Denmark — Novo Nordisk Raises 2026 Forecast for Third Time as Wegovy Pill Sales Exceed Expectations
Novo Nordisk has upgraded its financial outlook for 2026 for the third time this year, citing stronger-than-expected demand for its Wegovy weight-loss pill.
The Danish pharmaceutical company announced the revised forecast on Wednesday after reporting third-quarter results that surpassed analyst expectations. The improved performance marks progress in its efforts to regain market share in the increasingly competitive obesity treatment market, where it faces growing pressure from US rival Eli Lilly.
Novo Nordisk now anticipates that adjusted sales and operating profit in 2026 will range from growth of 2% to a decline of 2% at constant exchange rates. Its previous guidance projected a decrease of between zero and 6%.
The announcement lifted investor confidence, sending Novo Nordisk shares up as much as 5% during Wednesday’s trading.
A major factor behind the improved outlook has been the performance of its Wegovy pill, which entered the US market in January. The treatment generated 5.39 billion Danish crowns ($810 million) in third-quarter revenue, marking a 53% increase from the second quarter. The result also exceeded the analyst consensus estimate of 4.62 billion Danish crowns.
The US accounted for 4.18 billion Danish crowns of the pill’s revenue, while international markets generated another 1.22 billion crowns.
Prescriptions in the United States reached approximately 3.6 million during the quarter. Since the product’s launch, total prescriptions have exceeded 8 million.
Novo Nordisk Chief Executive Mike Doustdar noted that prescription growth for the pill had leveled off in recent weeks, partly because of seasonal influences. However, he said the company expected demand to pick up around Christmas and the New Year.
Despite the encouraging results, Novo Nordisk continues to face intense competition. Eli Lilly has also improved its financial outlook following strong demand for its injectable weight-loss medications, while its competing Foundayo pill is capturing an increasing portion of new prescriptions.
Sales of Novo’s injectable Wegovy treatment in the US fell 13% at constant exchange rates. Nevertheless, combined US sales across the Wegovy franchise rose 21%.
The company estimates that its pill represents approximately 80% of new-to-brand prescriptions in the United States across reimbursed, cash-pay and telehealth channels. Novo also said the wider Wegovy franchise accounts for more than 50% of new patient starts among branded obesity medications.
The company’s financial performance exceeded expectations in other areas as well. Adjusted operating profit came in at 31.72 billion Danish crowns, beating the analyst forecast of 28.39 billion crowns. At constant exchange rates, the figure was up 27% from the same period last year.
Adjusted revenue reached 79.20 billion Danish crowns, compared with the expected 73.22 billion.
Doustdar said the obesity portfolio was the primary driver of the company’s growth. He pointed to the continued uptake of the Wegovy pill in the United States and promising early results from its international launches.
However, several factors could weigh on Novo Nordisk’s performance in 2027. These include the expiration of semaglutide exclusivity in certain international markets, ongoing challenges in China and less favorable gross-to-net effects.
The company is also preparing to lower US list prices for Wegovy and Ozempic to $675 per month starting January 1. The planned reductions amount to approximately 50% for Wegovy and 35% for Ozempic and are expected to have an impact on cash flow in 2027.
Novo Nordisk has not yet released its financial forecast for 2027. Doustdar said the company expects to provide that guidance in February.
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