Strong demand for the Wegovy oral tablet drove Novo Nordisk A/S Sponsored ADR Class B (NVO.US) Q3 revenue and earnings both to beat expectations, and the company once again raised its full-year performance guidance.

Novo Nordisk A/S Sponsored ADR Class B (NVO.US) released its financial report for the first three quarters of 2026 on November 4. Third-quarter sales were DKK79.195 billion (approximately US$11.9 billion), up 6% year-on-year (4% at constant exchange rates), beating the DKK73.22 billion analyst consensus compiled by the company; adjusted operating profit was DKK31.720 billion (approximately US$4.7 billion), up 27% year-on-year at constant exchange rates, beating the DKK28.39 billion consensus. Adjusted net profit was DKK25.602 billion, up 12% year-on-year, and adjusted diluted earnings per share (per ADR) were DKK5.79. On a reported (IFRS) basis, quarterly operating profit was DKK23.011 billion, down 9% year-on-year at constant exchange rates, and net profit fell 16% year-on-year, mainly due to DKK8.7 billion in non-cash impairments recognized in the quarterof which DKK4.6 billion related to the cardiovascular pipeline drug ziltivekimab (both of its Phase III trials, ZEUS and HERMES, missed their primary endpoints) and DKK4.1 billion came from capacity adjustments across the production site network. In addition, the high 27% growth in adjusted operating profit was partly helped by the low base from DKK9.0 billion in global restructuring costs in the year-earlier period. The growth engine remains the obesity business: quarterly sales were DKK26.146 billion, up 22% year-on-year at constant exchange rates. Among these, the Wegovy oral tablet, which only launched in the US in January this year, recorded quarterly sales of DKK5.394 billion, up 53% quarter-on-quarter, far exceeding the DKK4.62 billion consensus compiled by the companytotal US prescriptions to date stand at about 3.6 million, and cumulative prescriptions since launch exceed 8 million, making it the strongest GLP-1 rollout in US history. By new-patient starts, the Wegovy franchise remains the No. 1 brand in the US branded weight-loss drug market with a share of more than 50%. Legacy products came under pressure: Wegovy injection sales were DKK20.407 billion, down 2% year-on-year (CER), Ozempic fell 5%, and the diabetes business overall fell 5%. By region, US operations grew 1% (CER) and international operations grew 8%, with EUCAN up 18% and China down 5%. The company also raised its full-year guidance for the third time this year: adjusted sales and adjusted operating profit growth (at constant exchange rates) were both raised from 6% to 0% to 2% to +2%, and the free cash flow guidance was raised from DKK45 billion55 billion to DKK60 billion70 billion. On the pipeline front, CagriSema achieved 21% weight loss at 68 weeks in the REDEFINE 9 trial and 12.4% weight loss in the REIMAGINE 5 trial, better than tirzepatide 5mg's 9.1%; the company is preparing for its US launch in early 2027 (pending regulatory approval). President and CEO Mike Doustdar said the company delivered a stronger-than-expected third quarter and raised its full-year outlook; growth was led by the obesity portfolio, with the Wegovy oral tablet continuing to ramp up in the US and early international launches delivering encouraging performance.