Novo Nordisk beats Q3 profit forecast with 27% growth, raises 2026 outlook

Novo Nordisk (NVO) raised its 2026 outlook on Wednesday after its third-quarter profit came in above expectations.

Adjusted operating profit grew 27% to DKK 31.7B, at constant exchange rates. Top-line sales grew 4% on the same basis, to DKK 79.2B.

The table's changes are in Danish kroner, as reported.

Reported profit fell due to DKK 8.7B of non-cash impairment charges. They cover ziltivekimab, a heart drug candidate whose late-stage trials missed their main goals, and a smaller manufacturing network.

Obesity care drove the quarter's upbeat tone. Obesity sales grew 22% to DKK 26.1B, as the Wegovy pill, following its January launch in the U.S., brought in DKK 5.4B.

The pill has surpassed 8M U.S. prescriptions since launch. Rival Eli Lilly (LLY) reported $184M of Q3 sales for its own GLP-1 pill, Foundayo.

U.S. sales grew 1% and international sales 8%. "We are particularly pleased to see both U.S. Operations and International Operations deliver sales growth this quarter," CEO Mike Doustdar said.

Novo now expects higher GLP-1 sales in both segments, though it still sees U.S. sales lagging into year-end. Its new 2026 outlook, at constant exchange rates:

• Adjusted sales growth of -2% to +2%, up from -6% to 0%
• Adjusted operating profit growth of -2% to +2%, up from -6% to 0%
• Free cash flow of DKK 60B to DKK 70B, up from DKK 45B to DKK 55B

Novo expects lower U.S. drug prices to put pressure on its 2027 cash flow. Starting January 1, the company plans to reduce Wegovy's list price by approximately 50% and Ozempic's by 35%.

Novo hopes lower prices will be offset by higher volumes. "The volumes have been growing phenomenally," CEO Mike Doustdar told CNBC. "Now, the reason it grows is because we made our products more affordable."

Notably, free cash flow of DKK 83.8B through September already tops the new full-year guide, implying an upcoming Q4 outflow of DKK 13.8B to DKK 23.8B.

Novo is also preparing to launch CagriSema, its next obesity drug, in the U.S. in early 2027 if it passes regulatory approval.

Shares of Novo Nordisk jumped 6.10% in Wednesday's pre-market trading.

Sources & Further Reading

1. "Novo Nordisk Q3 2026 Financial Report." Novo Nordisk. November 4, 2026.
2. "Novo Nordisk Q3 profit beats forecast; raises 2026 guidance." Reuters. November 4, 2026.
3. "Eli Lilly Q3 2026 Earnings Report." Eli Lilly. November 4, 2026.
4. "Novo shares jump as Wegovy pill sales impress, drugmaker hikes outlook." CNBC. November 4, 2026.