Novo Nordisk

Adj. sales came in at c.DKK70bn, decreasing c.4% at constant exchange rates (CER) and c.10% reported, due to FX headwinds, roughly in line with consensus. 

Adj. operating profit declined 6% to DKK32.9bn a slight (3%) miss to our compiled consensus. 

However, the firm upgraded its full-year guidance (4%-12% drop vs 5%-13% drop previously), as it raises expectations from GLP-1 product sales, notably with the massive success of the Wegovy oral version.

Furthermore, sales and operating profit for 2026 will be positively impacted by a reversal of sales rebate provisions of $4.2bn related to the 340B Drug Pricing Program in the US.

Overall, while we expected the quantum of outlook upgrade to be somewhat higher than what was announced, it is still an upgrade after a series of downgrades in 2025. Perhaps, the management is now conservative in revising its guidance upwards – it might be a case of once bitten, twice shy.

Expert Opinion:
The beat on the Wegovy pill is massive with 600k prescriptions in its first two months which highlights the very strong demand for the product in the US. The pill should be coming in other markets as of H2 26, which is likely to boost sales as well. It is possible we've seen the trough in news flow and momentum. We stick to my long on the name. Valuation is cheap and we expect earnings upgrade.


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