Strong demand for Wegovy oral tablets drives Novo Nordisk (NVO.US) Q3 revenue and profit to surpass expectations, with annual performance guidance raised again.

Zhitong Finance APP has learned that Novo Nordisk (NVO.US) announced its financial report for the first three quarters of 2026 on November 4th. Third-quarter sales reached DKK 79.195 billion (approximately $11.9 billion), a year-on-year increase of 6% (4% at constant exchange rates), beating the company’s compiled analyst estimate of DKK 73.22 billion. Adjusted operating profit was DKK 31.72 billion (approximately $4.7 billion), a significant year-on-year increase of 27% at constant exchange rates, surpassing the expected DKK 28.39 billion. Adjusted net profit was DKK 25.602 billion, up 12% year-on-year, with adjusted diluted earnings per share (per ADR) at DKK 5.79.

According to the IFRS reporting standard, operating profit for the quarter was DKK 23.011 billion, a 9% year-on-year decline at constant exchange rates, while net profit dropped 16% year-on-year. The main reason was a DKK 8.7 billion non-cash impairment recognized this quarter—of which DKK 4.6 billion related to the cardiovascular pipeline drug ziltivekimab (as its phase III trials ZEUS and HERMES both failed to meet their primary endpoints), and DKK 4.1 billion came from capacity adjustments in the manufacturing network. Additionally, the high 27% growth in adjusted operating profit in part benefited from a low base, as the same period last year saw DKK 9 billion in global transformation costs.

The growth engine remains the obesity business: sales this quarter were DKK 26.146 billion, up 22% year-on-year at constant exchange rates. Among them, Wegovy oral tablets—which launched in the US only in January this year—had single-quarter sales of DKK 5.394 billion, up 53% quarter-on-quarter, far exceeding the compiled estimate of DKK 4.62 billion. To date, there have been around 3.6 million prescriptions in the US, and more than 8 million since launch, making it the strongest GLP-1 product launch in US history. Based on new patient starts, the Wegovy series still holds over 50% market share, securing its position as the leading US branded weight loss drug. Traditional products are under pressure: Wegovy injection sales were DKK 20.407 billion, down 2% year-on-year (CER), Ozempic fell 5%, and the total diabetes business decreased 5%. By region, US business grew 1% (CER), international business grew 8%, with EUCAN up 18% and China down 5%.

The company also raised its annual guidance for the third time this year: the growth rate of both adjusted sales and adjusted operating profit (at constant exchange rates) was revised up from −6% to 0% to −2% to +2%, and free cash flow guidance was raised from DKK 45–55 billion to DKK 60–70 billion. In terms of the pipeline, CagriSema showed a 21% weight reduction at 68 weeks in the REDEFINE 9 trial and a 12.4% weight reduction in the REIMAGINE 5 trial—better than tirzepatide 5mg’s 9.1%. The company is preparing for approval and US launch in early 2027 (pending regulatory approval).

President and CEO Mike Doustdar stated that the company delivered a stronger-than-expected third quarter and raised its annual outlook; growth is led by the obesity portfolio, with Wegovy oral tablets continuing to ramp up in the US and early international launch results proving encouraging.