Novo Nordisk raises 2026 sales and adjusted profit growth range to 2%
Key Facts
Novo Nordisk raised its 2026 forecast range for adjusted sales growth and adjusted operating profit to between a 2% decline and 2% growth at constant exchange rates, from a previous range of a 6% decline to flat, the company said in its third-quarter results. The revision reflects improved estimates for GLP-1 product sales in both operating units. The company also named Luigi La Corte deputy CEO and chief financial officer, succeeding Karsten Munk Knudsen. Knudsen will remain with the company until the end of December 2026, it said. The announcement combines a forecast revision with a change in financial leadership as the company's results diverge between growth in adjusted profit and a decline in reported profit.
In the third quarter, adjusted operating profit rose 27% year on year at constant exchange rates to 31.72 billion Danish kroner, while reported operating profit fell 9% to 23.011 billion kroner. The company said the decline in reported profit was linked to non-cash impairments of 8.7 billion kroner during the quarter. These included 4.6 billion kroner for the drug ziltivekimab and 4.1 billion kroner for a reset of the manufacturing network. The divergence highlights the effect of non-cash items on reported results alongside adjusted operating performance. The company recorded group-wide transformation costs of 9 billion kroner in the third quarter of 2025, providing a favorable comparison base for adjusted operating profit.
Adjusted sales in the third quarter were 79.195 billion kroner, up 4% at constant exchange rates, driven by continued growth in GLP-1 product volumes in the United States and international markets, particularly obesity treatments. Adjusted sales of obesity treatments rose 22% to 26.146 billion kroner, while adjusted sales of diabetes treatments fell 5%. Wegovy pill sales totaled about 5.394 billion kroner during the quarter, following launches in the United States, the United Arab Emirates, the United Kingdom and Germany. The company said four additional launches brought the number of markets where the pill is available to eight. It also said Wegovy retained its U.S. lead in treatment starts among new patients, with a share of more than 50% of the branded obesity-drug market.
The company raised its 2026 free cash flow forecast to a range of 60 billion to 70 billion kroner, from 45 billion to 55 billion in its August 4 estimate. At the same time, it cut its capital expenditure forecast to about 50 billion kroner, from about 55 billion previously. The changes form part of a broader financial forecast update, but the adjusted sales and operating profit growth range remains separate from the free cash flow and capital expenditure estimates. The company linked the improved adjusted sales and profit outlook mainly to higher estimates for GLP-1 product sales. Signaling the market's response to the results and guidance, Novo Nordisk shares rose as much as 6.6% in early trading on November 4 and were up 4.2% at 13:18 GMT.
La Corte brings more than 30 years of international financial experience to the role and is currently Galderma's chief financial officer, according to Novo's disclosure. Under the announcement, Knudsen will remain with the company until the end of December 2026. In a separate disclosure dated November 4, Martin Holst Lange, executive vice president for research and development and chief scientific officer, reported selling 12,000 Class B shares at 285 kroner per share on Nasdaq Copenhagen. The transaction had a total value of 3,420,000 kroner. In U.S. trading, the NVO American depositary receipt closed at $40.31 on November 6.
Novo said it aims to launch the Wegovy pill in more than 20 countries by mid-2027, bringing forward the timeline from a target of the end of 2027 announced in September. Chief Executive Mike Doustdar also said the company is preparing to launch CagriSema in the United States in early 2027, subject to regulatory approval. The two drug launches represent upcoming avenues in the company's plan to expand its portfolio and markets. These timelines put commercial execution and regulatory approval among the company's announced developments ahead. The revised 2026 forecast range of a 2% decline to 2% growth in adjusted sales and operating profit remains Novo's financial framework for the year.