Novo Nordisk raised its 2026 financial outlook for the third time on November 4 after its Wegovy pill exceeded sales expectations. The Danish drugmaker reported stronger third-quarter results, gaining momentum in its competition with US rival Eli Lilly in the global obesity drug market.
The company now expects adjusted sales and operating profit to range from 2% growth to 2% decline. Its previous forecast indicated flat growth to a 6% decline.
Higher demand for obesity treatments across the United States and international markets supported the improved outlook. Novo shares climbed as much as 6.6% during early trading.
The Wegovy pill emerged as the biggest contributor to the company's stronger performance. Launched in the United States in January, the oral weight-loss treatment generated 5.39 billion Danish crowns (USD 810 million) during the third quarter. Sales increased 53% from the previous quarter, comfortably beating analyst expectations of 4.62 billion crowns.
The United States contributed 4.18 billion crowns in pill sales, while international markets generated 1.22 billion crowns. US prescriptions reached approximately 3.6 million during the quarter. Novo also reported more than eight million prescriptions for the product since its launch.
Chief Executive Mike Doustdar highlighted the treatment's growing contribution to company performance. "Growth was led by our obesity portfolio, with continued uptake of Wegovy pill in the US and encouraging early launches internationally," he said.
Novo's third-quarter adjusted operating profit increased 27% to 31.72 billion Danish crowns. The figure exceeded analyst expectations of 28.39 billion crowns. Adjusted sales also reached 79.20 billion crowns, beating the projected 73.22 billion crowns.
However, competition with Eli Lilly remains intense, particularly in injectable obesity treatments. US sales of injectable Wegovy declined 13% at constant exchange rates, highlighting pressure on Novo's established products.
Investor Lars Hytting said Lilly leads the injectable market, while Novo currently holds an advantage in oral obesity medication. He believes the company must strengthen its position in the growing pill segment.
Novo also faces pricing pressure and upcoming patent challenges in international markets. Starting January 1, 2027, the company will reduce the monthly US list prices of Wegovy and Ozempic to USD 675. These reductions could affect cash flow next year.
The company also announced CFO Karsten Munk Knudsen's departure in December. Luigi La Corte, currently Galderma's finance chief, will take over the position.
Despite ongoing challenges, Wegovy pill demand gives Novo Nordisk a stronger opportunity to rebuild growth. Its ability to maintain prescription momentum will remain important in the battle against Eli Lilly.
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