Novo Nordisk Raises 2026 Outlook on Strong Wegovy Demand

Novo Nordisk A/S (NYSE: NVO) increased its full-year 2026 guidance after strong demand for its obesity and diabetes treatments continued to drive growth, despite ongoing pricing pressure in key markets. The Danish pharmaceutical giant said higher expectations for its GLP-1 drug portfolio, including Wegovy and Ozempic, supported the improved forecast.

The company now expects adjusted sales and operating profit to decline between 4% and 12% at constant exchange rates in 2026, a narrower drop compared to its previous outlook. Following the announcement, Novo Nordisk shares climbed 7% during early trading in Copenhagen as investors reacted positively to the updated guidance.

Novo Nordisk reported first-quarter operating profit of 59.6 billion Danish crowns ($8.6 billion), marking a 65% increase from the previous year. The surge was mainly driven by a one-time reversal connected to the U.S. 340B Drug Pricing Program. However, adjusted operating profit fell 6% to 32.9 billion crowns, while adjusted sales slipped 4% to 70.1 billion crowns due to lower realized prices.

Demand for obesity drugs remained a major growth driver. Sales of obesity treatments increased 22% at constant exchange rates, fueled by strong adoption of Wegovy. The newly launched Wegovy pill version in the United States generated 2.3 billion Danish crowns in quarterly sales, highlighting continued momentum in the weight-loss drug market.

In the United States, adjusted sales declined 11% because of pricing pressure, while international sales rose 6% on stronger volumes. Analysts at Morgan Stanley noted that Novo Nordisk’s guidance still appears conservative and suggested the company could finish the year in the upper half of its projected range.

Novo Nordisk said broader access to GLP-1 treatments and ongoing product launches are expected to support future growth, although competition, lower drug prices, and upcoming patent expirations may continue to pressure results throughout the year.