Novo Nordisk raised its 2026 outlook for the third time this year, expecting adjusted sales and operating profit between -2% and +2% at constant exchange rates. Strong third-quarter 2026 results were driven by sales of its Wegovy pill, which reached 5.39 billion Danish kroner and beat consensus estimates. Overall Q3 revenue reached 79.2 billion kroner. Amid intense market rivalry with Eli Lilly, Novo Nordisk also announced CFO Karsten Munk Knudsen will step down at year-end, succeeded by Luigi La Corte.
Upgraded full-year 2026 outlook
- ▪Novo Nordisk updated its 2026 outlook to expect full-year adjusted revenue and operating profit growth between negative 2% and positive 2% at constant exchange rates
- ▪Novo Nordisk's November 2026 guidance revision marked the third time it raised its full-year financial outlook in 2026
Strong performance of Wegovy pill
- ▪Novo Nordisk's Wegovy pill generated 5.39 billion Danish kroner in sales during the third quarter of 2026, beating consensus forecasts of 4.5 billion kroner
- ▪Novo Nordisk Chief Executive Officer Mike Doustdar attributed a recent flattening in Wegovy pill prescription growth to seasonal fall variations
- ▪U.S. sales of Novo Nordisk's Wegovy pill totaled 4.18 billion Danish kroner in the third quarter of 2026, with quarterly U.S. prescriptions reaching approximately 3.6 million
- ▪Novo Nordisk estimated that the Wegovy pill captured roughly 80% of new-to-brand prescriptions across U.S. reimbursed, cash-pay, and telehealth channels in the third quarter of 2026
Q3 2026 financial results beat expectations
- ▪Novo Nordisk recorded third-quarter 2026 adjusted operating profit of 31.7 billion Danish kroner, above the analyst consensus estimate of 28.6 billion kroner
- ▪Third-quarter 2026 sales of injectable Wegovy reached 20.4 billion Danish kroner and Ozempic sales reached 29.7 billion Danish kroner, both surpassing analyst expectations
- ▪Novo Nordisk reported third-quarter 2026 sales of 79.2 billion Danish kroner, exceeding FactSet estimates of 73.6 billion kroner
Novo Nordisk stock performance
- ▪Novo Nordisk's Copenhagen-listed stock fell nearly 8% in a single session in September 2026 after Novo Nordisk failed to reassure investors regarding post-Wegovy growth
- ▪Novo Nordisk Copenhagen and U.S. trading shares rose up to 6.6% on November 4, 2026 following Novo Nordisk's third-quarter 2026 earnings beat and its third 2026 outlook upgrade this year
U.S. list price reductions
- ▪Novo Nordisk stated that its planned U.S. list price cuts for Wegovy and Ozempic will set monthly prices to $675 and affect 2027 cash flow
- ▪Novo Nordisk announced plans to cut U.S. list prices for Wegovy by about 50% and Ozempic by 35% starting January 1
Chief Financial Officer transition
- ▪Luigi La Corte, currently CFO of Galderma, was named to succeed Karsten Munk Knudsen as Chief Financial Officer of Novo Nordisk
- ▪Novo Nordisk Chief Financial Officer Karsten Munk Knudsen will step down at the end of December 2026 after 27 years at the drugmaker
Eli Lilly third-quarter performance
- ▪Eli Lilly's weight-loss pill Foundayo missed third-quarter 2026 sales expectations despite total U.S. prescriptions doubling from the previous quarter
- ▪Eli Lilly raised its full-year 2026 financial outlook following strong third-quarter sales of its diabetes and weight-loss injections Mounjaro and Zepbound
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