Novo Nordisk raised its full-year 2026 forecasts for adjusted sales and profit Wednesday as obesity-treatment sales climbed, though lower realized prices continue to offset some volume growth.
The Danish drugmaker now expects adjusted sales and adjusted operating profit to range between a 2% decline and 2% growth at constant exchange rates. In August, it projected both measures would fall by 6% to remain flat. Novo attributed the improved outlook mainly to higher expected sales of its GLP-1 medicines. Constant exchange rates adjust comparisons for currency movements.
Third-quarter net sales rose 4% at constant exchange rates to DKK 79,195 million, or 6% in Danish kroner. Sales of obesity treatments increased 22% at constant exchange rates to DKK 26,146 million. The Wegovy pill generated DKK 5,394 million in sales, while injectable Wegovy brought in DKK 20,407 million, flat in Danish kroner and down 2% at constant exchange rates. Diabetes-treatment sales fell 5% at constant exchange rates to DKK 47,545 million.
U.S. sales grew 1% at constant exchange rates to DKK 41,880 million, and international sales rose 8% to DKK 37,315 million. For the full year, Novo still expects sales to decline in the United States and grow internationally. The company said lower realized prices are partly offsetting higher volumes.
Adjusted operating profit increased 27% at constant exchange rates to DKK 31,720 million. The comparison was against a third quarter in 2025 that included about DKK 9 billion in company-wide transformation costs. Novo’s adjusted measure excludes specified items, including major impairments and certain reversals of U.S. drug-pricing provisions.
Reported operating profit fell 9% at constant exchange rates to DKK 23,011 million. Novo recorded DKK 8.7 billion in noncash impairments: DKK 4.6 billion related to ziltivekimab and DKK 4.1 billion tied to changes in its manufacturing network.
Novo scheduled an earnings call for 7 a.m. ET Wednesday. The company plans to report full-year 2026 results on Feb. 3, 2027.
