Copenhagen: Danish pharmaceutical company Novo Nordisk has raised its full-year 2026 financial outlook for the third time this year after sales of its Wegovy weight-loss pill exceeded market expectations in the third quarter, strengthening its efforts to regain market share from US rival Eli Lilly.
The company revised its 2026 adjusted sales and operating profit growth forecast to a range of 2 percent growth to a 2 percent decline at constant exchange rates. Its previous guidance had projected a decline of between 0 percent and 6 percent.
Novo Nordisk shares rose by as much as 5 percent on Wednesday following the announcement. The improved outlook comes as the company works to recover from declining sales and a sharp fall in its share price over the past two years.
Novo’s Wegovy pill generated 5.39 billion Danish crowns (approximately $810 million) in third-quarter revenue, marking a 53 percent increase from the second quarter and exceeding analysts’ expectations of 4.62 billion crowns.
The United States contributed 4.18 billion crowns, while international markets accounted for 1.22 billion crowns. US prescriptions reached approximately 3.6 million during the quarter and exceeded 8 million since the pill’s launch in January.
Chief Executive Officer Mike Doustdar stated that the prescription growth rate had flattened in recent weeks due to seasonal factors. However, the company expects demand to improve around Christmas and the New Year.
Wegovy Pill Emerges as Key Growth Driver
Although the pill accounts for only around 6 percent of Novo Nordisk’s expected sales, analysts view it as an important driver of the company’s recovery following two years of weaker performance, profit warnings and a leadership change.
US sales of injectable Wegovy declined 13 percent at constant exchange rates. However, combined US sales of the Wegovy franchise, including the pill, increased 21 percent.
Novo estimates that its pill accounts for around 80 percent of new-to-brand prescriptions across reimbursed, cash-pay and telehealth channels in the United States. The wider Wegovy franchise also accounts for more than 50 percent of new patient starts among branded obesity medicines, according to the company.
The pill is currently available in eight markets, as Novo attempts to narrow the competitive gap with Eli Lilly. Lilly’s rival Foundayo pill has also been gaining a growing share of new prescriptions.
Novo Nordisk reported adjusted operating profit of 31.72 billion Danish crowns for the third quarter, up 27 percent at constant exchange rates from a year earlier and above analysts’ expectations of 28.39 billion crowns. Adjusted sales reached 79.20 billion crowns, compared with the forecast of 73.22 billion crowns.
“Growth was led by our obesity portfolio, with continued uptake of Wegovy pill in the US and encouraging early launches internationally,” Doustdar said.
Pricing Pressure and 2027 Challenges
Despite the improved performance, Novo Nordisk faces several challenges heading into 2027. These include the loss of semaglutide exclusivity in some international markets, continued pressure in China and a less favourable gross-to-net effect compared with 2026.
Doustdar declined to provide a financial outlook for 2027 ahead of the company’s planned guidance in February. The company also announced plans to reduce US list prices for Wegovy and Ozempic from January 1.
Wegovy’s monthly list price will fall by approximately 50 percent to $675, while Ozempic’s price will be reduced by around 35 percent. Novo expects the price reductions to affect its cash flow in 2027.
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