Novo Nordisk (NOVA) Q3 2026 Earnings Report
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DE:NOVA Q3 2026 EPS Results
- Actual EPS
- EUR 0.77
- Consensus EPS
- EUR 0.65
- Beat/Miss
- Beat by +EUR 0.12
- One Year Ago EPS
- EUR 0.61
DE:NOVA Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- EUR 9.84B
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 4, 2026
DE:NOVA Upcoming Earnings
Novo Nordisk's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:NOVA Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive, supported by Q3 sales and operating profit growth, improving patient volumes, strong uptake of the Wegovy and Ozempic pills, substantial clinical and pipeline progress, an accelerated international rollout, and raised 2026 guidance. However, management also highlighted near-flat full-year guidance, U.S. and international pricing pressure, loss-of-exclusivity impacts, China headwinds, payer resistance, and normalization of early Wegovy pill uptake. Highlights significantly outweighed the stated challenges.
Company Guidance
Novo’s 2030 ambition is to deliver mid-single-digit compounded annual sales growth in line with our industry peers from 2026 to 2030; for 2026, adjusted sales growth is now expected to be -2% to +2% at CER, adjusted operating profit growth is now expected to be from - 2% to + 2% at constant exchange rates, and free cash flow is now expected between DKK 60 billion and DKK 70 billion. By first half of 2027, Wegovy pill is expected to be available in more than 20 markets; Frehemgo is planned to roll out globally during 2027, pending approval; denecimig is expected to launch in European countries by the turn of this year, with a broader rollout in 2027, and in the U.S. in the first half of 2027, pending regulatory decision. AMAZE 9 is expected to read out in 2028, Amylin 355 is expected to read out in the second half of 2027 in around 170 patients, ACSL5 inhibitor phase I results are anticipated in the second half of 2027, RENEW 1 and 2 phase III results are anticipated around mid-2027, and phase I/II results for both tri-agonists are anticipated in the first half of 2027.
- Strong Q3 Financial PerformanceAdjusted sales increased 4% to DKK 79.2 billion in Q3 2026. Adjusted operating profit increased 27%, driven by GLP-1 sales growth and a favorable comparison base following approximately DKK 9 billion of company-wide transformation costs recognized in Q3 2025.
- Improved Growth Trajectory and Patient AdditionsAdjusted sales growth recovered from declines of 2% in Q4 2025 and 4% in Q1 2026 to growth of 7% in Q2 and 4% in Q3 2026. Novo added 1.2 million patients in Q2 and 1.3 million in Q3, with growth in both obesity and diabetes. Obesity added 0.8 million patients in Q2 and 0.7 million in Q3, while diabetes added one million patients in each of the past two quarters.
- Expanded Reach Across Diabetes and ObesityNovo is now reaching around 48 million people with its diabetes and obesity treatments, two million more than a year ago. Within obesity, Novo is treating 5.6 million people, almost double the number from 12 months earlier.
- Obesity Sales and GLP-1 Portfolio GrowthObesity sales grew 22% in Q3, supported by continued GLP-1 volume growth across geographies and the rollout of Wegovy pill and Wegovy 7.2 mg, also known as Wegovy HD. Obesity remained the main growth driver across therapy areas.
- International Operations Delivered Broad GrowthInternational Operations grew 8% in Q3, while U.S. operations grew 1%. Within International Operations, EUCAN remained the key growth area with 18% growth. Total International Operations GLP-1 sales increased 8%, and obesity sales increased 24%.
- Leadership in International GLP-1 MarketsNovo remained the GLP-1 volume leader in International Operations with a 54% market share. The company is supporting this position through the rollout of Wegovy pill, Wegovy 7.2 mg, and Ozempic 2.0 mg.
- Wegovy Pill Shows Strong Early International UptakeWegovy pill has launched in seven markets, with more launches planned during Q4, and is now expected to be available in more than 20 markets by the first half of 2027. It held around 90% of the oral obesity market in the U.K. and around 80% in the UAE in recent weeks. Approximately 100,000 packs were sold in Germany during the first six weeks, mainly to GLP-1-naive patients.
- Wegovy Pill Maintained U.S. Launch LeadershipWegovy pill captured around 80% of new-to-brand prescriptions in Q3 versus the oral competitor and has generated more than eight million cumulative prescriptions since launch, described as the strongest U.S. pharmaceutical launch by volume in over a decade outside of vaccines. Wegovy pill volumes grew around 20% sequentially in Q3, while injectable Wegovy volumes grew around 10%.
- Wegovy Franchise Maintains U.S. Prescription LeadershipThe Wegovy franchise continued to lead U.S. new-to-brand prescriptions with more than 50% market share. The company stated that the injectable, Wegovy HD, and pill offerings allow it to serve different patient preferences and treatment needs.
- Ozempic Pill Expanded the Oral Diabetes FranchiseThe transition from Rybelsus to Ozempic pill for new patients is complete. Weekly new-to-brand prescriptions for the oral franchise have more than doubled since launch, and more than 60% of Ozempic pill new-to-brand prescriptions are from people new to GLP-1 treatment.
- Progress on Wegovy HD and Injectable PortfolioWegovy HD accounted for about 20,000 U.S. prescriptions per week, or 5% of total Wegovy volume. Approximately 80% of Wegovy HD prescriptions represented titration from 2.4 mg. In International Operations, Wegovy injectable volume growth was close to 70% year to date, and around 5% of U.K. injectable patients had started the high dose after its launch.
- CagriSema Demonstrated Strong Clinical ResultsIn the 60-week phase III REIMAGINE 5 trial in Type 2 diabetes, CagriSema produced 12.4% weight loss versus 9.1% for tirzepatide at the compared doses, with non-inferior HbA1c reduction of around 1.7 percentage points. In the REDEFINE 9 obesity trial, the one-milligram dose of each component produced 21% weight loss at 68 weeks.
- CagriSema Evidence Expanded Across Patient GroupsPost-hoc analyses from REDEFINE 1 showed average CagriSema weight loss of 25% in women, with average weight loss of 27%, 25%, and 23 percentage points in premenopausal, perimenopausal, and postmenopausal women, respectively. In a phase II diabetic neuropathy study, CagriSema reduced pain by 2.4 points from baseline, approximately a 38% reduction on top of standard of care, and more than 53% of patients achieved at least a 30% reduction in pain.
- Pipeline Advancement and Upcoming MilestonesNovo initiated seven first-human-dose trials in 2026 and has 10 ongoing phase III programs. Oral amycretin advanced into phase III, with AMAZE 9 expected to read out in 2028. Amylin 355 advanced into phase II, phase III of high-dose cagrilintide is expected to begin later in 2026, and phase I/II results for two tri-agonists are anticipated in the first half of 2027.
- Regulatory and Launch PreparationNovo submitted MASH data for orforglipron 25 mg in the U.S. and anticipates a U.S. decision in the first half of 2027. Denecimig could launch in European countries by the turn of 2026, with broader rollout in 2027, and the company is targeting a U.S. launch in the first half of 2027 pending regulatory decision. Novo is preparing potential launches of Frehemgo and CagriSema, with Frehemgo global rollout planned during 2027 pending approval.
- Raised 2026 Guidance and Free Cash Flow OutlookAfter better-than-expected sales and operating profit for the first nine months, Novo raised its 2026 outlook to adjusted sales growth of -2% to +2% and adjusted operating profit growth of -2% to +2%, both at constant exchange rates. The free cash flow outlook was improved to DKK 60 billion to DKK 70 billion.
- Strong Q3 Cash Generation and ReturnsNovo generated DKK 32 billion in adjusted operating profit and more than DKK 28 billion in free cash flow in Q3 2026.
- Accelerated Wegovy Pill International RolloutThe planned availability of Wegovy pill in more than 20 markets was accelerated to the first half of 2027 from the end of 2027. The acceleration was attributed to higher manufacturing output, regulatory work including multi-country packs, and close collaboration across teams. Ozempic 2.0 had launched in 13 International Operations markets year to date, with 20 expected by year-end.
- Executive Finance Transition PlannedCFO Karsten Munk Knudsen is leaving Novo after 27 years, including nine years as CFO. Luigi La Corte will become incoming CFO, bringing more than 30 years of international financial leadership experience, and Karsten will remain through the end of 2026 to support a smooth transition.
DE:NOVA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 0.60- | 0.85 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 0.650.77 | 0.61 | 25.72% (+0.16) | |
| Aug 04, 2026 | 2026 (Q2) | 0.680.85 | 0.83 | 2.80% (+0.02) | |
| May 06, 2026 | 2026 (Q1) | 0.790.93 | 0.88 | 4.82% (+0.04) | |
| Feb 04, 2026 | 2025 (Q4) | 0.820.85 | 0.79 | 7.67% (+0.06) | |
| Nov 05, 2025 | 2025 (Q3) | 0.680.61 | 0.78 | -21.45% (-0.17) | |
| Aug 06, 2025 | 2025 (Q2) | 0.820.83 | 0.58 | 41.19% (+0.24) | |
| May 07, 2025 | 2025 (Q1) | 0.810.88 | 0.72 | 22.24% (+0.16) | |
| Feb 05, 2025 | 2024 (Q4) | 0.740.79 | 0.64 | 23.74% (+0.15) | |
| Nov 06, 2024 | 2024 (Q3) | 0.780.78 | 0.63 | 23.91% (+0.15) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
