Novo Nordisk reported third-quarter results that exceeded analyst expectations early Wednesday, with the company’s stock climbing in early trading. Quarterly sales reached 79.2 billion Danish kroner ($11.9 billion), representing 4% year-on-year growth at constant exchange rates and surpassing FactSet estimates of 73.6 billion kroner. Adjusted operating profit totaled 31.7 billion kroner, compared with anticipated figures of 28.6 billion kroner.
Following the results, Novo raised its full-year guidance significantly. The company now projects adjusted revenue and operating profit growth between negative 2% and 2% at constant exchange rates, a notable improvement from its previous forecast of negative 6% to flat for both metrics, which itself had been upgraded in August. The improved outlook reflected continued momentum in GLP-1 volume growth across global markets.
Novo’s Wegovy pill sales demonstrated particular strength, totaling 5.4 billion kroner compared with analyst expectations of approximately 4.5 billion kroner. Sales of injectable Wegovy and the diabetes treatment Ozempic reached 20.4 billion kroner and 29.7 billion kroner, respectively, also exceeding projections. Chief Executive Officer Mike Doustdar highlighted sustained strength in the U.S. market, noting the company maintained 80% market share despite increased competitive pressure.
The earnings report comes as Novo seeks to regain momentum in the competitive weight-loss drug sector, where rival Eli Lilly has surpassed it in the critical American market. Investors are monitoring development of next-generation treatments such as CagriSema, though analysts have expressed reservations about its commercial prospects. The company also announced that Chief Financial Officer Karsten Munk Knudsen will depart at year-end after 27 years with the company, with Luigi La Corte, currently CFO of Galderma, set to assume the role. Despite the positive quarterly results, Doustdar cautioned that a full turnaround cannot be judged on a single quarter’s performance.
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