Novo Nordisk raises 2026 outlook as adjusted operating profit rises 27% in Q3
ANDRIEVSKII.CH | November4, 2026
Novo Nordisk raised its full-year outlook on expectations of stronger GLP‑1 sales. The company now expects both adjusted sales and adjusted operating profit to change by between −2% and +2% in 2026 at constant exchange rates (CER).
Financial performance
Both reported and adjusted sales rose 4% at CER in the third quarter. GLP‑1 volumes grew in the US and internationally, driven primarily by the obesity portfolio.
Adjusted operating profit rose 27% at CER, helped by higher GLP‑1 sales and a favorable comparison with Q3 2025, when Novo Nordisk recorded DKK 9 billion in company-wide transformation costs.
Reported operating profit fell 9% at CER. The company recorded DKK 8.7 billion in non-cash impairment charges, including DKK 4.6 billion related to ziltivekimab and DKK 4.1 billion related to resizing its manufacturing network.
Commercial and pipeline highlights
By the end of Q3, Novo Nordisk had launched the Wegovy pill in the US, UAE, UK and Germany. Quarterly sales reached DKK 5.39 billion. The pill subsequently launched in four more countries. In the US, the Wegovy franchise accounted for more than 50% of new patient starts in the branded obesity market.
The Ozempic pill launched in the US in May. Weekly new-to-brand prescriptions are now roughly double the levels recorded before launch under the Rybelsus brand. Novo Nordisk continues to roll out Ozempic 2.0 mg and the Wegovy 7.2 mg single-dose pen internationally.
In the REDEFINE 9 trial, participants receiving CagriSema 1.0/1.0 mg lost 21% of their body weight by week 68. In the separate REIMAGINE 5 trial in adults with type 2 diabetes and obesity, weight loss at week 60 was 12.4% with CagriSema versus 9.1% with tirzepatide 5 mg. CagriSema also met the trial’s non-inferiority criterion for HbA1c reduction. Novo Nordisk is preparing to launch CagriSema in the US in early 2027, subject to regulatory approval.
Andrievskii Verdict
Novo Nordisk CEO Mike Doustdar said in a recent interview that the diabetes and obesity markets have room for several major players. For Novo, much depends on how quickly it can bring new treatments to market and broaden access. Early sales of the Wegovy pill offer a concrete measure of that progress.
Novo Nordisk shares have fallen substantially from their highs as competition has intensified. In my view, the company still has significant potential thanks to its financial resources and years of investment in drug development and international expansion. Dividends remain part of the investment case. The figures I’d focus on in this report are the growth in GLP‑1 sales and the improved full-year outlook. The comparison with last year’s transformation costs helped lift adjusted operating profit growth to 27%.
Novo Nordisk shares were up 4.5% at the time of publication.
Disclaimer: This publication is provided for informational purposes only and does not constitute personalised investment advice or a recommendation to buy or sell securities. Investments in financial instruments involve risks, including the potential loss of capital.
Aleksei Andrievskii | Advisory Board Member, Bendura Bank AG | Liechtenstein