Novo-Nordisk A/S reported adjusted third-quarter sales of DKK 79.2 billion and adjusted operating profit of DKK 31.72 billion. The company raised its full-year guidance to -2% to +2%. Strong sales growth of the oral version of Wegovy was a key driver, but intensifying competition from Eli Lilly and Co. continues to put pressure on market share.
$Novo-Nordisk A/S (NVO.US)$The third-quarter results broadly exceeded market expectations, prompting an immediate upward revision of the full-year outlook, signaling that the Danish pharmaceutical giant is regaining growth momentum after a turbulent year. The company's U.S. shares rose nearly 7% in early trading.
According to the company's financial report released on November 4, adjusted sales in the third quarter reached DKK 79.2 billion, exceeding market expectations of DKK 73.55 billion; adjusted earnings before interest and taxes amounted to DKK 31.72 billion, also significantly surpassing the expected DKK 28.71 billion.
Buoyed by this, the company has raised its full-year adjusted sales and operating profit growth forecasts to a range of -2% to +2% at constant currency, surpassing the previous guidance of -6% to flat set in August. CEO Mike Doustdar stated that third-quarter results exceeded expectations, with the obesity‑related portfolio delivering particularly strong performance.
The key highlight of this earnings report is the ramp-up in sales of the oral version of Wegovy. Launched earlier this year, this weight-loss pill generated SEK 5.39 billion in sales in the third quarter, far exceeding analysts' expectations of SEK 4.64 billion. Meanwhile, sales of the injectable version of Wegovy reached SEK 20.4 billion, and sales of the blockbuster diabetes drug Ozempic hit SEK 29.7 billion, both surpassing market forecasts. These better-than-expected results have effectively eased market concerns about Novo-Nordisk A/S's ability to withstand competitive pressures.
Third-quarter results comfortably beat expectations across the board.
In the third quarter, Novo-Nordisk A/S's adjusted sales increased by 4% year over year at constant currency, driven primarily by continued sales growth of GLP-1 drugs in the U.S. and international markets, particularly in the obesity segment. Adjusted EBIT grew by 27% at constant currency, a significant acceleration, partly due to a company-wide transformation charge of approximately DKK 9 billion recorded in the third quarter of 2025, which created a low comparison base.
Notably, reported (unadjusted) operating profit declined 9% on a constant-currency basis, due to a non‑cash impairment charge of SEK 8.7 billion recorded this quarter, including SEK 4.6 billion related to ziltivekimab and SEK 4.1 billion stemming from the optimization of our production network footprint.
For the first three quarters combined, net sales reported under the stated methodology totaled CZK 254.5 billion, up 11% year on year; adjusted net sales amounted to CZK 227.7 billion, up 2% year on year.
The oral version of Wegovy has become a new growth driver.
The oral version of Wegovy has been the product attracting the most market attention this quarter. By the end of the third quarter, it had already been launched in the United States, the United Arab Emirates, the United Kingdom, and Germany, and since then it has entered four additional new markets, bringing its total reach to eight countries.
Novo-Nordisk A/S also disclosed that the oral version of Ozempic was launched in the United States in May this year, with weekly new brand prescriptions (NBRx) increasing by approximately 100% compared to the pre-launch level of the Rybelsus brand. The company stated that the 2.0 mg dosage of Ozempic and the Wegovy 7.2 mg single-dose pen are also being rapidly rolled out in international markets.
The Wegovy brand continues to lead in new patient starts in the United States, holding a market share of over 50% in the branded obesity market.
Pipeline progress supports long-term expectations.
Regarding its product pipeline, Novo-Nordisk A/S also disclosed several advancements this quarter. In the obesity field, the combination therapy CagriSema (1.0/1.0 mg) demonstrated a 21% reduction in body weight at Week 68 of the REDEFINE 9 trial; the Phase 3 AMAZE 9 clinical trial of oral zenagamtide was initiated in September.
In the field of diabetes, CagriSema demonstrated in the REIMAGINE 5 trial that, among adult patients with type 2 diabetes and obesity, weight reduction reached 12.4% at week 60, surpassing the 9.1% observed with tirzepatide 5 mg, while the decline in HbA1c was non-inferior to that of the control group.
In the fields of hematological and endocrine diseases, Frehemgo (denecimig) received a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) on September 17 and is scheduled for initial launch in Europe around year-end; regulatory review in the United States is ongoing, and if approved, it is expected to launch in the U.S. in the first half of 2027. The company also stated that CagriSema is preparing for an early 2027 launch in the U.S., pending regulatory approval.
The competitive landscape remains the key variable.
Despite the financial report's figures comprehensively exceeding expectations, the external competitive landscape remains investors' primary concern. Novo-Nordisk A/S pioneered GLP-1 weight-loss drugs, and currently about 10% of Americans are using such medications. However, rival Eli Lilly and Co. has surpassed it in the U.S., the largest single market, thanks to its own GLP-1 product. Meanwhile, several pharmaceutical companies are also actively positioning themselves in this high-margin field.
Another key issue currently drawing market attention is whether the next-generation weight-loss products from the two companies can effectively address obesity-related complications, including heart disease, kidney disease, sleep apnea, and arthritis, which will largely determine the future trajectory of each company's market share.
Editor/lambor