the improved GLP-1 sales outlook.
The outlook increase follows the company's statement in its 2025 report that narrowing its sales and profit outlook at the time reflected lower growth expectations for GLP-1 treatments for diabetes and obesity. In its current update, management linked the improved prospects to sales of these products, while pointing to continued growth in GLP-1 sales volumes in the United States and international operations, particularly in obesity treatment. As part of this trend, the company said Wegovy pills were launched in the UAE alongside the United States, the United Kingdom and Germany at quarter-end, before availability expanded to four additional markets. The quarterly figures present a mixed picture, with adjusted profit accelerating while non-cash accounting effects weighed on reported profit. The available information did not include a measure of the direction of the company's stock after the results announcement.
The company is now looking to the U.S. launch of CagriSema in early 2027, subject to regulatory approval. It also listed the announcement of its 2026 fiscal-year results before the opening of the Nasdaq Copenhagen exchange in its investor calendar, without specifying a day on the published page. The earnings call was scheduled for November 4, 2026, at 13:00 Central European Time. The expected launch date and timing of the annual results announcement set out the next milestones for tracking the company's plans and business development. The announced 2026 outlook remains within a range of -2% to +2% for sales and adjusted operating profit at constant exchange rates.