Novo Nordisk Balances Pipeline Promise Against Patent Cliff as Analysts Stay on the Sidelines
Published on 11/13/2026 at 12:02 | Editorial boerse-global.de
Novo Nordisk has committed USD 200 million to the World Diabetes Foundation, a pledge covering the years 2027 through 2036 and fixing the company's financial support at that level for a full decade.
The announcement, made on a Wednesday, came in the same week that the Danish drugmaker disclosed fresh details on its share buyback and its third-quarter results. By 6 November, Novo had repurchased roughly 42.6 million B-shares at a total cost of about DKK 11.8 billion.
Third-quarter beat and a raised guidance
Adjusted revenue for the third quarter of 2026 came in at DKK 79.2 billion, an increase of 4% at constant exchange rates and ahead of analyst forecasts. Adjusted operating profit for the same period reached DKK 31.72 billion, up 27%.
The strength of the quarter fed into a brighter full-year picture. Novo has now lifted its annual outlook for the third time, guiding for a change of between ?2% and +2% at constant exchange rates in both adjusted revenue and adjusted operating profit for 2026.
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A large part of that momentum traces back to the oral version of Wegovy. The tablet generated quarterly sales of DKK 5.39 billion, a jump of 53% compared with the previous quarter. It launched in the United States in January, and Novo intends to bring it to more than 20 countries by mid-2027 — a rollout contingent on sufficient manufacturing capacity and the necessary approvals.
Berenberg and BMO keep neutral stances
Despite the improved operating picture, Berenberg has reiterated its "Hold" rating on Novo ahead of the planned launch of CagriSema. BMO Capital Markets likewise pairs its better expectations with a neutral assessment, citing the strong performance of the Wegovy tablet; the US revenue figure, in BMO's view, landed 17% above consensus. At both houses, a more favorable view of the equity would require further progress.
The investor debate therefore hinges on whether Novo can carry the tablet's strong run beyond its current markets. The raised guidance offers operating support, but a broader growth base depends on whether the planned launches succeed.
Partnership shifts: Korro Bio out, Abbott in
Novo's research alliances have also been in motion. On 3 November the company told Korro Bio that it was terminating their joint cardiometabolic research collaboration and license agreement, without stating a reason. According to a mandatory disclosure Korro Bio filed with the SEC, the cancellation takes effect on 1 February 2027.
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An expansion of the Abbott relationship, by contrast, surfaced on 5 November. Media reports indicate that Abbott will market Plosbrio in Singapore and additional countries across the Asia-Pacific region. The semaglutide product is developed and manufactured by Novo Nordisk, so the arrangement covers marketing by Abbott while development and production remain with the Danish group.
Patent expiries loom over the longer term
Further out, added pressure bears on the growth story. Core Novo Nordisk products face staggered patent expirations beginning in 2031, with Lilly among the competitors. How well the company converts its oral Wegovy momentum into durable sales across new markets — and whether CagriSema delivers on its promise — will shape the next phase of the investment case.
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