Novo raises 2026 outlook as Q3 adjusted operating profit climbs 27% to DKK 31,720m
- Q3 adjusted operating profit rose 27% at CER to DKK 31,720 million, driven by GLP‑1 sales and a favourable comparison base.
- Reported Q3 operating profit fell 9% at CER after DKK 8.7 billion of non‑cash impairments (DKK 4.6bn for ziltivekimab; DKK 4.1bn for manufacturing network right‑sizing).
- Wegovy pill generated DKK 5,394 million in Q3 sales and had been launched in four markets by quarter‑end, with total launches since rising to eight.
- Novo now expects 2026 adjusted sales and adjusted operating profit growth of -2% to +2% at CER, upgraded on stronger GLP‑1 expectations.
Financial results
Q3 2026 net sales were DKK 79,195 million. Adjusted figures benefited from continued GLP‑1 volume growth, lifting adjusted operating profit by 27% at CER to DKK 31,720 million. Reported operating profit fell 9% at CER to DKK 23,011 million after DKK 8.7 billion of non‑cash impairment charges related to ziltivekimab (DKK 4.6 billion) and right‑sizing the manufacturing network (DKK 4.1 billion).
Commercial performance
GLP‑1 products led growth across US and International Operations. Wegovy pill posted Q3 sales of DKK 5,394 million and had been launched in the US, UAE, UK and Germany by quarter‑end, with roll‑outs since expanding to eight markets. Ozempic pill launched in the US in May and weekly new‑to‑brand prescriptions are currently about 100% higher than pre‑launch Rybelsus levels. International roll‑out of Ozempic 2.0 mg and Wegovy 7.2 mg single‑dose pen is progressing.
Pipeline and regulatory progress
In obesity, CagriSema (1.0/1.0 mg) achieved 21% weight loss at week 68 in REDEFINE 9; the AMAZE 9 phase 3 trial of oral zenagamtide was initiated in September. In type 2 diabetes with obesity, CagriSema showed superior weight loss (12.4% vs 9.1% for tirzepatide 5 mg) and non‑inferior HbA1c reduction at week 60 in REIMAGINE 5. Frehemgo (denecimig) received a positive CHMP opinion, with planned initial European launches around the turn of the year and a potential US launch in H1 2027 pending review.
Outlook
Novo raised its full‑year 2026 guidance: adjusted sales growth and adjusted operating profit growth are now expected to be between -2% and +2% at CER, driven by stronger GLP‑1 sales expectations, and the company is preparing for a possible US launch of CagriSema in early 2027 subject to regulatory approval.
Source: Novo Nordisk