Novo Nordisk A/S Earnings Recaps
Q3 2026
Nov 6, 2026
Novo’s Q3 adjusted sales grew 4%, with both operating units back in growth, while the stock was nearly flat at +0.3%. The quarter showed a recovery in patient volumes, but full-year adjusted growth guidance remains a range of -2% to +2%.
Key takeaways
- Adjusted sales growth was 4% in Q3; U.S. Operations grew 1% and International Operations 8%, including 18% growth in EUCAN.
- The company added 1.3 million patients in Q3: 0.7 million in obesity and about 1 million in diabetes, according to management’s figures.
- Obesity sales grew 22% overall and 24% in International Operations. Novo said it is now treating 5.6 million people for obesity, almost double the number a year ago.
- Wegovy pill had launched in seven International Operations markets; management cited around 90% share of the oral obesity segment in the U.K. and 80% in the UAE, while noting U.K. uptake was normalizing after initial pent-up demand.
- Novo reported DKK 32 billion in adjusted operating profit and more than DKK 28 billion in free cash flow for Q3. Full-year adjusted sales and operating profit growth guidance is -2% to +2% at CER.
Q3 2025
Nov 7, 2025
Novo Nordisk reported strong Q3 2025 results with a 15% increase in sales and 10% rise in operating profit, while narrowing its sales and operating profit guidance due to projected slower growth in its GLP-1 treatments.
Key takeaways
- Sales growth was driven by both U.S. (15%) and international operations (16%), bolstered by one-off adjustments in the U.S. of DKK 6 billion.
- Obesity care surged 41%, led by a 24% growth in U.S. sales and an impressive 83% growth internationally.
- The company is executing a strategic transformation involving a reduction of approximately 9,000 global positions, expected to yield annual savings of DKK 8 billion by 2026.
- Rybelsus received regulatory approval in the U.S. and EU, enhancing Novo's offerings in diabetes care.
- Ongoing focus on diabetes and obesity, coupled with portfolio refinement, reaffirms Novo Nordisk's commitment to addressing major unmet medical needs.