Novo Nordisk Raises Outlook as Wegovy Pill Sales Hit $810 Million
Novo Nordisk raised its full-year outlook for the third time this year on Wednesday, after sales of its Wegovy weight-loss pill beat analyst forecasts and powered a stronger-than-expected third quarter.
The Danish drugmaker now expects 2026 adjusted sales and adjusted operating profit to land between a 2% decline and 2% growth at constant exchange rates. Its previous guidance, issued in August, pointed to a fall of up to 6% or flat performance. Shares rose as much as 6% in early trading in Copenhagen after the update.
Third-quarter sales rose 4% at constant exchange rates to 79.2 billion Danish kroner (about $11.9 billion), ahead of the roughly 73.6 billion kroner analysts expected. Adjusted operating profit climbed 27% to 31.7 billion kroner, also beating forecasts.
The pill drives the recovery
The Wegovy pill was the standout performer. Launched in the United States in January, the oral version of the weight-loss treatment generated 5.39 billion kroner — about $810 million — in the quarter, up 53% from the second quarter and comfortably above the roughly 4.6 billion kroner consensus estimate.
The United States accounted for 4.18 billion kroner of pill sales. Novo said US prescriptions for the pill reached about 3.6 million in the quarter and more than 8 million since launch. The pill is now sold in eight markets, and the company plans to take it to more than 20 countries by mid-2027, bringing forward a previous target of the end of 2027.
Reuters reported that the improved outlook mainly reflects higher expectations for sales of GLP-1 medicines in both of the company’s operating units. Novo said the Wegovy pill holds about 80% of new-to-brand prescriptions in the US, and that the Wegovy franchise accounts for more than half of new patient starts among branded obesity drugs.
Injections still matter, but US sales are under pressure
The established injectable products also came in ahead of forecasts. Wegovy injections generated 20.4 billion kroner in the quarter and Ozempic, the diabetes treatment, brought in 29.7 billion kroner.
Even so, the results underline the pressure on Novo’s older products. US sales of injectable Wegovy fell 13% at constant exchange rates, as competition in the obesity market intensifies and patients shift towards the more convenient pill.
Chief Executive Mike Doustdar, who took over earlier this year, cautioned that one strong quarter does not settle the company’s recovery. “Turnaround and recovery is not done based on one data point,” he said. CNBC reported the remarks alongside the results.
Price cuts and a new drug on the way
Novo also confirmed it will cut the US list price of Wegovy and Ozempic from 1 January 2027. Both treatments, including their pill versions, will be priced at $675 a month — a cut of about 50% for Wegovy and about 35% for Ozempic.
The company said it is preparing to launch CagriSema, its next-generation weight-loss drug, in the US early in 2027, subject to regulatory approval. The drug combines semaglutide with cagrilintide and is seen as an important part of Novo’s effort to keep pace with US rival Eli Lilly.
Novo’s finance chief, Karsten Munk Knudsen, will leave at the end of 2026 after 27 years with the company, nine of them as chief financial officer. He will be replaced by Luigi La Corte, who joins from the Swiss skincare group Galderma.
What it means for the obesity drug race
Novo’s upgrade follows a difficult period in which sliding sales and a falling share price cost it ground to Eli Lilly. The pill’s rapid uptake — 53% quarter-on-quarter growth — suggests the oral format is winning over patients who are reluctant to use weekly injections.
The outlook still implies no growth at its midpoint, and analysts remain cautious. Citi kept a neutral rating on the shares, pointing to continued uncertainty over weight-loss drug pricing and the absence of a clear successor to Wegovy in the pipeline.
The result also lands as US healthcare groups reshape themselves — CVS Health plans to split its pharmacy and insurance businesses into two listed companies by 2028. Sony raised its profit outlook on strong entertainment sales, and AMD beat forecasts on AI chip demand, adding to a season of earnings surprises — and in this case, the surprise came from a tablet.
