Novo Nordisk raises 2026 outlook as obesity sales lift third-quarter adjusted profit 27%
The Danish drugmaker now expects adjusted sales and operating profit to land between minus 2% and plus 2% this year. Impairments of DKK 8.7bn pushed reported profit lower.
Novo Nordisk raised its full-year outlook on 4 November 2026 after a stronger-than-expected third quarter. Adjusted operating profit rose 27% at constant exchange rates (CER) to DKK 31.72 billion, while sales grew 4% at CER to DKK 79.2 billion.
The company now expects adjusted sales growth and adjusted operating profit growth of minus 2% to plus 2% at CER for 2026. According to Investing.com, the previous guidance was a decline of 0% to 6% for both measures.
What drove the quarter
Novo said growth came from GLP-1 volumes in both its US and International operations, primarily in obesity. Investing.com reported that obesity care sales rose 22% at CER to DKK 26.15 billion, up from DKK 21.08 billion a year earlier.
The new oral version of Wegovy was a large contributor. By the end of the quarter, the Wegovy pill had launched in the US, the United Arab Emirates, the UK and Germany, generating third-quarter sales of DKK 5.39 billion. Novo said four further launches have since taken the total to eight markets, and that the Wegovy franchise keeps more than 50% of new patient starts in the US branded obesity market.
The Ozempic pill, launched in the US in May, is also gaining traction: Novo said weekly new-to-brand prescriptions are around 100% higher than pre-launch levels under the Rybelsus brand.
Why reported profit fell
The headline picture is mixed. Reported operating profit fell 9% at CER to DKK 23.01 billion because of DKK 8.7 billion in non-cash impairment charges. Novo said DKK 4.6 billion relates to ziltivekimab and DKK 4.1 billion to the right-sizing of its manufacturing network.
The adjusted profit jump also benefits from an easy comparison. The company said the third quarter of 2025 included DKK 9 billion of company-wide transformation costs, which depressed the base.
Key figures
For the first nine months, reported net sales reached DKK 254.5 billion and reported operating profit DKK 109.7 billion. Adjusted nine-month sales were DKK 227.7 billion, up 2% at CER, and adjusted operating profit was DKK 98.0 billion, up 8% at CER. Investing.com reported that Novo expects free cash flow of DKK 60 billion to 70 billion in 2026.
Pricing and pipeline
Novo reiterated a pricing shift in its most important market. According to Investing.com, it plans to cut the US list prices of Wegovy and Ozempic by about 50% and 35% respectively, to USD 675 a month, from 1 January 2027. The cut was first announced in February, when Reuters reported that it coincides with new Medicare prices and does not change self-pay prices.
In its pipeline, Novo highlighted the REIMAGINE 5 trial, in which CagriSema achieved weight loss of 12.4% versus 9.1% for tirzepatide 5 mg at week 60 in adults with type 2 diabetes and obesity. Chief executive Mike Doustdar said in the statement that the company is preparing for a US launch of CagriSema in early 2027, subject to regulatory approval, and that the focus is on disciplined execution and broader access to its medicines.
Reuters, as carried by Devdiscourse, reported that adjusted operating profit came in above expectations.
What it means for European founders and investors
Novo Nordisk is one of Europe's most valuable companies, and its fortunes shape Denmark's economy and the wider European life sciences ecosystem. A raised outlook after a difficult 2025 suggests the obesity market is still expanding fast, even as list prices fall and competition intensifies.
For health and biotech founders, the quarter carries two signals. First, oral GLP-1 drugs are scaling quickly, which widens the market for digital weight management, adherence and telehealth services built around these treatments. Second, large impairments and manufacturing right-sizing show that big pharma is reallocating capital, which can create both partnering and acquisition opportunities for younger companies. For more pharma results, see our coverage of Sanofi's third quarter, AstraZeneca's savings programme and the Philips results.
What happens next
Investors will watch fourth-quarter Wegovy pill uptake in newly launched countries, the effect of the US list price cuts from January 2027 and the regulatory decision on CagriSema in the US.
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