Novo Nordisk Raises 2026 Outlook as Wegovy Pill Sales Beat Forecasts

Novo Nordisk raised its full-year 2026 guidance for the third time this year on Wednesday, after stronger-than-expected demand for its Wegovy pill and Ozempic pushed third-quarter sales above forecasts. The Danish drugmaker now expects adjusted sales growth and adjusted operating profit growth of -2% to +2% at constant exchange rates for 2026, according to the company's official results release.

Sales Beat Driven by Obesity Portfolio

Novo reported Q3 2026 net sales of DKK 79,195 million, up 6% on a reported basis and 4% at constant exchange rates (CER), according to the company's profit and loss summary. The company attributed the growth to "continued GLP-1 volume growth across the US and International operations, primarily in obesity," led by uptake of the Wegovy pill in the US and what it described as encouraging early launches internationally, per its own disclosure.

Reuters, via its report carried on Euronext, framed the beat as part of Novo's broader effort to recover ground lost to US rival Eli Lilly, noting this was the third outlook increase of the year.

Reported Versus Adjusted Operating Profit

Novo's quarterly operating profit came in at DKK 23,011 million, down 3% on a reported basis and down 9% at CER, even as adjusted operating profit rose to DKK 31,720 million, up 34% reported and 27% at CER, according to the company's own figures. Based on those two disclosed figures, the difference between adjusted and reported operating profit was DKK 8,709 million (31,720 minus 23,011) for the quarter. The available reporting does not specify what drove that difference.

Over the first nine months of 2026, Novo reported net sales of DKK 254,506 million, up 11% reported and 13% at CER, while operating profit for the same period reached DKK 109,690 million, up 14% reported and 18% at CER. Adjusted net sales for the nine-month period stood at DKK 227,746 million, flat on a reported basis and up 2% at CER, with adjusted operating profit of DKK 97,967 million, up 5% reported and 8% at CER.

Wegovy Pill Holds Lead Over Lilly's Oral Rival

Novo's chief executive said the company continues to hold roughly 80% market share in new-to-brand prescriptions for its Wegovy pill despite intensifying competition, according to comments reported by CNBC. "We today continue to see 80% market share with our product, despite the fact that competition has come and strengthened their presence," the CEO said. Reuters reported that Novo estimates the pill holds about 80% of new-to-brand prescriptions in the US across reimbursed, cash-pay and telehealth channels.

That dynamic sits alongside a broader competitive picture in which Eli Lilly maintains the lead in injectable obesity drugs. A Copenhagen-based investor at Novo shareholder ArthaScope, quoted by Reuters, said "there's no denying that Eli Lilly clearly has the lead in the injectable obesity drug market, but Novo has the upper hand when it comes to the pill."

The comparison follows Eli Lilly's own outlook increase the week before Novo's report, which CNBC said was driven by strong demand for Lilly's diabetes and weight-loss injections Mounjaro and Zepbound. By contrast, CNBC reported that Lilly's oral weight-loss pill Foundayo missed analysts' expectations in the same quarter, even as Lilly's chief financial officer said total US prescriptions and new Foundayo patients had doubled from the prior quarter.

Novo's CEO also acknowledged, in comments to reporters carried by Reuters, that the Wegovy pill's US prescription growth curve had flattened in recent weeks, attributing the slowdown to seasonality and expressing hope for a pickup around the Christmas and New Year period.

Analysts Flag Lingering Uncertainty

Despite the earnings beat and the share-price reaction, some analysts urged caution. CNBC reported that Citi analysts maintained a neutral rating on Novo stock, citing continued uncertainty over near-, mid- and long-term weight-loss drug pricing and a lack of a clear successor to Wegovy in the company's pipeline. Separately, a Novo shareholder portfolio manager told Reuters that "the competitive environment in the obesity market is likely to become increasingly challenging."

Novo's CEO offered a similarly measured framing of the quarter's results, telling reporters, according to CNBC, that "turnaround and recovery is not done based on one data point, on one quarterly good result," while pointing to the progressive improvement in the company's outlook across 2026.

Leadership Transition

Novo also announced that Chief Financial Officer Karsten Munk Knudsen, who has spent nine of his 27 years at the company in the CFO role, will leave at the end of 2026. He will be succeeded by Luigi La Corte, currently CFO of Swiss dermatology company Galderma, according to CNBC and Reuters.

Bottom Line

Novo Nordisk's third 2026 guidance increase of the year reflects a sales beat concentrated in its obesity portfolio, with the company estimating the Wegovy pill holds about 80% of new-to-brand US prescriptions even as Eli Lilly's injectable franchise continues to lead that broader category, per Reuters and CNBC. The DKK 8,709 million difference between Novo's reported and adjusted operating profit this quarter, calculated from the company's disclosed figures, is not explained in the available source material. Analysts' continued caution over pricing and pipeline depth, alongside the upcoming CFO transition, is an indication that the recovery case will be judged over subsequent quarters rather than settled by this one.