TLDR
Novo Nordisk ADRs jumped 6.1% to $42.64 before the opening bell Wednesday.
Wegovy pill sales hit 5.39 billion Danish krone, topping the 4.55 billion expected.
Adjusted operating profit reached 31.7 billion crowns, ahead of the 28.7 billion forecast.
The 2026 outlook now calls for adjusted sales and profit between negative 2% and 2% growth.
Jefferies said pricing tailwinds flattered the sales beat and rates the stock “hold.”
Novo Nordisk (NVO) stock jumped in early trading Wednesday after the drugmaker beat third-quarter estimates and raised its 2026 outlook. ADRs rose 6.1% to $42.64 before the opening bell.
They closed Tuesday at $40.19. The stock was down 21% for the year at that point.
Investors had been worried about slowing GLP-1 sales and pressure from rival Eli Lilly. Wednesday’s report gave them a reason to feel better.
The Pill Does the Heavy Lifting
Wegovy pill sales came in at 5.39 billion Danish krone, or about $810 million. Analysts polled by FactSet expected 4.55 billion.
The pill is now sold in eight markets, including the U.S., Germany, the U.K., and the United Arab Emirates. It is seen as a way to reach people who don’t want an injection.
Total adjusted sales rose 6% to 79.2 billion crowns. Wall Street had looked for 73.6 billion.
Adjusted operating profit came in at 31.7 billion crowns, versus the 28.7 billion expected. That is up 27% at constant exchange rates from a year earlier.
Obesity care sales grew 22% at constant exchange rates to 26.15 billion crowns. Volume growth in the U.S. and international markets drove the gain.
Novo also lifted its full-year view. It now expects adjusted sales and operating profit between a 2% decline and 2% growth at constant exchange rates, up from a prior range of a 6% decline to flat.
Free cash flow is now seen at 60 billion to 70 billion crowns for 2026. The earlier range was 45 billion to 55 billion, and consensus sat near 45 billion.
The Fine Print
Reported operating profit fell 9% at constant exchange rates to 23.01 billion crowns. Non-cash impairment charges of 8.7 billion crowns weighed on the number.
Those charges included a 4.6 billion crown write-down tied to ziltivekimab. Another 4.1 billion crowns were linked to restructuring its manufacturing network.
Jefferies said the sales beat got a lift of about 2 billion crowns from gross-to-net pricing. Without that, the beat would have been about 5%, and Wegovy would have missed expectations.
The firm said the new guidance could push consensus forecasts up by about 3 percentage points at the midpoint. It also said a CFO change “will probably raise some debate.”
Jefferies rates the stock “hold” with a price target of 275 crowns.
Novo plans to cut the U.S. wholesale acquisition cost of Wegovy by about 50% and Ozempic by about 35%. Both will be priced at $675 starting Jan. 1, 2027.
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