Novo Nordisk (NOVO) Q3 2026 earnings summary

Executive summary

• Q3 adjusted sales rose 4% at CER to DKK 79.195bn and adjusted operating profit rose 27% to DKK 31.7bn, led by GLP-1 growth, especially obesity.

• 47.8m people were on diabetes and obesity treatments; obesity sales grew 22% at CER.

• 2026 adjusted sales and operating profit growth guidance was raised to -2% to +2% at CER, supported by higher expected GLP-1 sales.

• 2030 ambition includes mid-single-digit compounded annual sales growth and attractive shareholder returns.

Financial highlights

• Q3 adjusted sales were DKK 79.195bn, up 4% at CER; adjusted gross profit was DKK 65.019bn, up 10%.

• Q3 adjusted operating profit was DKK 31.7bn, up 27%; adjusted results included DKK 3.5bn of one-time costs, while the comparison benefited from DKK 9bn of Q3 2025 transformation costs.

• Q3 reported operating profit was DKK 23.0bn, down 9% at CER, including DKK 8.7bn of non-cash impairments; net profit was DKK 16.7bn, down 16%.

• 9M adjusted sales reached DKK 227.746bn, up 2% at CER; adjusted operating profit was DKK 97.967bn, up 8%.

• 9M reported sales rose 13% at CER to DKK 254.5bn, including a DKK 26.8bn non-cash 340B rebate provision reversal; free cash flow was DKK 83.8bn.

Outlook and guidance

• 2026 adjusted sales and adjusted operating profit growth guidance rose to -2% to +2% at CER, from -6% to 0% for each measure.

• Guidance assumes growth in International Operations and declining US sales, with GLP-1 market expansion and volume gains partly offset by lower realized prices, competition and Medicaid coverage reductions.

• 2026 free cash flow guidance is DKK 60bn–70bn; capex is expected near DKK 50bn, effective tax rate at 21%–23% and net financial loss at DKK 1.6bn.

• Wegovy and Ozempic US list prices are scheduled to fall to USD 675 from January 1, 2027, affecting 2027 cash flow.

• No 2027 guidance was given; potential supports include Wegovy pill uptake and CagriSema and Frehemgo launches, with LOE, China headwinds and less favorable gross-to-net as offsets.