Novo Nordisk Lifts 2026 Guidance as Wegovy Pill Beats Forecasts, but Analysts Split on the Road Ahead
Published on 11/07/2026 at 20:51 | Editorial boerse-global.de
Novo Nordisk raised its full-year outlook on Wednesday, yet the same trading day produced two sharply divergent analyst calls — a reminder that the Danish drugmaker's quarterly beat has not settled the debate over what comes next.
On the numbers, the group reported a 4% rise in adjusted revenue at constant exchange rates for the third quarter of 2026, reaching DKK 79.2 billion. Adjusted operating profit climbed 27% on the same currency basis to DKK 31.7 billion. Sales of the Wegovy pill contributed DKK 5.39 billion.
The reported operating result told a different story, falling 9% at constant currencies. Impairments of DKK 8.7 billion weighed on the figure, split between DKK 4.6 billion tied to Ziltivekimab and DKK 4.1 billion linked to an adjustment of the production network.
Guidance Raised, but Still Brackets a Decline
Novo Nordisk now expects adjusted revenue growth and adjusted operating profit growth of between -2% and +2% at constant exchange rates for 2026. The prior guidance had pointed to a range of -6% to 0% for both measures. The revised band still leaves room for either a contraction or an expansion.
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Higher sales volumes underpinned both the improved quarterly result and the upgraded forecast, according to a Reuters report on Wednesday. Obesity treatments in the US business and on international markets did the heavy lifting, with better-than-expected Wegovy pill sales adding to the momentum.
Two Banks, Two Directions
UBS cut its price target on Novo Nordisk to DKK 312 from DKK 332 on Thursday, according to media reports, with analyst Matthew Weston keeping a "Neutral" rating. BMO Capital moved the other way the same day: analyst Evan Seigerman lifted his target to $44 from $40 while reaffirming "Market Perform."
Seigerman pointed to a strong quarter and US sales of the Wegovy pill that came in 17% above consensus. He nonetheless questioned whether Novo Nordisk can sustain that momentum into 2027, and flagged competition for prescriptions under Medicare Bridge.
Brazil Slips as Other Markets Hold
On the generic front, CEO Mike Doustdar acknowledged market share losses in Brazil following the expiry of the semaglutide patent. He said the company had largely defended its position in Canada and India.
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Separately, Novo Nordisk published an update on its share buyback programme on Tuesday. Since repurchases began on 4 February, the company had acquired B shares worth around DKK 11.6 billion as of 2 November. The programme authorises buybacks of up to DKK 15 billion in total.
Pipeline in the Spotlight
The next scheduled research milestone is ObesityWeek 2026, running from 14 to 17 November. Novo Nordisk has announced 26 scientific abstracts for the event, covering analyses of the investigational CagriSema, real-world data on the Wegovy pill, and semaglutide research under STEP Young in children.
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